Common use of Audit and Reporting Clause in Contracts

Audit and Reporting. On or before the expiration of 60 days after December 31, 20022006, and within 60 days after each succeeding 12-month period during the balance of the term that this lease shall be in force, the City may conduct a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant. The certified audit will be funded by the City. If the lease is terminated as provided in Section 24 of this agreement, the City may conduct within 60 days a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant, for the period that has elapsed since the end date of the last audit; provided further that within 30 days following the termination of this lease agreement, whether by election of either party or at the end of the term defined in Section 1 hereof, the Lessee will pay to the City a sum equal to the percentage of the gross annual receipts as have accrued to the Lessee for said period; provided further that the City reserves the right to independently audit Lessee's financial statements from which the City is remitted a portion thereof as its lawful consideration for this agreement. The Lessee shall submit within 60 days of the end of each year, a financial statement acceptable to the City’s Finance Department.

Audit and Reporting. On or before the expiration of 60 days after December 31, 20022006, 2003 and within 60 days after each succeeding 12-month period during the balance of the term that this lease shall be in force, the City may conduct a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant. The certified audit will be funded by the City. If the lease is terminated as provided in Section 24 of this agreement, the City may conduct within 60 days a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant, for the period that has elapsed since the end date of the last audit; provided further that within 30 days following the termination of this lease agreement, whether by election of either party or at the end of the term defined in Section 1 hereof, the Lessee will pay to the City a sum equal to the percentage of the gross annual receipts as have accrued to the Lessee for said period; provided further that the City reserves the right to independently audit Lessee's financial statements from which the City is remitted a portion thereof as its lawful consideration for this agreement. The Lessee shall submit within 60 days of the end of each year, a financial statement acceptable to the City’s Finance Department.

Audit and Reporting. On or before the expiration of 60 days after December 31, 200220061999, 2003 and within 60 days after each succeeding 12-month period during the balance of the term that this lease shall be in force, the City may conduct a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant. The certified audit will be funded by the City. If the lease is terminated as provided in Section 24 of this agreement, the City may conduct within 60 days a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant, for the period that has elapsed since the end date of the last audit; provided further that within 30 days following the termination of this lease agreement, whether by election of either party or at the end of the term defined in Section 1 hereof, the Lessee will pay to the City a sum equal to the percentage of the gross annual receipts as have accrued to the Lessee for said period; provided further that the City reserves the right to independently audit LesseeXxxxxx's financial statements from which the City is remitted a portion thereof as its lawful consideration for this agreement. The Lessee shall submit within 60 days of the end of each year, a financial statement acceptable to the City’s Finance Department.

Audit and Reporting. On or before the expiration of 60 days after December 31, 200220061999, 2003 and within 60 days after each succeeding 12-month period during the balance of the term that this lease shall be in force, the City may conduct a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant. The certified audit will be funded by the City. If the lease is terminated as provided in Section 24 of this agreement, the City may conduct within 60 days a certified audit of the financial operations of the preceding accounting period in accordance with generally accepted auditing standards prepared by a Certified Public Accountant, for the period that has elapsed since the end date of the last audit; provided further that within 30 days following the termination of this lease agreement, whether by election of either party or at the end of the term defined in Section 1 hereof, the Lessee will pay to the City a sum equal to the percentage of the gross annual receipts as have accrued to the Lessee for said period; provided further that the City reserves the right to independently audit Lessee's financial statements from which the City is remitted a portion thereof as its lawful consideration for this agreement. The Lessee shall submit within 60 days of the end of each year, a financial statement acceptable to the City’s Finance Department.