EXHIBIT 10(ac)
November 7, 1997
Park Management Corp.
Xxxxxx Xxxxx Xxxxxxx
Xxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxxx, Chairman
Dear Sirs:
The undersigned, Marine World Joint Powers Authority (the "Authority") and
Park Management Corp., are parties to the 1997 Management Agreement Relating to
Marine World, dated as of February 1, 1997, as amended (the "Management
Agreement").
The parties wish to amend Section 6.3(vi) of the Management Agreement in
its entirety to provide as follows:
"(vi) at the option of the Authority with thirty days prior written
notice to the Manager, and effective upon appointment of and assumption of
duties by a new manager for Marine World, (a) on the date which is three
(3) years from November 7, 1997, and (b) following notice to the Authority
by Premier Parks Inc. (or its wholly owned subsidiary which is the holder
of the option) that it will not exercise an option to lease land adjacent
to Marine World as such option is contemplated by the option agreement
referred to in clause (i) above; or"
Except as provided above, the Management Agreement shall remain in full
force and effect.
If the foregoing sets forth our agreement, please sign this letter where
indicated below.
Very truly yours,
MARINE WORLD JOINT POWERS AUTHORITY
By: /s/
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Executive Director
Agreed and Accepted:
PARK MANAGEMENT CORP.
By: /s/
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