Ch. 400                                     1993 LAWS OF MARYLAND

1. BALTIMORE CITY AGREES TO PAY $50,000,000 FOR THE
CAPITAL COSTS OF THE EXPANSION OF THE BALTIMORE CONVENTION CENTER NOT
LATER THAN THE DATE OF THE AUTHORITY'S BOND ISSUANCE AS AUTHORIZED UNDER
§ 13-712(A)(1) OF THIS ARTICLE; AND

2. BALTIMORE CITY AND THE AUTHORITY WILL EACH OWN A
50% LEASEHOLD INTEREST AS TENANTS IN COMMON IN THE IMPROVEMENTS
COMPRISING THE EXISTING BALTIMORE CONVENTION CENTER AND THE CONVENTION
CENTER EXPANSION FOR THE DURATION OF ANY BONDS ISSUED AS AUTHORIZED UNDER
§ 13-712(A)(1) OF THIS ARTICLE, WITH NEITHER BALTIMORE CITY NOR THE AUTHORITY
ENTITLED TO SELL, ASSIGN, MORTGAGE, PLEDGE, OR ENCUMBER THE BALTIMORE
CONVENTION CENTER FACILITY (OR ANY LEASEHOLD INTEREST THEREIN) WITHOUT
THE PRIOR CONSENT OF THE OTHER, EXCEPT FOR LIENS IN FAVOR OF BALTIMORE
CITY'S AND THE AUTHORITY'S RESPECTIVE BONDHOLDERS;

2. (II) A DEED, LEASE, OR OTHER ARRANGEMENT
WRITTEN AGREEMENT WITH BALTIMORE CITY PERMITTING THE AUTHORITY TO
DESIGN AND CONSTRUCT, OR CONTRACT FOR THE DESIGN AND CONSTRUCTION OF,
THE CONVENTION CENTER FACILITY, AND TO PLEDGE THE CONVENTION CENTER
FACILITY AND THE CONVENTION CENTER SITE OR THE LEASEHOLD INTEREST
THEREIN, AS SECURITY FOR THE AUTHORITY'S BONDS; AND

3. (III) AN A WRITTEN AGREEMENT BY WITH BALTIMORE
CITY:

1. WHEREBY BALTIMORE CITY AGREES TO OPERATE THE
CONVENTION CENTER FACILITY IN A MANNER WHICH MAXIMIZES THE
CONVENTION CENTER'S ECONOMIC RETURN AND TO MAINTAIN AND REPAIR THE
CONVENTION CENTER FACILITY SO AS TO KEEP THE CONVENTION CENTER
FACILITY IN FIRST CLASS OPERATING CONDITION AND REPAIR AT ITS EXPENSE,
INCLUDING ANY CONTRIBUTIONS WHICH THE AUTHORITY OR THE STATE AGREE
TO MAKE FOR SUCH PURPOSE; AND

2. THAT INCLUDES PROVISIONS THAT:

A. PROTECT THE AUTHORITY'S, THE STATE'S AND THE
CITY'S RESPECTIVE INVESTMENT IN THE CONVENTION CENTER FACILITY;

B. REQUIRE THE AUTHORITY AND THE CITY TO MAKE
CONTRIBUTIONS TO OPERATING DEFICITS AND A CAPITAL IMPROVEMENT RESERVE
FUND; AND

C. PROVIDE FOR RIGHTS OF SELF HELP AND OFFSET UPON
DEFAULT:

B. REQUIRE THE AUTHORITY AND BALTIMORE CITY TO EACH
CONTRIBUTE TO OPERATING DEFICITS AND A CAPITAL IMPROVEMENT RESERVE FUND,
FOR THE PERIOD BEGINNING UPON THE COMPLETION OF THE EXPANDED AND
RENOVATED CONVENTION CENTER FACILITY AND ENDING ON JUNE 30, 2008, AS
FOLLOWS:

- 2174 -