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7 <br /> the material default does not cure the default within thirty (30) days, then this Agreement <br /> shall terminate upon the thirtieth day after written notice of the material default. <br /> B. For Convenience <br /> Either party may terminate this Agreement without cause upon twelve (12)months' <br /> written notice. <br /> V. FINANCE <br /> A. Budget <br /> On September 1st of each year, Theatre shall submit to City a proposed budget of <br /> reasonably expected expenditures and revenue. Within one hundred twenty (120) days after <br /> August 31st of each year, Theatre shall provide City with an accounting of actual income and <br /> expenses of the prior twelve months prepared and reviewed by a reputable public accounting <br /> firm. <br /> B. Compensation <br /> 1. Initial Year <br /> During the first year of the term of this Agreement, City shall pay Theatre <br /> Compensation in twelve equal installments for Theatre's performance of this Agreement. <br /> Compensation for the first year shall be Two Hundred Thirty-Nine Thousand Six Hundred <br /> Thirty-Eight and Thirty-Two One Hundredths ($239,638.32)Dollars. <br /> 2. Subsequent Years <br /> Compensation paid by the City pursuant to this -Section shall be adjusted at the end of <br /> each Year as provided in this subsection. Compensation for each Year after the first Year <br /> shall be determined by multiplying the Compensation paid during the preceding Year by a <br /> factor as described below. <br /> Adjusted Compensation=prior Year's Compensation x Adjusted CPI—U <br /> Base CPI—U _ <br /> Where: <br /> Adjusted CPI-U = The CPI-U published annually for the month of June <br /> immediately preceding the Year for which Compensation <br /> is being calculated. <br /> Base CPI-U = The CPI-U published annually for the month of June <br /> before the June publication used to determine the Adjusted <br /> CPI-U. <br /> 3u <br /> EVERETT/VILLAGE THEATRE AGREEMENT Page 4 of 10 <br />