Common use of AUDITS AND ENFORCEMENT Clause in Contracts

AUDITS AND ENFORCEMENT. 10.2.1 Upon not less than 15 days’ prior written notice, the City’s auditors or other authorized representatives shall, at any time or times during the Term of this Agreement and within four years after expiration or earlier termination of the Agreement, have access to, and the right to audit, examine or reproduce, any and all books and records of the Developer and Third-Party Operators related to performance under this agreement, including, without limitation, those pertaining to the calculation and payment of all Course revenue distribution, Gross Collected Revenue and any other fees and amounts payable to the City or related to the performance under this agreement. Developer and Third-Party Operators shall retain such books and records for the longer of four years after the expiration or termination of this agreement or until completion of all pending audits or litigation between the parties. Developer shall either keep and maintain all such records at a mutually acceptable location in Austin, Texas, or make such books and records available to the City of Austin within 15 days of receipt of written demand. If a City audit reveals a discrepancy of more than three percent between the amount of Gross Collected Revenue distribution, Developer shall reimburse City for the cost of such audit. If as a result of such inspection and audit it is established that Developer has overpaid fees due to City, such overpayment shall be refunded to Developer. Except at the end of the Term, such refund shall be in the form of a credit against future Gross Collected Revenue distribution payments. 10.2.2 The City’s right to audit shall include the right to inspect all books and records and account system reports of all subcontractors pertaining to the Premises entered into by Developer. The City Attorney or his or her designee shall have the right, after consultation with the Director, to enforce all legal rights and obligations under this agreement without further authorization. Developer covenants to provide the City Attorney all documents and records that the City Attorney deems necessary to assist in determining Developer‘s compliance with this agreement, with the exception of those documents made confidential by federal or State law or regulation. 10.2.3 Developer shall, on an annual basis, engage a Certified Public Accounting firm to perform an annual, independent, certified financial audit; and agreed-upon procedures related to the revenue collection process. Developer shall provide to the City’s Golf Manager a copy of audited financial statements and a report of findings based on agreed- upon procedures related to the revenue collection process within 10 days of completion.

AUDITS AND ENFORCEMENT. 10.2.1 8.2.1 Upon not less than 15 fifteen (15) days’ prior written notice, the City’s auditors or other authorized representatives shall, at any time or times during the Term of this Agreement and within four (4) years after expiration or earlier termination of the this Agreement, have access to, and the right to audit, examine or reproduce, any and all books and records of the Developer and Third-Party Operators Sublessees related to performance under this agreementAgreement, including, without limitation, those pertaining to the calculation and payment of all Course revenue distributionGround Rentals, Additional Rentals, Project Costs for each Phase, Gross Collected Revenue Revenues, Operating Expenses, Operating Income, debt service, and any other fees and amounts payable to the City or related to the performance under this agreementAgreement. Developer and Third-Party Operators shall retain such books and records for the longer of four (4) years after the expiration or termination of this agreement Expiration Date or until completion of all pending audits or litigation between the parties. Developer shall either keep and maintain all such records at a mutually acceptable location in Austin, Texas, or make such books and records available to the City of in Austin within 15 fifteen (15) days of receipt of written demand. If, as a result of such inspection and audit, it is established that additional Ground Rentals, Additional Rentals or other fees or charges are due to City, Developer shall, upon written notice by City, pay such additional fees, plus interest at the Default Rate, within ten (10) days of written notice. If a City audit reveals a discrepancy of more than three percent (3%) between the amount of Gross Collected Revenue distributionGround Rentals, Additional Rentals and fees paid by Developer and the amounts determined to be due by the audit, Developer shall reimburse City for the cost of such audit. If as a result of such inspection and audit it is established that Developer has overpaid fees due to City, such overpayment shall be refunded to Developer. Except at the end of the Term, such refund shall be in the form of a credit against future Gross Collected Revenue distribution Rent payments. 10.2.2 8.2.2 The City’s right to audit shall include the right to inspect all books and records and account system reports of all subcontractors subleases and subcontracts pertaining to the Premises entered into by Developer. The City Attorney or his or her designee shall have the right, after consultation with the Director, to enforce all legal rights and obligations under this agreement Agreement without further authorization. Developer covenants to provide the City Attorney all documents and records that the City Attorney deems necessary to assist in determining Developer‘s compliance with this agreementAgreement, with the exception of those documents made confidential by federal or State law or regulation. 10.2.3 8.2.3 If Developer shalldoes not provide the City the books and records within twenty (20) calendar days of receipt of written demand, on an annual basis, engage a Certified Public Accounting firm to perform an annual, independent, certified financial audit; and agreed-upon procedures related to the revenue collection process. Developer shall provide pay City one hundred dollars ($100.00) each day until the books and records are provided to the City’s Golf Manager a copy of audited financial statements and a report of findings based on agreed- upon procedures related to the revenue collection process within 10 days of completion.

AUDITS AND ENFORCEMENT. 10.2.1 Upon not less than 15 days’ prior written notice, the City’s auditors or other authorized representatives shall, at any time or times during the Term of this Agreement agreement and within four years after expiration or earlier termination of the Agreement, have access to, and the right to audit, examine or reproduce, any and all books and records of the Developer and Third-Party Operators related to performance under this agreement, including, without limitation, those pertaining to the calculation and payment of all Course revenue distribution, Gross Collected Revenue and any other fees and amounts payable to the City or related to the performance under this agreement. Developer and Third-Party Operators shall retain such books and records for the longer of four years after the expiration or termination of this agreement or until completion of all pending audits or litigation between the parties. Developer shall either keep and maintain all such records at a mutually acceptable location in Austin, Texas, or make such books and records available to the City of in Austin within 15 days of receipt of written demand. If a City audit reveals a discrepancy of more than three percent between the amount of Gross Collected Revenue distribution, Developer shall reimburse City for the cost of such audit. If as a result of such inspection and audit it is established that Developer has overpaid fees due to City, such overpayment shall be refunded to Developer. Except at the end of the Term, such refund shall be in the form of a credit against future Gross Collected Revenue distribution payments. 10.2.2 The City’s right to audit shall include the right to inspect all books and records and account system reports of all subcontractors pertaining to the Premises entered into by Developer. The City Attorney or his or her designee shall have the right, after consultation with the Director, to enforce all legal rights and obligations under this agreement without further authorization. Developer covenants to provide the City Attorney all documents and records that the City Attorney deems necessary to assist in determining Developer‘s compliance with this agreement, with the exception of those documents made confidential by federal or State law or regulation. 10.2.3 Developer shall, on an annual basis, engage a Certified Public Accounting firm to perform an annual, independent, certified financial audit; and agreed-upon procedures related to the revenue collection process. Developer shall provide to the City’s Golf Manager a copy of audited financial statements and a report of findings based on agreed- upon procedures related to the revenue collection process within 10 days of completion.