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5.A1 Operations & Management Agreement
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5.A1 Operations & Management Agreement
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1. With the cooperation of Owner as necessary, use all commercially reasonable <br />efforts to insure that all Golf Course facilities and Golf Course operations <br />conform to the requirements of local, county, state and/or federal regulations, <br />licenses, orders, permits and similar requirements. <br />m. With the cooperation of Owner as necessary, use all commercially reasonable <br />efforts to insure that licenses and permits necessary to support the operation and <br />maintenance of the Golf Course are kept current and in good standing. <br />n. With the cooperation of Owner as necessary, use all commercially reasonable <br />efforts to insure that tax reporting and payment obligations relating to the day-to- <br />day operation of the Golf Course are satisfied in a complete, accurate and timely <br />manner (provided that Manager shall have no responsibility for the tax <br />compliance and reporting obligation of Owner or any of its affiliated entities). <br />o. With the cooperation of Owner as necessary, use all commercially reasonable <br />efforts to monitor the Golf Course' facilities for situations that are, in Manager's <br />professional judgment, potentially unsafe or potentially hazardous and if such <br />situations are determined to be present, take appropriate steps to remedy the <br />situation in acost-effective manner. Manager shall notify Owner immediately of <br />any situations that are, in Manager's professional judgment, potentially unsafe or <br />potentially hazardous and the remedial actions that Manager believes are <br />necessary. <br />7.2 Financial and Banking Matters. Owner shall establish or designate the <br />Operating Account. Funds in the Operating Account shall not be combined with any <br />other accounts of Manager, and Golf Course funds shall not be co-mingled with any <br />funds of Manager. Manager, for benefit of Owner, shall provide centralized accounting <br />services and financial management functions, which shall be provided from Manager's <br />golf operations accounting office in Palm Beach Gardens, Florida. Manager shall <br />provide for adequate controls, policies and procedures to safeguard cash, inventories and <br />all other tangible assets of the Golf Course. Manager's responsibilities in this regard <br />shall include, but may not necessarily be limited to, the following: <br />a. Collect and promptly deposit into the Operating Accounts all revenue from Golf <br />Course operations. <br />b. Pay all Golf Course expenses so long as they are included in the Annual <br />Operating Budget or otherwise approved in writing by Owner. Manager shall <br />provide appropriate oversight over Golf Course expenditures, including review of <br />all invoices, periodic reviews of purchase orders, delivery tickets, payroll reports <br />and other records of Golf Course expenditures. Amounts due to Manager as fees <br />or reimbursable expenses must be approved by Owner prior to each payment. <br />Consulting fees shall be paid as provided in paragraph 18.5 herein. <br />c. Make distributions of excess cash to Owner as Owner may direct. <br />-14- <br />
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