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(such as holding real estate) that <br />owe incidental to and distinct from <br />the 501(c)(3)'c primary activity;] <br />(iii) ISD and Arena Owner will sign a <br />memorandum of the Lease, in <br />recordable form; <br />(iv) the Arena Owner will make the rent <br />payment required under the Lease, in the <br />amount of $15,000; <br />(v) ISD and the Arena Owner will sign an ice <br />rental agreement, as described in <br />Section 4(b). <br />2. Conditions to Exercise of Option. <br />OHB will not be entitled to exercise the Option <br />unless each of the following conditions has been met: <br />(a) Schematic Design. ISD approves a Schematic <br />Design Package for the indoor ice arena to be developed <br />on the Land by Arena Owner (the "Arena”). <br />(i) the "Schematic Design Package" will be a <br />set of plans and specification for the <br />Arena, showing the location on the Land <br />of the Arena and all paving, curbing and <br />related improvements, showing all <br />utility connections and facilities on <br />the Land, showing drainage directions <br />and storm water collection and dispersal <br />arrangements, showing Arena elevations, <br />-2-