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LIFETIME TENNIS shall be paid 80% of the Tennis Revenues, 100% of the Pro Shop <br />revenues minus the monthly rental payment for the Pro Shop described in Section 7.05, and the <br />Incentive Management Fee once the threshold of $300,000 in annual Tennis Revenues is <br />exceeded. <br /> <br /> 7.06.2 Correction to Revenues. If an inspection or audit results in a correction of the <br />amount of Tennis Revenues: (a) CITY shall pay LIFETIME TENNIS any additional <br />Management Fee within thirty (30) days of receipt of notice of the correction, if the amount of <br />Tennis Revenues has been adjusted upward; or (b) LIFETIME TENNIS shall refund to CITY <br />the amount of any overpayment of the Management Fee within thirty (30) days of receipt of <br />notice of the correction, if the amount of Tennis Revenues has been adjusted downward. <br /> <br />8.0 BUSINESS RECORDS. <br /> <br />8.01 Types of Records. LIFETIME TENNIS shall maintain a method of accounting that <br />complies with generally accepted accounting principles for its operations. The accounting, <br />books, and records for the operation of the Facilities shall be separate from thc accounting, <br />books and records for any other business operated or managed by LIFETIME TENNIS. Such <br />accounting, books and records shall include the keeping of at least the following documents: <br /> <br /> a) Regular books of account such as general ledgers showing fixed assets and <br />equipment inventory; <br /> <br /> b) Journals, including, without limitation, any supporting and underlying <br />documents such as vouchers, checks, tickets, bank statements, etc.; and <br /> <br /> d) Any other accounting, books and records for the operation of the Facilities that <br />CITY, in its sole discretion, deems necessary or appropriate. <br /> <br />8.02 Audit of Records. All documents, books and accounting and financial records kept by <br />LIFETIME TENNIS and relating in any manner to the Facilities, shall be open for inspection <br />by CITY at any reasonable time during thc term of this Agreement and for at least three (3) <br />years after this Agreement is tcm~inated or cancelled. In addition, CITY or its authorized <br />representatives may, from time to time, conduct an audit of the records or operation of the <br />Facilities and observe thc operation of the business. CITY shall use reasonable efforts to <br />minimize thc interruption to the normal operation of thc Facilities during any inspection or <br />audit performed pursuant to thc provisions of this Section. <br /> <br />8.03 Annual Financial Statements. CITY may require LIFETIME TENNIS to submit <br />audited financial statements for the operation of the Facilities, including an independent <br />certified public accountant's audit report and thc audit management letter to CITY within <br />ninety (90) days after the end of each Operating Year. Thc cost of the audit shall bc the <br />responsibility of LIFETIME TENNIS. <br /> <br /> 15 <br /> <br /> <br />