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. . . HCJV will make a claim against the City for its damages sustained as a result of Hurricane Isabel and subsequent defects with the roof sustained in 2004. The parties agree to resolve this clairn through binding arbitration by a mutually acceptable arbitrator with the McCammon Mediation Group, and not through litigation. The arbitration will have a low of$300,000 and a high of $999,999, and the City will not contest liability for damages. Any insurance proceeds HCJV may have received will not be considered in computing damages in the arbitration. Owner will pay HCJV $200,000 as Facilities Manager Cornpensation to manage and operate Harbor Center for the 2005 season, as contemplated by Contract ~4.2. HCJV is released from the obligation to pay Owner any Booking Agent Compensation for the 2005 season, and the remainder of Contract ~IV ("Compensation") is cancelled. The net effect will be payment by Owner to HCJV of $200,000 for the 2005 season. Owner will reimburse HCJV for up to $150,000 in expenditures for advertising of the facility in 2005, regardless if cash or reasonable trade is used for the purchase of the advertising, documented with trade invoices provided by the media outlet. Said documentation shall be provided to Luther for review prior to payment. 7. The Facility Manager Compensation Fee and the marketing reirnbursement, as per the two preceding paragraphs, will be paid in five consecutive monthly installments of up to $70,000/month on the fifteenth day of each month, commencing on April 15, 2005. This 4. 5. 6. section modifies Contract ~4.2. 8. Owner will be responsible for upkeep of grounds and will reimburse HCJV for expenses associated with show cleanup. This section modifies Contract ~3.0. Draft 1.3B -3-