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ELK RIVER MULTIPURPOSE FACILITY RINK ONE <br />SPONSORSHIP AGREEMENT <br />THIS SPONSORSHIP AGREEMENT ("Agreement") is made as of this _2a day of <br />•A , 2021 (the "Effective Date"), by, between and among the CITY OF ELK <br />RIVER, a Minnesota municipal corporation ("City"), and CORNERSTONE AUTOMOTIVE, <br />1 <br />aMinnesota ,- The following recitals form the basis for this Agreement <br />and are made a part hereof. <br />RECITALS <br />A. The City of Elk River owns the Elk River multipurpose facility ("Facility") with a street <br />address of 1000 School Street, Elk River, NW 55330. <br />B. Sponsor is an automotive dealership located at 17219 U.S. Hwy 10, Elk River, MN 55330 <br />with the intent of sponsoring certain facilities and/or spaces within the Facility. <br />C. The City and Sponsor enter into this Agreement whereby in exchange for Sponsor's <br />agreement to make initial and annually recurring Contributions (as hereinafter defined) to the City <br />for deposit to the Facility fund, the City agrees to grant to Sponsor certain sponsorship recognition <br />rights and assets for the Facility, as set forth and agreed to in this Agreement. <br />D. Other than the sponsorship rights, the City is not giving Sponsor anything of value for the <br />Contributions. <br />AGREEMENT <br />NOW, THEREFORE, IN CONSIDERATION OF THE FOREGOING RECITALS, THE <br />MUTUAL PROMISES AND CONSIDERATIONS SET FORTH BELOW, AND OTHER <br />GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF <br />WHICH ARE HEREBY ACKNOWLEDGED, THE CITY AND SPONSOR AGREE AS <br />FOLLOWS: <br />Article I <br />Sponsorship Rights and Assets <br />Facility Signage and Related Sponsorship Rights and Assets. <br />Sponsor shall be the primary sponsor of the westerly ice rink (Rink One) located <br />within the Facility and will be permitted the Facility signage and promotional assets <br />listed in Exhibit A. <br />The City will fabricate and install the signage and related sponsorship rights and <br />assets and will own, maintain, and replace (if required due to normal wear and tear) <br />them during the term of this Agreement. <br />The City will pay the first Twelve Thousand Five Hundred Dollars ($12,500.00) in <br />costs for the initial fabrication and installation of the signage and additional assets. <br />