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improvements, or changes, or that any proposed new arena or parking lot is at least equal <br />in value to the one that it is to replace, as the case may be. <br />D. Disposition of new improvements. The arena, parking lot, and all other <br />structures constructed b>’ Lessee on the premises, and all alterations, improvements, <br />changes, or additions made in or to the premises shall be the property of Lessee during <br />the term of the Agreement, and Lessee shall be responsible for all obligations and duties <br />arising out of such ownership. <br />E. Conditions to Lessor's and Lessee's obligations. This Agreement, and <br />Lessor's and Lessee’s obligations hereunder, is contingent upon the occurrence of the <br />following: <br />(1) Lessor's reasonable approval of: <br />(a) Lessee's total project budget. <br />(b) Lessee's project budget net of items which are not required for an <br />operating ice arena and parking lot which meet code requirements. <br />(c) Lessee's sources of funds to pay at least the budget amount described <br />in subparagraph (b) above; any approval made by Lessor pursuant to <br />this Section shall not be considered to constitute a representation to <br />any third-party of Lcs.see's financial or fiscal status or its capability <br />to carry out obligations under any contacts it enters into in <br />connection with construction described in this Agreement. <br />(2) Lessee's receipt of a building permit for the project from the City of Orono. <br />(3) Authorization from the membership of Orono l lockey Boosters, Inc. to <br />proceed with the ice arena project, and to contribute its arena cash and