2005 Resolutions - Laserfiche WebLink

Home Browse Search

. Section 9.1 Records. Manager agrees to keep and maintain, at its office in the Facility, separate and independent records, in accordance with generally accepted accounting principles, devoted exclusively to its operations in connection with its management of the Facility. Such records (including books, ledgers, journals, and accounts) shall contain all entries reflecting the business operations of Manager under this Agreement. The Owner or its authorized agent shall have the right, at Owner's expense, to audit and inspect such records from time to time during the Term, upon reasonable notice to Manager and during Manager's ordinary business hours. Section 9.2 Monthlv Financial Reports. Manager agrees to provide to the Owner, within twenty (20) days after the end of each month during the Term, financial reports for the Facility showing gross revenues for the preceding month and year to date in accordance with generally accepted accounting principles. In addition, Manager agrees to provide to the Owner a summary of bookings for each such month. A financial report substantially in the format attached hereto as Exhibit E shall be deemed sufficient under this section. The Contract Administrators shall meet prior to the end of each month or as needed to discuss the Facility's performance, operations, the monthly report, and any other matters of concern. Section 9.3 Reviewed Reports. Manager agrees to provide to the Owner, within one hundred twenty (120) days following the end of each Operating Year, a reviewed report on the gross revenues received by Manager. The Manager shall be responsible for the costs associated with the reviewed report. Such review shall be performed by an external Certified Public Accountant approved by the Owner, and shall be conducted in accordance with generally accepted accounting principles. . ARTICLE 10 CAPITAL IMPROVEMENTS Section 10.1 Schedule of Calli tal Expenditures. Manager shall annually and from time to time provide to the Owner a suggested schedule of capital improvements necessary or reasonably prudent for the Facility and requiring a capital expenditure, for the purpose of allowing the Owner to include such projects in its budget for the ensuing year and to prepare and update a long-range capital expenditure budget. Such schedules shall not be in limitation of the Owner's obligation to keep the Facility in a first class condition. The improvements noted in Schedule 2 attached hereto shall be performed by the Owner within ninety (90) days of the date hereof. Section 10.2 Responsibility for Capital Expenditures. The Owner shall be solely responsible for all capital expenditures at the Facility. Notwithstanding the foregoing, Manager shall have the right to make capital expenditures at the Facility for "Emergency Repairs" (defined as the repair of a condition which, if not performed immediately, creates an imminent, danger to persons or imminent danger of material damage to property at the Facility or prohibits or substantially impairs the operation of the Facility for booked events), and Manager shall be promptly reimbursed by the Owner for any such expenditures. The Manager shall give notice to the Owner of such Emergency Repairs at the time such Emergency Repairs are required. 10 .