HomeMy WebLinkAboutM-02-0663beneficially and of record, by Raceworks Management, LLC, a Delaware
limited liability company ("Management Company").
are
efirld
(iii) Licensee has not granted or issued, or agreed to grant or issue, to any
entity or person., directly or indirectly, any options, warrants or other rights
to acquire or receive any of its membership interests, except that Licensee
has granted to Habria Shrugged, LLC, a Delaware limited liability
company ("Habria Shrugged") the right to acquire up to 3,000,000 Class B
Units upon the conversion of the $1,500,000 promissory note (the
"Convertible Note") [to bel issued by Licensee to Habria Shrugged
pursuant to the Term Sheet dated. October 4, 2001, between Licensee and
Habria Shrugged.
(iv) Management Company has not granted or issued. or agreed to grant or
issue. to any entity or person, directly or indirectly, any options, warrants
or other rights to acquire or receive any of its membership interests, except
shall constitute a default under this
101. Term.
The initial term of this Agreement shall be fifteen (15) years, commencing upon the
effective date of this Agreement. The Licensee shall have the option of extending the term of
this Agreement for a period of ten (10) years. If Licensee elects the option to extend the term of
this Agreement, Licensee shall give the City and Trust (if Bayfront Park is utilized) written
notice of its intention to exercise the option a minimum of sixty (60) days prior to the expiration
of the Agreement.
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02- 663