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<br />Cultural Center (the "Center"), formerly the Courthouse Galleries Museum, during the <br />latter half of the 1900' s. <br /> <br /> <br />4. The Estate of Dorothy G. Scott (the "Estate") intends to donate the sum of <br /> <br /> <br />$90,000 (the "Gift") to the Foundation to be used for the Center. The Estate desires that <br /> <br /> <br />a portion of the Gift be utilized in memory of Mrs. Scott. The Estate and the Foundation <br /> <br /> <br />propose that a portion funds, not to exceed $12,000, from the Gift be used to renovate a <br /> <br /> <br />portion of the Center to be used for ERAC monthly meetings and to provide ERAC <br /> <br /> <br />members with a location for painting. The remaining funds of the Gift will be held by the <br /> <br /> <br />Foundation and used for the support of the Center and/or its activities, programs, exhibits <br /> <br /> <br />and exhibit related items, as recommended by the Director of Portsmouth Museums and <br /> <br /> <br />approved by the Foundation Board of Directors. <br />5. The purpose of this Memorandum is to set forth the understanding of the <br />parties with regard to the receipt and use of the Gift in the event that it is received by the <br />Foundation. <br /> <br />INTENT OF THE PARTIES <br /> <br /> <br />A. The City has identified an unused 620 sq. ft. room on the first floor of the <br /> <br /> <br />Portsmouth Art and Cultural Center Annex, located at 420 High Street, which is suitable <br /> <br /> <br />for ERAC meetings and providing ERAC members a location for painting. <br /> <br />B. The estimated cost of renovating the room is $12,000. In the event that the <br /> <br /> <br />Gift is received by the Foundation, all repairs will be performed by the City or its <br /> <br /> <br />contractors, and the Foundation agrees to reimburse the City for its costs up to $12,000 <br />