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6 <br />Revenue shall be mutually agreed on by CITY and OPERATOR by a separate writing, <br />provided that the revenue share for Approved Ancillary Revenue shall not be less than <br />30 percent of gross ancillary revenue received less bad debt only (not to exceed two <br />percent of gross ancillary revenue). <br />D. The “Commencement Date” is the day that all of the following are true: (i) OPERATOR <br />has obtained all Development Approvals, (ii) the billboard is fully constructed and <br />operational and has electrical power from a permanent source, and (iii) the billboard has <br />passed the City’s final inspection. The Monthly Operating Fee shall be paid to CITY on <br />the first day of the month that it is due. If the Commencement Date is other than the first <br />day of a month, the first monthly payment of the Monthly Operating Fee shall be due on <br />the first day of the month after the Commencement Date occurred. <br />5. Remittance and Reporting. <br />Beginning as set forth above and annually thereafter, OPERATOR shall report and remit <br />payment to CITY of the applicable billboard operating fees set forth in Section 4 of this <br />AGREEMENT. <br />On a twice-yearly basis, OPERATOR shall provide to the City advertising revenue reports <br />(the “Advertising Reports” for all advertising sales at the Subject Property. Reports shall <br />include gross revenue collected, advertisers, advertising rates, and occupancy rates for the <br />preceding period. <br />OPERATOR shall maintain or cause to be maintained adequate accounting systems and <br />controls to insure that all gross revenue is recorded. OPERATOR shall keep or cause to be <br />kept true and accurate books and records for a period of seven years after end of the Term <br />as defined in Section 8 and all business transactions related to the Subject Property, and <br />City shall have the right, through its representatives and at all reasonable times, upon at <br />least 7 days’ prior written notice to OPERATOR, to inspect such books and records. If such <br />books and records are not kept and maintained within a radius of 50 miles from the main <br />office of the City, upon request of City, OPERATOR shall make such books and records <br />available to City for inspection and audit at a location within that radius or OPERATOR shall <br />pay to City the reasonable and actual costs incurred by City in inspecting and auditing such <br />books and records, including but not limited to travel, lodging and subsistence costs. <br />6. Past due date – Past due penalty; Late interest. <br />A. Any OPERATOR entity or individual who fails to pay the billboard operating fees <br />required by this AGREEMENT when due shall be subject to past due penalties and <br />interest as set forth herein. <br />i.OPERATOR shall be considered past due if the required yearly operating agreement <br />fee is not paid by the last day of the month following the month for which it is due. <br />ii. For failure to fully pay any monthly fee when due, the following past due penalty and <br />late interest charges shall be added to the unpaid balance amount owing: <br />1) A past due penalty of Ten Percent (10%) per month;