Common use of Annual Reporting for Host Community Impact Fees and Benefit Payments Clause in Contracts

Annual Reporting for Host Community Impact Fees and Benefit Payments. The Company shall submit annual financial statements to the Town within 60 days after the payment of its fourth quarter payment of the Community Impact Fee with a certification of its annual sales. The Company shall maintain books, financial records, and other compilations of data pertaining to the requirements of this Agreement in accordance with standard accounting practices and any applicable regulations or guidelines of the CCC. All records shall be kept for a period of at least seven (7) years. Upon request by the Town, the Company shall provide the Town with the same access to its financial records (to be treated as confidential, to the extent allowed by law) as it is required by the CCC and Department of Revenue for purposes of obtaining and maintaining a license for the Facility During the term of this Agreement and for three years following the termination of this Agreement the Company agrees that in the event the Town is unable to verify the Company’s Gross Sales and the payment of the required amount of the Community Impact Fee, the Town may require the Company to have its financial records examined, copied and audited by an Independent Financial Auditor, the expense of which shall be borne by the Company, provided that such expense shall be offset against the annual payment of 3% of Gross Sales. The Independent Financial Auditor shall review the Company’s financial records for purposes of determining that the Payments are in compliance with the terms of this Agreement. Such examination shall be made not less than thirty (30) days following written notice from the Town and shall occur only during normal business hours and at such place where said books, financial records and accounts are maintained. The Independent Financial Audit shall include those parts of the Company’s books and financial records which relate to the payment and shall include a certification of itemized Gross Sales for the previous calendar year, and all other information required to ascertain compliance with the terms of this Agreement. The independent audit of such records shall be conducted in such a manner as not to interfere with the Company’s normal business activities. All payments required hereunder shall remain in effect for the full duration of the Company’s use of the Facility for the purposes stated herein. In the event such term is deemed to be contrary to law, the payments shall remain in effect for the longer of five years or the maximum period allowed by law, and this Agreement together with such payments shall automatically renew for successive terms of the longer of five years or the maximum period allowed by law. Upon voluntary or involuntary permanent termination of the use, and upon delivery to the Town of written notice of such termination, payments or benefits shall immediately cease; provided, however, that the Company shall, within seven (7) days of such notice, pay to the Town the payments required hereunder.

Annual Reporting for Host Community Impact Fees and Benefit Payments. The Company shall submit annual financial statements to the Town within 60 days after the payment of its fourth quarter payment of the Community Impact Fee with a certification of its annual sales. The Company shall maintain books, financial records, and other compilations of data pertaining to the requirements of this Agreement in accordance with standard accounting practices and any applicable regulations or guidelines of the CCC. All records shall be kept for a period of at least seven (7) years. Upon request by the Town, the Company shall provide the Town with the same access to its financial records (to be treated as confidential, to the extent allowed by law) as it is required by the CCC and Department of Revenue for purposes of obtaining and maintaining a license for the Facility During the term of this Agreement and for three years following the termination of this Agreement the Company agrees that in the event the Town is unable to verify the Company’s Gross Sales and the payment of the required amount of the Community Impact Fee, the Town may require the Company to have its financial records examined, copied and audited by an Independent Financial Auditor, the expense of which shall be borne by the Company, provided that such expense shall be offset against the annual payment of 3% of Gross Sales. The Independent Financial Auditor shall review the Company’s financial records for purposes of determining that the Payments are in compliance with the terms of this Agreement. Such examination shall be made not less than thirty (30) days following written notice from the Town and shall occur only during normal business hours and at such place where said books, financial records and accounts are maintained. The Independent Financial Audit shall include those parts of the Company’s books and financial records which relate to the payment and shall include a certification of itemized Gross Sales for the previous calendar year, and all other information required to ascertain compliance with the terms of this Agreement. The independent audit of such records shall be conducted in such a manner as not to interfere with the Company’s normal business activities. All payments required hereunder shall remain in effect for the full duration of the Company’s use of the Facility for the purposes stated herein. In the event such term is deemed to be contrary to law, the payments shall remain in effect for the longer of five years or the maximum period allowed by law, and this Agreement together with such payments shall automatically renew for successive terms of the longer of five years or the maximum period allowed by law. Upon voluntary or involuntary permanent termination of the use, and upon delivery to the Town of written notice of such termination, payments or benefits shall immediately cease; provided, however, that the Company shall, within seven (7) days of such notice, pay to the Town the payments required hereunder.

Annual Reporting for Host Community Impact Fees and Benefit Payments. The Company shall submit annual financial statements to the Town within 60 30 days after the payment of its fourth quarter payment of the Annual Community Impact Fee with a certification of its annual sales. The Company shall maintain books, financial records, and other compilations of data pertaining to the requirements of this Agreement in accordance with standard accounting practices and any applicable regulations or guidelines of the CCC. All records shall be kept for a period of at least seven (7) years. Upon request by the Town, the Company shall provide the Town with the same access to its financial records (to be treated as confidential, to the extent allowed by law) as it is required by the CCC and Department of Revenue for purposes of obtaining and maintaining a license for the Facility During the term of this Agreement and for three years following the termination of this Agreement the Company agrees that in the event the Town is unable to verify the Company’s Gross Sales gross sales and the payment of the required amount of the annual Community Impact Fee, the Town may require the Company to have its financial records examined, copied and audited by an Independent Financial Auditor, the expense of which shall be borne by the Company, provided that such expense shall be offset against the annual payment of 3% of Gross Salesgross sales. The Independent Financial Auditor shall review the Company’s financial records for purposes of determining that the Annual Payments are in compliance with the terms of this Agreement. Such examination shall be made not less than thirty (30) days following written notice from the Town and shall occur only during normal business hours and at such place where said books, financial records and accounts are maintained. The Independent Financial Audit shall include those parts of the Company’s books and financial records which relate to the payment and shall include a certification of itemized Gross Sales gross sales for the previous calendar year, and all other information required to ascertain compliance with the terms of this Agreement. The independent audit of such records shall be conducted in such a manner as not to interfere with the Company’s normal business activities. All payments required hereunder shall remain in effect for the full duration of the Company’s use of the Facility for the purposes stated herein. In the event such term is deemed to be contrary to law, the payments shall remain in effect for the longer of five years or the maximum period allowed by law, and this Agreement together with such payments shall automatically renew for successive terms of the longer of five years or the maximum period allowed by law. Upon voluntary or involuntary permanent termination of the use, and upon delivery to the Town of written notice of such termination, payments or benefits shall immediately cease; provided, however, that the Company shall, within seven (7) days of such notice, pay to the Town the payments required hereunder.

Annual Reporting for Host Community Impact Fees and Benefit Payments. The Company shall submit annual financial statements to the Town within 60 30 days after the payment of its fourth quarter payment of the Annual Community Impact Fee with a certification of its annual sales. The Company shall maintain books, financial records, and other compilations of data pertaining to the requirements of this Agreement in accordance with standard accounting practices and any applicable regulations or guidelines of the CCC. All records shall be kept for a period of at least seven (7) years. Upon request by the Town, the Company shall provide the Town with the same access to its financial records (to be treated as confidential, to the extent allowed by law) as it is required by the CCC and Department of Revenue for purposes of obtaining and maintaining a license for the Facility During the term of this Agreement and for three years following the termination of this Agreement the Company agrees that in the event the Town is unable to verify the Company’s Gross Sales gross sales and the payment of the required amount of the annual Community Impact Fee, the Town may require the Company to have its financial records examined, copied and audited by an Independent Financial Auditor, the expense of which shall be borne by the Company, provided that such expense shall be offset against the annual payment of 3% of Gross Salesgross sales. The Independent Financial Auditor shall review the Company’s financial records for purposes of determining that the Annual Payments are in compliance with the terms of this Agreement. Such examination shall be made not less than thirty (30) days following written notice from the Town and shall occur only during normal business hours and at such place where said books, financial records and accounts are maintained. The Independent Financial Audit shall include those parts of the Company’s books and financial records which relate to the payment payment, and shall include a certification of itemized Gross Sales gross sales for the previous calendar year, and all other information required to ascertain compliance with the terms of this Agreement. The independent audit of such records shall be conducted in such a manner as not to interfere with the Company’s normal business activities. All payments required hereunder shall remain in effect for the full duration of the Company’s use of the Facility for the purposes stated herein. In the event such term is deemed to be contrary to law, the payments shall remain in effect for the longer of five years or the maximum period allowed by law, and this Agreement together with such payments shall automatically renew for successive terms of the longer of five years or the maximum period allowed by law. Upon voluntary or involuntary permanent termination of the use, and upon delivery to the Town of written notice of such termination, payments or benefits shall immediately cease; provided, however, that the Company shall, within seven (7) days of such notice, pay to the Town the payments required hereunder.