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5.A1 Operations & Management Agreement
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5.A1 Operations & Management Agreement
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SECTION 6 <br />OPERATIONS; ANNUAL BUSINESS PLAN & BUDGET; RESPONSIBILITY FOR <br />OPERATING EXPENSES <br />6.1 Operations. Manager shall be responsible for conducting the day-to-day <br />operations and management of the Golf Course in accordance with the Annual Operating <br />Budget approved by Owner and in accordance with the terms of this Agreement. <br />Manager shall have assumed responsibility for the operation and management of the Golf <br />Course as of 12:01 a.m. on the Commencement Date. <br />6.2 Annual Business Plans and Annual Operating Budgets. Within sixty (60) <br />days after the Commencement Date with respect to the initial calendar year of operations <br />and on or before November 1 of each succeeding calendar year of operations, Manager <br />shall prepare and submit to Owner for approval a proposed annual business plan for the <br />operation and maintenance of the Golf Course (the "Annual Business Plan"). The <br />proposed Annual Business Plan shall include aline-by-line annual budget substantially in <br />the form of that attached hereto as Exhibit "C" (the "Annual Operating Budget''). <br />Within thirty (30) days after the receipt of each proposed Annual Business Plan (which <br />shall include the Annual Operating Budget) Owner shall be responsible for reviewing and <br />approving the same or revising the same in consultation with Manager. Owner shall have <br />final approval over the Annual Business Plan and Annual Operating Budget and, once <br />approved by Owner, the new approved Annual Business Plan and Annual Operating <br />Budget shall replace all prior Annual Business Plans and Annual Operating Budgets. <br />Pending Owner approval of the Annual Business Plan and Annual Operating Budget, <br />from and after January 1 of the applicable calendar year, Manager shall be authorized to <br />operate and manage the Golf Course in accordance with the proposed Annual Business <br />Plan and Annual Operating Budget for that year. <br />Owner acknowledges that the financial and operational performance of the Golf <br />Course could be affected by circumstances or events beyond Manager's control and <br />Manager shall not be deemed to have made any guarantee, warranty or representation <br />whatsoever with respect to or in connection with the Annual Business Plan or Annual <br />Operating Budget. Under no circumstances shall Owner have any claim or cause of <br />action against Manager in the event that the goals, targets and benchmarks established in <br />the Annual Business Plan and Annual Operating Budget are not met or achieved. <br />From time to time Manager may consider it advisable to propose changes to the <br />currently approved Annual Business Plan or Annual Operating Budget. In that event, <br />Manager shall discuss the proposed changes with Owner, and Owner shall make the final <br />determination as to what changes, if any, shall be made. Any such changes, once approved <br />by Owner, shall be deemed to be included in the currently approved Annual Business Plan <br />and Annual Operating Budget. <br />-10- <br />
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