Thursday, July 2, 1998
Subject to the provisions of Section 3B of the attached Memorandum, the Team's existing lease for Cinergy Field (formerly Riverfront Stadium) to which the County has succeeded to the interest of the City of Cincinnati as landlord, shall be amended to provide:
(1)(a). The County agrees to waive all existing arrearages owed by the Team under the Existing Lease except for the amount attributable to 1997 advertising revenues which amount, $254,877 shall be paid to County within ten (10) days following full execution of the Memorandum; (b) The Team agrees to waive the right to receive any amounts to which it may be entitled, whether previously accruing or owed in the future relating to amounts paid by the City and - or the County to the Cincinnnati Bengals under the so-called "Bengals Guarantee,"
(2) For the years 1998 through 2000 inclusive, the rent payable by the Team to the County (i.e. the portion of rent based on ticket sales) shall be reduced to Seven Hundred Fifty Thousand Dollars ($750,000);
(3) After the year 2000, the annual rent payment shall be limited to One Dollar ($1.00) per year; and
(4) In addition to the foregoing, the County will assure that the Team's share of revenues from rentals of private suites in Cinergy Field (formerly Riverfront Stadium) for the year 1998 and thereafter until the Stadium is available for use by the Team, shall be at least Two Hundred Fifty Thousand Dollars ($250,000) per year.
