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5.A1 Operations & Management Agreement
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5.A1 Operations & Management Agreement
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Performance Incentive shall be no greater than one-quarter of the amount of the Incentive <br />Management Fee, and in no event shall the combined total of the Incentive Management <br />Fees for any year exceed the amount of the total Monthly Management Fees paid in that <br />year. <br />The Incentive Management Fees, if any, are due and payable within thirty (30) days of <br />the receipt by Owner of the financial statement for each operating year together with the <br />calculation by Manager of the amount of such Incentive Management Fee. The Annual <br />Operating Budgets approved by Owner shall include provisions for payments of the <br />Monthly Management Fee and the Incentive Management Fee. <br />18.3 Fee Payment. Owner expressly agrees that Manager shall be entitled to <br />receive monthly installments of the Monthly Management Fee on or before the last day of <br />the month for which the installment is being paid. Owner shall be responsible for insuring <br />that the Operating Accounts contain sufficient funds for this purpose, just as the Owner is <br />responsible for insuring that sufficient funds are available for payroll and for all other <br />approved operating expenses. <br />18.4 Reimbursable Expenses. In addition to the Monthly Management Fee and <br />the Incentive Management Fee, during the term of this Agreement, Manager shall be <br />entitled to receive reimbursement for reasonable and necessary travel and lodging <br />expenses incurred by Manager's corporate employees (as opposed to Golf Course-level <br />employees) in direct relationship to Manager's responsibilities under this Agreement, up <br />to an annual maximum reimbursement of $10,000. A budget for such expenses shall be <br />prepared by Manager, and submitted to Owner for approval, as part of the Annual <br />Operating Budget. <br />18.5 Fees for Consulting Services. Manager's obligations under this <br />Agreement include certain consulting services to assist Owner in determining the best <br />long-range strategy for the Golf Course. Manager shall receive a consulting fee of <br />$5,000 upon the completion of item 7.3 (a) herein and shall receive a second payment of <br />$5,000 upon the completion of consulting item 7.3 (e) herein. Fees for Consulting <br />Services shall be invoiced to Owner separately and shall not be paid out of the Operating <br />Account. <br />SECTION 19 <br />FORCE MAJEURE <br />19.1. Circumstances Beyond the Control of Either Party. The Manager and the <br />Owner agree that with respect to any services to be provided, payments to be made, or <br />action to be taken by either party during the term of this Management Agreement, the <br />party required to furnish or perform the same shall in no event be liable for the failure to <br />do so when prevented by any cause beyond the reasonable control of such parties such as <br />strike, lock-out, breakdown, accident, order or regulation of or by any governmental <br />-28- <br />
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