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• <br />IW • olEENTMij, i &I N._. iii RTF <br />This Agreement is made this 15th day of June, 1992, by and <br />between the City of Charlottesville, Virginia ("City"), and the <br />Paramount Theater and Cultural Group, Inc. ("the Paramount Group"), <br />a Virginia non-profit corporation. <br />As evidenced by their respective signatures below, the parties <br />agree as follows: <br />1. The City agrees to donate the sum of $35,700 to the <br />Paramount Group to be used exclusively for purposes of historic <br />preservation, specifically the restoration and preservation of the <br />Paramount Theater and any land on which it is located (the <br />"Property"). Said Property has an address fronting on the Downtown <br />Mall, a portion of Main Street in the City of Charlottesville, <br />Virginia. <br />2. Absent prior approval by a majority vote of City Council, <br />which approval may be given or denied solely in the discretion of <br />Council, the Paramount Group shall not sell said Property unless <br />and until the Paramount Group repays the City a sum equal to the <br />entire donation - $35,700. For purposes of this agreement, "sell" <br />shall mean (a) any sale, transfer, lease, gift, or other conveyance <br />of the Property or any portion thereof, (b) a transfer of more than <br />• fifty (50%) of the controlling interest in the Paramount Group, or <br />(c) a substantial change in the corporate structure of the <br />Paramount Group in a manner which would change its primary <br />corporate purpose to something other than one of preserving and <br />operating the Paramount Theater. "Lease" for purposes of this <br />paragraph shall mean any lease the aggregate term or terms of which <br />exceed ten (10) years. <br />THEATER "D CULTURAL GROUP, INC. <br />�LI,i\PLt�►�lai►.tc�rTr: � <br />THE <br />BY ��/(lif�•J(nCJ.�Y OF 3�= l,�, <br />Title <br />E <br />