Agenda - Council - 04/23/2024 - Laserfiche WebLink

Home

later than the last day of the following month. Upon any termination of this Agreement, and after payment to Manager of any and all monies due and owing to Manager pursuant to this Agreement, including without limitation any Management Fee, Incentive Fee and Termination Fee, all such books and records shall be turned over to Owner at the Facility. Following termination of this Agreement, Manager shall have no further responsibility to update or maintain the books and records. For a period of ninety (90) days following termination, all such books and records shall be available to Manager at all reasonable times for inspection, audit, examination, and transcription. Owner shall be responsible for preparing and filing all applicable income tax returns. ARTICLE TEN MANAGER NOT OBLIGATED TO ADVANCE FUNDS Manager shall not be obligated to advance any of its own funds for the maintenance and operation of the Facility or to or for the account of Owner, nor to incur any liability with respect to the Facility. However, if Manager shall have advanced any funds in payment of any necessary, desirable, and appropriate expenses reasonably related to, the maintenance and operation of the Facility, Owner shall promptly provide reimbursement to Manager upon demand. Owner shall immediately provide all funds disclosed by the Annual Operating Budget as required from Owner to operate the Facility on the date indicated for such provision in the Annual Operating Budget. Except in the case of funds covered by the preceding sentence,funds required for Working Capital (as described in Section 8.3) or emergency or unforeseen circumstances, Manager shall give Owner at least thirty (30) days' notice of any anticipated need for additional funds hereunder. ARTICLE ELEVEN INSURANCE SECTION 11.1 — OWNER OBLIGATION TO PROVIDE INSURANCE: Owner shall provide and maintain, at Owner's cost and expense, insurance sufficient to furnish Owner and Manager reasonable and adequate protection in connection with the ownership, management, and operation of the Facility on an "all-risk" basis, including without limitation the following: A. General commercial liability insurance against claims for bodily injury, death or property damage occurring on, in or about the Facility and the adjoining streets, sidewalks and passageways, with primary limits of not less than one million dollars ($1,000,000) combined single limit, and not less than One Hundred Thousand Dollars ($100,000) with respect to property damage. B. Excess liability providing for a combined bodily injury, death and property damage occurring on, in or about the Facility and the adjoining streets, sidewalks and passageways, in limits of not less than Two Million Dollars ($2,000,000). C. Liquor liability for not less than One Million Dollars ($1,000,000). D. Such additional insurance as Owner reasonably deems appropriate and necessary to operate the Facility consistent with other First-Class Facilities, including employment practices liability insurance for not less than One Million Dollars ($17000,000). 6