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~, . .. <br />~~ ~/~~~~ <br />~-t <br />MANAGEMENT AGREEMENT <br />AMENDMENT #1 <br />This MANAGEMENT AGREEMENT AMENDMENT #1 (this "Amendment") <br />is dated as of the 13`h day of June, 2006, by and between Orange County, North Carolina, <br />P.O. Box 8181, Hillsborough, NC 27278, a political subdivision of the State of North <br />Carolina ("the County") and Recreation Factory Partners (a division of IV Sports <br />Factory, LLC), 1439-200 S. Main Street, Wake Forest, NC 27587 ("RFP"). <br />WHEREAS the County and RFP entered into a Management Agreement ("the <br />Agreement") on December 15, 2005 related to the Recreation Complex and Ice Arena <br />described in Schedule A to the Agreement; and <br />WHEREAS North Carolina law requires an amendment to the Agreement. <br />NOW, THEREFORE, in consideration of the mutual premises, covenants and <br />agreements herein contained the parties hereto agree as follows: <br />Section 5.6 of the Agreement is rewritten to read as follows: <br />5.6 Receipts and Disbursements <br />RFP shall establish and maintain, in the name of RFP, in one or <br />more depositories designated by the County, one or more operating, <br />payroll and other bank accounts (hereafter referred to as "such accounts" <br />and "the operating accounts") for the promotion, operation and <br />management of the facility. RFP employees that have signature authority <br />with respect to such accounts shall be property insured as specified in <br />Section 8.4 of this Agreement. All Operating Expenses shall be paid by <br />RFP from such accounts. All revenues collected by RFP from the <br />operation of or in any way related to the Facility shall be deposited into a <br />F:\Lisa\orange county\Management Agmt Amendment #l.doc <br />