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5.A1 Operations & Management Agreement
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5.A1 Operations & Management Agreement
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agents with respect to any claim or liability for loss or theft or damage to personal <br />property of the Manager, its employees, sub-contractors, and others, except to the extent <br />that such loss, theft or damage is from the intentional wrongful act, fraud, willful <br />misconduct or gross negligence of the Owner, its employees, agents or sub-contractors. <br />17.5 Procedure Relating to Indemnification. Upon the occurrence of an event <br />that gives rise to indemnification, the party seeking indemnification shall notify the other <br />party hereto and provide the other party hereto with copies of any documents reflecting <br />the claim, damage, loss or expense. The party seeking indemnification is entitled to <br />engage such attorneys and expert witnesses to defend against the claim, damage, loss or <br />expense, as it may choose. The party providing indemnification shall pay the reasonable <br />charges and expenses of such attorneys and expert witnesses. <br />17.5 Survival of Indemnity Obligations. The provisions of this Section 17 shall <br />survive any expiration or termination of this Agreement. <br />SECTION 17 <br />COMPENSATION OF MANAGER <br />18.1 ' Monthly Management Fee. During the three (3)-year term of this <br />Agreement, Manager shall be entitled to receive a fixed monthly management fee of $8,000 <br />per month (the "Monthly Management Fee"). In addition to the Monthly Management <br />Fee, the Manager shall be entitled to receive a fixed monthly accounting services fee of <br />$2,000 per month (the "Monthly Accounting Services Fee"). These fees shall be paid by <br />Owner payable on or before the 15th day of the month for which the installment is being <br />paid. <br />18.2 Incentive Fees. In addition to the Monthly Management Fee, Manager <br />shall be entitled to receive an annual incentive management fee (the "Incentive <br />Management Fee") equal to five percent (5%) of the gain in total gross revenue, if any, <br />over the average annual total gross revenue for the Golf Course for the 2008 and 2009 <br />operating seasons (the "Incentive Benchmark"). Based on information provided to <br />Manager by Owner, the total gross revenue for the Golf Course for 2008 was $1,488,676 . <br />The total gross revenue figure for 2009, when it becomes available, shall be added to the <br />$1,488,676 and the result shall be divided by two (2) to determine the Incentive <br />Benchmark, which shall be applied in each of the three years of the Initial Term of this <br />agreement. For purposes of calculating total gross revenueand determining the Incentive <br />Management Fee, if any, total gross revenue shall be determined on the same basis as is <br />reflected in the financial statements provided to Manager by Owner for the 2008 <br />operating year. <br />In addition, at the sole discretion of Owner, Owner may pay Manager an additional <br />Incentive Fee ("Performance Incentive") based on objective and/or subjective evaluation <br />by Owner of Manager's overall performance in any given year. The amount of the <br />-27- <br />
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