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if any; (e) any operating funds provided or authorized by City to Contractor to subsidize and/or
<br />support ongoing operations in the event revenues do not meet expenses; and (f) refunds for the
<br />value of merchandise, Supplies or equipment returned to shippers, suppliers or manufacturers.
<br />Impositions means all taxes, assessments, water, sewer or other similar rents, rates and
<br />charges, levies, license fees, permit fees, inspection fees and other authorization fees and charges,
<br />which at any time may be assessed, levied, confirmed or imposed on the Facility or the operation
<br />of the Facility (excluding federal and state taxes imposed on the income earned by Contractor or
<br />its employees hereunder).
<br />Improvements means the buildings, structures (surface and subsurface) and other
<br />improvements now or hereafter located on the Land.
<br />Insurance Requirements means all requirements of each insurance policy, and all orders,
<br />rules, regulations and other requirements of the National Board of Fire Underwriters (or any other
<br />body exercising similar functions) applicable to the Facility or the operation of the Facility; this
<br />term shall not, however, include recommendations of insurance carriers.
<br />Land means the parcel or parcels of land described in Exhibit "A" attached to this
<br />Agreement and incorporated herein by this reference.
<br />Legal _ Requirements means all laws, statutes, ordinances, orders, rules, regulations, permits,
<br />licenses, authorizations, directives and requirements of all governments and governmental
<br />authorities, which now or hereafter may be applicable to the Premises and the operation of the
<br />Premises.
<br />Major Capital Improvements shall mean a project for the erection or improvement of the
<br />Facility's buildings, structures, paved pathways, drains, or sewers. Whereas, Non -Major Capital
<br />Improvements shall mean the maintenance and repair of Facility buildings, structures, paved
<br />pathways, drains, or sewers.
<br />Management Fee has the meaning set forth in Section 5.1.
<br />Net Operating Income means Gross Revenues from the Facility, minus all operating
<br />expenses which are attributable (in accordance with generally accepted accounting principles) to
<br />the use and operation of the Facility, including, without limitation: employee costs, operating
<br />expenses, Centralized Services, the Management Fees, expense reimbursements, all insurance
<br />costs related to the operation of the Courses, personal property taxes (limited to an amount
<br />allocable to the Facility), and golf cart leases and operating costs; provided, however, such
<br />expenses shall not include any charges for amortization, depreciation, capital expenditures, debt
<br />service, and State and Federal income taxes, overhead allocations, or any Incentive Management
<br />Fees paid to Contractor hereunder.
<br />OperatingPmeans the period beginning on the Commencement Date and ending on
<br />the earlier to occur of (a) the last day of the term of this Agreement, or (b) if this Agreement is
<br />terminated, the effective date of such termination ("Last Operating Day").
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