Read it for yourself. It is in the closing terms, posted on King5.com , page 108 of the massive PDF file. Exhibit 21.
King 5 .pdf file
He did not have to accept anything, but he did have to make the effort to try. It is in the sale's agreement, same document. It is worded that same way in the Approval.
Howard and Clay's sales agreement
"Franchise Purchase Agreement" (page 73)
Article V, "Other Agreements and Covenants"
5.3., "Puget Sound Area Lease" (page 108)
"For a period of 12 months after the Closing Date, Buyer shall use good faith best efforts to negotiate an arena lease, purchase, use or similar arrangement in King, Pierce or Snohomish Counties of Washington as a venue for the Teams' games, to be used as a successor venue to KeyArena; provided, however, that the process described in this section 5.3 and the entering into of such arena lease, purchase, use or similar arrangement shall be at Buyer's sole discretion."
Article VIII, "Termination"
8.1, "Parties may terminate this agreement as provided below"
Seller may terminate this agreement if any "breach by Buyer of any covenantsâ€¦" (page 115)
8.2, "Effect of termination"
(a) If either Party terminates the Agreement pursuant to Section 8.1, all rights and obligations of the Parties hereunder shall terminate without liability of either Party to the other Party (except for any liability of any Party then in breach); provided that each Party shall remain liable for any willful breaches of the Agreement prior to its termination and provided, further, that the provisions contained in Section 5.1 (confidentiality) and Section 9 (miscellaneous) shall survive termination and except that (i) in the event of a termination of this Areement pursuant to circumstances in which Buyer shall be obligated to pay liquidated damages as provided in Section 1.6, the obligation of Buyer under 1.6 shall survive until payment thereunder has been made and (ii) in the event of a termination of this Agreement pursuent to circumstances in which Seller shall be obligated to reimburse Buyer's out-of-pocket expenses as provided in Section 8.2(b), obligation of Seller under 8.2(b) shall survive until payment thereunder has been made.
9.6, "Specific Performance"
The Parties to this Agreement acknowledge that it may be impossible to measure in money the damages that a Party would incur if any covenant or agreement were not performed in accordance with its terms and agree that each of the Parties hereto shall be entitled to obtain an injunction to require specific perfromance of, and prevent any violatio of terms of, this Agreement, in addition to any other remedy available hereunder. In any such action specifically to enforce a provision of this Agreement, each Party hereby waives any claim of defense therein that an adequate remedy at law or in damages exists.
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There you go: The pdf is a graphic, I transcribed it for you, please double check my writing before concidering any action. Feel free to comment, taunt, rub noses in, any and all provisions transcribed.
Clay, thanks for renting. :)