2003/04/09 Council Agenda Packet

tl BCG shall immediately notify the City's Risk Manager of any occurrence related to BCG's operation of the Facility that may result in a claim asserted against BCG and/or the City. 9. INTEREST: Any interest due to either BCG or City pursuant to this Agreement shall accrue at a rate equal to the prime rate publicly announced by Bank of America on the date such interest began to accrue which shall be thirty (30) days after the date due. Except as otherwise specifically provided herein, interest on any payment due by either party to the other hereunder shall be payable from and after the thirtieth (30`1) day after the date upon which such payment was due if such payment is not timely made. 10. CAPITAL IMPROVEMENTS: Capital improvements shall be deemed to include any item purchased in connection with the operation of the Facility which, under generally accepted accounting principles consistently applied, would be a capital improvement. All costs for capital improvements shall be the responsibility of City, and all decisions as to whether or not to undertake any capital improvement projects or otherwise in respect of any capital improvements shall be made by the City. BCG may elect to share in the cost of capital improvements. The City and BCG will cooperate to identify and address needed improvements throughout the Facility, including the golf course and buildings. No alterations or improvements shall be made without the written consent of the City. BCG shall submit complete detailed construction drawings for review and approval by the City prior to the start of any City-approved construction and shall submit as-built drawings and breakdown of construction costs within thirty (30) days after completion of construction. The City agrees to promptly review plans for proposed improvements or alterations, and if the improvements are acceptable to the City,to promptly approve same; which plans as approved shall be attached to an executed copy of this Agreement and incorporated herein. All alterations, improvements or fixtures shall be such that they do not impair the foundation, exterior walls, roof or structural bearing parts of the clubhouse, or cause any deterioration to any other structure. All work performed in providing alterations and/or improvements shall be done to the satisfaction of the City. Any alterations or improvements approved by the City shall become the property of the City upon fixation, and shall be installed solely at City's expense. Where applicable, BCG shall obtain all necessary governmental permits needed to accomplish the approved capital improvements and shall submit copies of such permits to the City prior to commencing any construction on the Facility. BCG shall maintain records on the costs of improvements and shall make such records available to the City for review. 11. DEFAULT AND REMEDIES: A. City's Default. The following shall constitute an event of default ("Event of Default")by City under this Agreement: i. Failure to timely pay BCG any fees, compensation, or reimbursement due BCG pursuant to this Agreement, unless said amounts are under legitimate dispute; ii. Failure to timely provide funds in accordance with Section 7 hereof; 15