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5.A1 Operations & Management Agreement
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5.A1 Operations & Management Agreement
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d) Prepare and submit by October 31, 2010 to Owner a final written report on the <br />conclusions and recommendations coming out of the above process. <br />7.4 Capital Improvements. In conjunction with the preparation and submittal <br />of the Annual Operating Budget, or as otherwise requested by Owner, Manager shall <br />prepare annual capital improvement plans and cost estimates for Owner's review and <br />approval. Funding for all capital improvements shall be Owner's responsibility. No <br />capital improvement project shall be undertaken by Manager without Owner's written <br />approval in advance. <br />7.5 Personnel and Employment Matters. In accordance with the approved <br />Annual Business Plan and Annual Operating Budget, Manager shall hire, in its own name, <br />supervise and discharge any personnel necessary to be employed in order to properly <br />fulfill Manager's obligations hereunder in accordance with the approved Annual Business <br />Plan and Annual Operating Budget. Owner acknowledges and agrees that Manager may, <br />at Manager's option, employ Golf Course personnel directly or through a professional <br />employment services subcontractor or employee leasing company. Employees of the <br />Manager and/or professional employment services subcontractor or employee leasing <br />company are referred to as employees of the Manager in this Agreement. <br />All salaries, wages and other employment-related costs of personnel employed by <br />Manager hereunder at the Golf Course, including, if applicable, but not limited to: fringe <br />benefits, social security taxes, worker's compensation insurance, and costs associated <br />with employee recruitment, relocation, or separation, shall be deemed an operating <br />expense of the Golf Course and therefore payable from the Operating Accounts. All such <br />salaries, wages and employment-related costs, including but not necessarily limited to <br />those set forth immediately above, shall be the responsibility of Owner and shall be paid <br />by Manager from the Operating Accounts. In the event that funds in the Operating <br />Accounts are not sufficient to cover employment costs, it shall be Owner's responsibility <br />to provide sufficient funds in accordance with the provisions herein. <br />7.6 Payroll Funding. It shall be Manager's responsibility to insure that <br />sufficient funds are transferred from the Operating Account to the Payroll Account <br />designated by Manager or by Manager's professional services subcontractor or employee <br />leasing company. ("Payroll Account") to fund all payroll and all other employment- <br />related costs at least five (5) business days prior to each payday. Advance funding for <br />payroll obligations shall be accomplished via an electronic transfer of funds from the <br />Operating Account to the Payroll Account. In the event that funds on deposit in the Payroll <br />Account are insufficient to fund an upcoming payroll, Manager shall notify Owner and <br />Owner shall be responsible for immediately depositing additional funds directly into the <br />Payroll account. In the event that Owner fails to deposit the additional funds needed to fund <br />an upcoming payroll, despite having received due notice from Manager, it shall be an event <br />of default by Owner under the terms of this Agreement. <br />-16- <br />
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