Golf Course Advisory Board Agenda and Packet 2010 06 21

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"Event of Default" shall mean the occurrence of any of the events described in Article X, together with the expiration of any cure period applicable to such event. "Fiscal Year" shall mean a year beginning on January 1st and ending on December 31st or other fiscal year period as City may hereafter designate in writing to WGP. "Golf Course Personnel" shall mean those full-time and part-time employees employed by WGP during the Term of this Agreement who perform their work in connection with, or at, the Golf Course. "Golf Course" shall have the meaning ascribed to such term in the Recitals of this Agreement. "Gross Revenues" shall mean gross receipts of every kind and nature from the use and operation of all or any portion of the Golf Course whatsoever, whether for cash or credit, including, without limitation, food and beverage sales; member dues; green fees; merchandise sales; cart rentals; driving range revenues; receipts from vending machines; proceeds of any business interruption insurance (net of reasonable costs of settling such claim with the insurance carrier); and proceeds of any condemnation award made with respect to any temporary taking of any Equipment and Supplies. Gross Revenues shall not include amounts received as condemnation awards or receipts from sales of Equipment and Supplies under threat of condemnation other than any award made in a temporary taking and in the nature of an award for lost income; revenue from golf lessons; proceeds of property insurance (other than business interruption insurance); excise, sales, use and similar taxes collected directly from customers as a part of the price of any goods or services and which are accounted for to any governmental agency or authority; or income or interest derived from cash, securities and other property acquired and held for investment. Sales upon credit and any other sales or provision of service with respect to which payment is not immediately received shall be treated on an accrual basis and shall be included in the gross receipts for the period during which the goods or services to which such sales relates are delivered or performed. Gross Revenues shall not include revenues from a use of the property for a purpose or activity authorized to the City and unrelated to Golf Course uses including, by way of example and not limitation, revenues received by the City from the July 4th celebration and other community events, and leases or licenses for cellular or utility installations, which shall be City revenues. "Incentive Fee" shall mean the amount listed in Article V of this Agreement. "Key Employees" shall mean each of the following for the Golf Course: (a) Director of Golf; and (b) Golf Course Superintendent. "Legal Requirements" shall mean all laws, statutes, ordinances, codes, orders, rules, regulations, permits, or licenses, imposed by all federal, state and local governmental regulatory agencies and authorities which are as of the date hereof or hereafter become applicable to the Golf Course or the operation thereof. "Operating Expenses" shall mean all expenditures of the Golf Course related to the management, maintenance and operation of the Golf Course that may be properly expensed through generally accepted accounting practices and principles except that WGP Operating Expenses shall not include the cost of irrigation water for the Golf Course as provided in Section 3.05 of this Agreement. "Operating Contracts" shall mean all contracts now or hereafter entered into for the management, maintenance and operation of the Golf Course, including, without limitation, all such contracts for utilities to be provided for the Golf Course and all such contracts for Equipment and Supplies. "Operational Guidelines" shall mean the written guidelines for operation of the Golf Course required under Section 4.01 of this Agreement. "Specified Insurance Coverage" shall mean the insurances required in Article IX. 2 Initials: ~