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

Home

All such insurance policies shall be issued by companies licensed to do business in the state where the Facility is located, which such companies shall have a Best's Rating of not less than "A+" (or equivalent rating if such rating system is no longer used). The deductible or self-insured retention under each such insurance policy shall not exceed Ten Thousand Dollars ($10,000). All such policies shall provide that the same shall not be cancelled or modified without thirty (30) days prior written notice to the both Manager and Owner, and shall provide for the right of Manager at its option to pay any premium owing thereunder for the purpose of continuing coverage, and shall provide that such insurance shall not be impaired or invalidated by any act, failure to act or violation of declaration or condition in such policies by Owner. SECTION 11.2 — MANAGER NAMED AS INSURED: All insurance shall be in the name of Owner. Manager shall be named as an additional insured on the general public liability policy through endorsements adequately protecting the interest of Manager, including, without limitation, provisions for at least thirty (30) days'written notice to Manager of cancellation or of any material change therein. Upon request, Owner shall provide Manager with certified copies of such insurance policies and shall furnish receipts for all premiums payable in connection therewith at least thirty (30) days prior to the due dates of such premiums. SECTION 11.3 — ENDORSEMENT: All insurance provided and maintained by Owner pursuant to this Article Eleven shall specify an indemnification clause by endorsement naming Manager and Affiliates as additional insureds as follows: "To protect, indemnify, and save harmless [Manager and Affiliates], its parent, subsidiaries, and Affiliates from and against any loss, damage, liability, or expense, including attorney fees, because of any obligation or loss or damage to person or property incurred or alleged to have been incurred or caused or alleged to have been caused by [Manager] and its affiliated entities, as well as their respective agents or employees, or by guests of the Facility, or as the result of use of the premises, or the sale of any food or services thereon or therefrom." ARTICLE TWELVE MANAGEMENT FEE OF MANAGER SECTION 12.1 - MANAGEMENT FEE: During each month of each Fiscal Year, Owner shall pay Manager a Management Fee equal to (4%) of Gross Sales. Owner authorizes Manager to pay the Management Fee from the Agency Account on the tenth (10t") day of the month following the month in which the Management Fee is earned. SECTION 12.2 - INCENTIVE FEE: Within ninety (90) days following the end of each Fiscal Year during the initial or any extended Term of this Agreement, and in addition to the Management Fee, Owner shall pay Manager an Incentive Fee equal to ten percent (10%) of the amount by which the Gross Operating Profit ("GOP") for each Fiscal Year exceeds the GOP in the Annual Operating Budget for that Fiscal Year. By way of example, and merely to illustrate the manner for calculating the Incentive Fee, if GOP in the Annual Operating Budget for a Fiscal Year is $10,000 and the actual GOP at the end of that same Fiscal Year is $25,000, Manager will receive an Incentive Fee in the amount of $1,500, calculated as follows: $25,000 (actual GOP), less the $10,000 (budgeted GOP), multiplied by 10%, equals $1,500. Manager will not receive any Incentive Fee in a given Fiscal Year if the GOP in that Fiscal Year equal to or less than zero. In the event this Agreement is properly terminated prior to the end of a Fiscal Year, the financial results for that Fiscal Year shall be annualized, as of the effective date of termination,for purposes of calculating the Incentive Fee due to Manager. 7