Common use of Endowment Clause in Contracts

Endowment. This Lease Agreement is contingent upon LCZ or any affiliated fundraising nonprofit establishing an endowment for the Zoo’s expansion, future capital improvements, and ongoing maintenance and repairs. LCZ shall set aside and restrict the amount of Five Hundred Thousand Dollars ($500,000.00) to fund a permanent Capital Repair and Replacement Endowment for management as the Lincoln Children’s Zoo Endowment Fund (“Endowment Fund”) to ensure capital repairs, replacements, and maintenance of the Zoo. LCZ will provide the CITY evidence of receipt of One Hundred Thousand Dollars ($100,000.00) per year over the five (5) year pledge redemption period directed to this Endowment Fund beginning on December 31, 2017. LCZ or its fiscal agent shall appropriately manage the Endowment Fund to make it available for future costs. The Endowment Fund shall be operated at all times in a manner which will make said fund tax-exempt and the donations to it deductible from taxable income to the extent allowed by the provisions of the Internal Revenue Code and other applicable legislation and regulations, as amended. LCZ will provide the terms of the Endowment Fund and a Fund Statement for CITY review. The Mayor of CITY shall approve the Fund Statement, including the purpose and criteria for use. LCZ agrees to only use the Endowment Fund according to stated purposes and restrictions in the Fund Statement.

Endowment. This Lease Operating Agreement is contingent upon LCZ or any affiliated fundraising nonprofit establishing an endowment for the Zoo’s expansion, future capital improvements, and ongoing maintenance and repairs. LCZ shall set aside and restrict the amount of Five Hundred Thousand Dollars ($500,000.00) to fund a permanent Capital Repair and Replacement Endowment for management as the Lincoln Children’s Zoo Endowment Fund (“Endowment Fund”) to ensure capital repairs, replacements, and maintenance of the Zoo. LCZ will provide the CITY evidence of receipt of One Hundred Thousand Dollars ($100,000.00) per year over the five (5) year pledge redemption period directed to this Endowment Fund beginning on December 31, 2017. LCZ or its fiscal agent shall appropriately manage the Endowment Fund to make it available for future costs. The Endowment Fund shall be operated at all times in a manner which will make said fund tax-exempt and the donations to it deductible from taxable income to the extent allowed by the provisions of the Internal Revenue Code and other applicable legislation and regulations, as amended. LCZ will provide the terms of the Endowment Fund and a Fund Statement for CITY review. The Mayor of CITY shall approve the Fund Statement, including the purpose and criteria for use. LCZ agrees to only use the Endowment Fund according to stated purposes and restrictions in the Fund Statement.

Endowment. This Lease Operating Agreement is contingent upon LCZ or any affiliated fundraising nonprofit establishing an endowment for the Zoo’s expansion, future capital improvements, and ongoing maintenance and repairs. LCZ shall set aside and restrict the amount of Five Hundred Thousand Dollars ($500,000.00) to fund a permanent Capital Repair and Replacement Endowment for management as the Lincoln Children’s Zoo Endowment Fund (“Endowment Fund”) to ensure capital repairs, replacements, and maintenance of the Zoo. LCZ will provide the CITY evidence of receipt of One Hundred Thousand Dollars ($100,000.00) per year over the five (5) year pledge redemption period directed to this Endowment Fund beginning on December 31, 2017. LCZ or its fiscal agent shall appropriately manage the Endowment Fund to make it available for future costs. The Endowment Fund shall be operated at all times in a manner which will make said fund tax-exempt and the donations to it deductible from taxable income to the extent allowed by the provisions of the Internal Revenue Code and other applicable legislation and regulations, as amended. LCZ will provide the terms of the Endowment Fund and a Fund Statement for CITY review. The Mayor of CITY shall approve the Fund Statement, including the purpose and criteria for use. LCZ agrees to only use the Endowment Fund according to stated purposes and restrictions in the Fund Statement.