Common use of Future Operation Clause in Contracts

Future Operation. 4.1 Should the SCA or nominee corporation, having taken responsibility for operation of the Stonebridge Golf Course pursuant to section 3 above, determine that it no longer desires to operate the Stonebridge Golf Course, it shall provide one year’s written notice to the City. 4.2 Within 63 days (nine weeks) of the notice being received by the City pursuant to clause 4.1, the City shall advise in writing whether it is prepared to operate the Stonebridge Golf Course or take carriage of the lands as Open Space/Green Space. 4.3 Should the City advise in writing that it is prepared to operate the Stonebridge Golf Course or take carriage of the lands as Open Space/Green Space then, at the conclusion of the one year notice period: (a) If the Stonebridge Golf Course is not owned by the City, it shall be conveyed to the City at the end of the notice period for one dollar. No payments of any kind on account of adjustments shall be due from the City; or (b) If the Stonebridge Golf Course is under lease from the City, the lease shall terminate at the end of the notice period with no payment of any kind due from the City. 4.4 In the event that the City is prepared to operate the Stonebridge Golf Course for the purposes of Open Space / Green Space, the City will maintain the land as passive green space, providing a minimal level of servicing to include the mowing of a small corridor on either side of the existing golf cart path, and perform any other maintenance that it deems necessary; 4.5 Should the City advise in writing that it is not prepared to operate the Stonebridge Golf Course as a golf course or take carriage of the lands as Open Space/Green Space, then the SCA or nominee corporation: (a) May continue to operate the Stonebridge Golf Course as a golf course or as open space/green space; or (b) The provisions of the Tripartite agreement apply. Any funds received from Mattamy for a conveyance of the Stonebridge Golf Course shall be directed by whomever is the owner of the land, be it the SCA or a nominee corporation, to be paid to the City. 4.6 Should the City provide the Notice outlined in clause 4.1 above, the City will maintain, manage and operate the stormwater pond system on the Stonebridge Golf Course Land.

Future Operation. 4.1 Should 5.1 In the SCA or nominee corporation, having taken responsibility for operation of event that the City is operating the Stonebridge Golf Course pursuant to section 3 aboveas a golf course or for the purposes of open space/green space, determine and the City determines that it is no longer desires prepared to operate the Stonebridge Golf Courseland for either purpose, it shall provide one two year’s written notice to the CitySCA. 4.2 Within 63 days (nine weeks) 5.2 The SCA shall advise the City in writing within one year of the receipt of the notice being received by the City pursuant to clause 4.1, the City shall advise in writing 5.1 as to whether it is prepared to operate the Stonebridge Golf Course Course, by itself or take carriage of the lands through a nominee corporation, as Open Space/Green Space. 4.3 Should the City advise in writing that it set forth is prepared to operate the Stonebridge Golf Course or take carriage of the lands as Open Space/Green Space thensubclause 3.2(c), at the conclusion of the one year notice period: (a) If the Stonebridge Golf Course is not owned by the City, it shall be conveyed to the City at the end of the notice period for one dollar. No payments of any kind on account of adjustments shall be due from the City; or (b) If the Stonebridge Golf Course is under lease from the City, the lease shall terminate at the end of the notice period with no payment of any kind due from the City. 4.4 In the event that the City is prepared to operate the Stonebridge Golf Course for the purposes of Open Space / Green Space, the City will maintain the land as passive green space, providing a minimal level of servicing to include the mowing of a small corridor on either side of the existing golf cart path, and perform any other maintenance that it deems necessary; 4.5 Should the City advise in writing that it is not prepared to operate the Stonebridge Golf Course as a golf course or take carriage of the lands as Open Spaceopen space/Green Space, then green space. 5.3 Should the SCA or nominee corporation: (a) May continue advise that it is willing to operate the Stonebridge Golf Course as a golf course or as open space/green space; or, then at the conclusion of the two year notice period in clause 5.1, or at such earlier date as is agreed between the City and the SCA, the Stonebridge Golf Course shall be conveyed to the SCA or nominee corporation as the case may be. (b) 5.4 The purchase price for the conveyance in clause 5.3 shall be one dollar. 5.5 Should the SCA advise that it is not willing to operate the Stonebridge Golf Course as a golf course or as open space/green space, then the provisions of the Tripartite agreement Agreement shall apply. Any . 5.6 Should the SCA or nominee corporation have received a conveyance of the Stonebridge Golf Course pursuant to clause 5.3 the City having given notice pursuant to 5.1 at an earlier date, and should the lands no longer be operated as a Golf Course nor as Open Space/Green Space, the provisions of the Tripartite Agreement shall apply. 5.7 In the case of 5.6 applying, any funds received from Mattamy for a conveyance of the Stonebridge Golf Course shall be directed by whomever is the owner of the land, be it the SCA or a nominee corporation, to be paid to the CityCity and these funds shall be placed in the Stonebridge Levy Reserve and used for: a) the purchase of additional Open Space / Green Space as per clause 3.7 d) of the Tripartite Agreement and/or 2) projects within the Stonebridge Community. 4.6 Should 5.8 The City agrees that it will not transfer, sell or lease the City provide land to any party other than the Notice outlined in clause 4.1 aboveSCA, the City will maintainnominee corporation or Mattamy, manage and operate as per the stormwater pond system on requirements of the Stonebridge Golf Course LandTripartite Agreement.