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other hereunder shall be payable from and after the thirtieth (30th) day after the date upon <br /> which such payment was due if such payment is not timely made. <br /> 7. CAPITAL IMPROVEMENTS: <br /> A. Definition/Responsibility. Capital improvements shall be deemed to include any item <br /> purchased in connection with the operation of the Facility which, under generally <br /> accepted accounting principles consistently applied, would be a capital improvement. <br /> All costs for capital improvements shall be the responsibility of City except as provided <br /> in Section 7(B) below, and all decisions as to whether or not to undertake any capital <br /> improvement projects or otherwise in respect of any capital improvements shall be <br /> made by the City. Contractor may elect to share in the cost of capital improvements. <br /> The City and Contractor will cooperate to identify and address needed improvements <br /> throughout the Facility, including the golf course and buildings. <br /> B. Capital Contribution. Contractor shall initiate and complete, at its sole cost and <br /> expense,the following capital improvements to the City, which shall begin during the <br /> first year of this Agreement and shall be complete no later than the end of the second <br /> year of this Agreement,unless delayed for circumstances outside the reasonable control <br /> of Contractor or the City: <br /> 1. Bunker Renovation. Contractor shall perform a bunker renovation which shall be <br /> agreed upon by the City and Contractor(the"Bunker Renovation Project")valued <br /> at an amount equal to the range of Sixty Thousand Dollars ($60,000) to Eighty <br /> Thousand Dollars($80,000). Contractor shall not be obligated to spend more than <br /> Eighty Thousand Dollars ($80,000) on the Bunker Renovation Project; provided, <br /> that cost overruns arising after the commencement of construction (including <br /> overruns that cause the Bunker Renovation Project to exceed$80,000)are the sole <br /> responsibility of Contractor. Contractor may use its affiliate,Casa Verde Golf and <br /> Landscaping, L.L.C.,to perform the work for the Bunker Renovation Project. <br /> 2. Other Capital Improvements. <br /> (a) 2021 Capital Improvements Project. In addition to the Bunker <br /> Renovation Project, Contractor shall contribute an amount equal to approximately <br /> Two Hundred Thousand Dollars($200,000)but in no event less than One Hundred <br /> Ninety Thousand Dollars($190,000)(the"Contribution")in capital improvements <br /> for the Facility which shall be agreed upon by the City and Contractor and may <br /> include, for example, items such as clubhouse improvements, paint, carpet, <br /> infrastructure improvements, or a potential future driving range or practice area <br /> ("2021 Capital Improvements Project"). Contractor shall not be obligated to spend <br /> more than Two Hundred Thousand Dollars ($200,000) for the 2021 Capital <br /> Improvements Project; provided, that cost overruns arising after the <br /> commencement of construction (including overruns that cause the 2021 Capital <br /> Improvements Project to exceed $200,000) are the sole responsibility of <br /> Contractor. The Contribution from Contractor shall not be treated as an equity <br /> investment from Contractor and Contractor shall not be entitled to any ownership, <br /> profit,interest or dividend from the operation of the Facility. Contractor shall keep <br /> 4 <br />