ACE PARKING MANAGEMENT - 2004 - Laserfiche WebLink

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(5) Public utility charges for any electric power which is metered for consumption on the Premises. The cost of tickets, uniforms, and supplies used on-site and/or in the equipment of the Premises. The cost of signs and sign painting. Telephone expenses incurred in connection with the operation and management of the Premises. Costs of insurance required by this agreement. (6) (7) (8) (9) d. "Management Fee" means the monthly compensation due to Consultant pursuant to Section 2 of this Agreement. 3. COLLECTION OF REVENUES AND PAYMENT OF EXPENSES a. Consultant shall deposit daily in a separate, interest-bearing account in a chartered bank approved by City all Gross Revenue received by Consultant in the performance of this Agreement. b. Consultant shall promptly pay, when due, all operating expenses. All such expenses shall be promptly paid by Consultant from the Gross Revenues deposited pursuant to Section 3.a. If Gross Revenues previously collected are insufficient to pay the expenses, City shall promptly pay the deficiency to Consultant, upon submission of the monthly statement specified in Section 3.d. c. On or before the tenth (loth) day of each month, Consultant shall remit to City the funds remaining after deducting from Gross Revenues the Operating Expenses and Management Fee for the preceding month. d. Simultaneously with the remittance referred to in Section 3.c., Consultant shall deliver to City a statement showing in reasonable detail the amount of Gross Revenues received and direct Operating Expenses, as well as a Gross Revenue summary. Also, simultaneously with said remittance, Consultant shall deliver to City a copy of each bank statement showing deposits and withdrawals from the account established pursuant to Section 3.a. received by Consultant since the last previous date of payment of the said remittance. e. Consultant hereby acknowledges that delinquent deposits of gross receipts and/or payment of operating expenses and accounting therefore, or any other sums due hereunder will cause City to incur costs not contemplated by this agreement, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, costs such as administrative processing of delinquent notices, increased accounting costs, etc. Accordingly, if gross receipts are not collected, deposited, and accounted for and/or payment of Operating Expenses are not promptly paid in the manner specified in Section 3.a., a delinquent charge of Twenty-Five Dollars ($25.00) each occurrence shall be deducted from the Management Fee due Consultant as specified in Section 2 of 9 (þ