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Ramsey City Council <br />Page $ <br />March 19, 1993 <br /> <br />All other contingencies contained in the Agreement have been <br />met. <br /> <br />IV. W]4/~.I'S CONTINUED OBLIGATIO~ TO OP~F, ATE SKI HILL: <br /> <br />WMMI'$ obligation to continue ski hill operation beyond 5 year term <br />is conditioned upon break-even occurring after first three years <br />of operation. <br /> <br />If WMMI elects not to construct the ski hill pursuant =o a <br />permitted reason, or elects to discontinue operation because of <br />lack of break-even, WM24I is still obligated to construct the <br />improvements and operate the ski hill if the City enters into a <br />written agreement with WM/~I to pay all amounts necessary to have <br />the ski hill achieve break-even. ~ <br /> <br />ALTERNATE RECREATION PARCEL ("NORTH 50 ACP~$,'): <br /> <br />If the ski hill does not get constructed because of a failure of <br />a contingency outlined in paragraph !II above, W/W2qI is .at the <br />request of the Qity to convey the north 50 acres to the City. The <br />Agreement does not give W/~HI the option to either construct or <br />convey the north 50 acres. WM/~I must use reasonable good faith <br />efforts to satisfy the contingencies. If.-the City is satisfied <br />that WFf~I's efforts a~e reasonable and the contingencies cannot be <br />met, then the city can request conveyance of the north 50 cares. <br /> <br />~/f.I has the right to restrict this property to be used exclusively <br />for p~rk or open space purposes. <br /> <br />If Wq~I refuses to construct the improvements and/or resolve the <br />contingencies, the City, under contract law, would have =he right <br />=c seek a Court order to specifically enforce the Agreement, or <br />seek damages. <br /> <br />//! <br /> <br /> <br />