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Coyotes Lease

Coyotes Lease

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Published by: Forbes on Jun 06, 2012
Copyright:Attribution Non-commercial


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23.1 Option. The City grants to the Arena Manager during the Term the option
to purchase the Arena Facility (the “Arena Option”) and in the event that the Arena
Manager chooses to exercise the Arena Option, the City shall be obligated to sell the




Arena Facility to the Arena Manager, free and clear of all liens not created by Arena
Manager or the Team Owner, for the Option Purchase Price.

23.2 Option Price. The purchase price for the Arena Option shall be an amount
equal to the fair market value of the Arena as determined by the mutual agreement of the
City and the Arena Manager less any unamortized value of any capital expenditures and
improvements solely paid for (without payment or reimbursement therefor by the City)
by the Arena Manager or the Team Owner and approved by the City (“Option Price”).

23.3 Appraisal. To assist with the purchase transaction, the parties will retain
an independent appraiser to provide an appraisal as to the full value of the Arena.

23.3.1 The parties will share the cost of the appraiser equally.

23.3.2 If either party desires another appraisal, that costs for that appraisal
will be borne by the party requesting another appraisal.

23.4 Minimum Option Price. Notwithstanding the above, the Option Price
shall not be less than the full amount required to redeem all of the City’s outstanding
Arena Revenue Bonds or, in the event the Arena Revenue Bonds have been refinanced at
the time the Arena Manager exercises the Arena Option, an amount equal to the
calculated principal balance of the Arena Revenue Bonds at the time the Arena Manager
will close on the purchase of the Arena assuming that no refinancing been undertaken and
that the Arena Revenue Bonds had been paid in accordance with their terms and
established payment schedules.

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