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5.A1 Operations & Management Agreement
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5.A1 Operations & Management Agreement
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6.3 Operating Expenses: Owner is responsible for all operating expenses of the <br />Golf Course, including fees and expenses payable to Manager hereunder, and Owner <br />shall provide sufficient funds to cover all such operating expenses. Manager, acting as <br />Owner's agent and on behalf of Owner, shall deposit all Golf Course revenues into an <br />operating account (the "Operating Accounts"), and Manager shall have authority to <br />draw upon the funds in the Operating Accounts to cover operating expenses in <br />accordance with the Annual Business Plan, Annual Operating Budget, and Owner's fiscal <br />policies. In the event that funds in the Operating Accounts are not sufficient to cover <br />operating expenses, Manager shall advise Owner of the shortfall or potential shortfall and <br />Owner shall deposit additional funds into the Operating Accounts in a timely manner in <br />order to insure that sufficient funds are available to meet the operational requirements of <br />the Golf Course as they become due and payable. Manager shall have no obligation <br />either to cover any operating expenses or to contribute funds to any Golf Course's <br />Operating Account. In the event that additional funds are required due to such shortfall <br />or potential shortfall, the Owner shall have the option of terminating this Agreement <br />without any further liability to the Manager. <br />Manager shall monitor the cash flow and cash requirements of the Golf Course <br />and shall prepare quarterly cash flow forecasts and reports for Owner. In addition, <br />Manager shall communicate with Owner via a-mail and telephone on a regular basis so <br />that Owner may reasonably anticipate the cash flow requirements of the Golf Course and <br />have as much advance notice as possible relative to the need to provide supplemental <br />funding over and above the funds available from the Golf Course' operations. Owner <br />acknowledges that some funding requests may, of necessity, be submitted on a short <br />notice basis. <br />Manager may, without prior Owner approval, cause the Golf Course to incur any <br />expense that is included in the approved Annual Operating Budget. Manager may, with <br />prior Owner approval, cause the Golf Course to incur an expense that is needed to <br />remedy any emergency situation that, in Manager's professional judgment is potentially <br />hazardous, unsafe or damaging to any of the Golf Course or that is needed, in Manager's <br />professional judgment, to avoid the Golf Course incurring a fine, penalty or similar <br />charge. Any other expense shall be incurred by Manager only if approved by Owner in <br />writing in advance. Manager shall not incur any expense that is not consistent with the <br />Annual Operating Budget without the prior written consent of Owner, except as <br />otherwise provided in this Agreement. <br />Manager may reallocate up to ten percent (10%) of any amount budgeted with <br />respect to any one line item in the Annual Operating Budget to another line item budgeted <br />therein, provided that the aggregate expenditures in the Annual Budget are unaffected, and <br />further provided that Owner is notified in writing of the reallocation within ten (10) days. <br />6.4 Accounting and Cost Control System. Manager shall provide an <br />accounting and cost control system covering all aspects of the operation and maintenance <br />of the Golf Course that meets with Owner's approval. Charts of accounts and all <br />accounting systems shall be maintained in accordance with ordinary accounting <br />-11- <br />
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