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commences such cure within such period and thereafter diligently proceeds to rectify and cure such failure, violation and/or breach, but in no event exceeding a period of time in excess of thirty (30) days after written notice thereof from Owner to Operator. D. Upon termination as stated above, City shall be liable to Operator only for work satisfactorily performed by Operator up to and including the date of termination of this Agreement. VI COMPENSATION:REIMBURSEMENT A. Management Fee. As compensation for Operator's services hereunder, Owner will pay Operator a yearly management fee (the "Management Fee") of eighteen thousand dollars ($18,000.00) for the first year and twenty-four thousand dollars ($24,000.00) for the following years of the Term. B. Reimbursement of Operating Expenses In addition to paying the Management Fee, Owner will reimburse Operator for approved expenses incurred in the operation, repair, and maintenance of the Parking Facilities (the "Operating Expenses"), subject to the provisions of this Section VI.B. Operator will use its best efforts to minimize Operating Expenses while still operating and maintaining the Parking Facilities in a first-class manner. It is agreed that Operating Expenses may be increased with prior written approval by the Owner due such factors beyond Operator's reasonable control, such as but not limited to increases to minimum, prevailing or living wages, increases occasioned by government mandates including the federal Affordable Care Act, increases to insurance and supply costs. 1. Operating Expenses will comprise the actual, submitted invoice indicating verifiable expenses reasonably necessary to maintain, repair, and operate the Parking Facilities in accordance with the Scope of Services, and will include the following; All expenses must be accompanied by an actual invoice from the service/product provider, clearly showing the amount owed that corresponds to the amount billed to the City, clearly stating the nature of the service/product received, and that is easily auditable. Manually produced or provided invoices or information may not be provided in lieu of an actual provider invoice and will not constitute acceptable backup for reimbursement of any expenses: Salaries, wages, and payroll taxes for actual on -site labor at the Parking Facilities; provided that Operator will invoice Owner for salaries at the overtime premium rate only when overtime premium services have been specifically authorized in writing in advance by Owner. If an open position must be temporarily filled by Operator with a fully trained parking attendant not regularly assigned to the Parking Facilities and the attendant's prior work schedule requires payment at an overtime premium rate, Operator will compensate the attendant at the appropriate rate of pay but will invoice Owner only at the attendant's regular straight -time rate of pay. b. Health, welfare and pension, and retirement benefits, and other funds that Operator is required to pay in accordance with governmental regulations, a Collective Bargaining Agreement or Operator's employee benefits program for the personnel exclusively engaged in the management and operation of the Parking Facilities. c. Workers' compensation insurance for on -site labor at the Parking Facilities. d. General liability and garage -keeper's legal liability insurances attributable to the Parking Facilities. e. Parking tickets forSkidata PARCS and supplies used by the Parking Facilities. Page 6