Common use of Books of Accounts Clause in Contracts

Books of Accounts. Manager agrees to maintain, at the address set forth in Section 17 of this Agreement, or such other place or places as Owner may approve in advance and in writing, a comprehensive system of office records, books and accounts, including, without limitation, copies of all reports prepared pursuant to Sections 3 and 5, and any additional information or records required by Owner, including such records and information required for the preparation of federal, state and local tax returns, all in a manner reasonably satisfactory to Owner. Manager shall prepare all tax filings and returns relating to sales taxes, all taxes relating to real or personal property, and taxes payable in connection with gross margins or revenues, all to the extent relating to the Property. Manager, however, shall not be responsible for preparation of Owner’s income or franchise tax returns. All entries must be supported by sufficient documentation to show that such entries are properly and accurately recorded to the Property. Owner and others designated by Owner, including Owner’s auditors and accountants, shall have at all times access to and the right to audit in accordance with Section 6 and make copies of such records, accounts and books and all vouchers, files, and all other material pertaining to the Property and this Agreement, all of which Manager shall keep safe, available, and separate from any records not relating to the Property. Manager shall exercise sufficient control over accounting and financial transactions as is reasonably required to protect Owner’s and its Affiliates’ assets from theft, error or fraudulent activity on the part of Manager’s associates or employees. Losses arising from such instances shall be borne by Manager and shall include, but not be limited to: (a) Theft of assets by Manager’s agents or employees; (b) Penalties, interest, or loss of vendor discounts due to delay in payment of invoices, bills or other like charges, provided that there are sufficient funds in the Operating Account to pay the invoices, bills or other like charges; provided that all required authorizations and approvals have been received by Manager. (c) Overpayment or duplicate payment of invoices arising from either fraud or error of Manager or any of its officers or employees, but only to the extent that such overpayments or duplicate payments are not recovered; (d) Overpayment of labor costs arising from either fraud or error of Manager or any of its officers or employees; (e) A sum equal to the value of any form of payment from contractors or vendors to Manager’s employees or agents arising from the purchase of goods or services for the Property; and (f) Unauthorized use of the Property or facilities by Manager’s employees or agents.

Books of Accounts. Manager agrees to shall maintain, at the an address set forth in Section 17 of this AgreementParagraph 16.3, or such other place or places as Owner may approve in advance and in writing, a comprehensive system of office records, books and accounts, including, without limitation, copies of all reports prepared pursuant to Sections Paragraphs 3 and 5, and any additional information or records required by Owner’s Representative, including such records and information required for the preparation of federal, state and local tax returns, all in a manner reasonably satisfactory to Owner. Manager shall prepare all tax filings and returns relating to sales taxes, all taxes relating to real or personal property, and taxes payable in connection with gross margins or revenues, all to the extent relating to the Property’s Representative. Manager, however, shall not be responsible for preparation of Owner’s income or franchise tax returns. All entries must shall be supported by sufficient documentation to show that such entries are properly and accurately recorded to for the Property. Owner and others designated by Owner’s Representative, including Owner’s auditors and accountants, shall have at all times access to and the right to audit in accordance with Section Paragraph 6 and make copies of such records, accounts and books and all vouchers, files, files and all other material pertaining to the Property and this Agreement, all of which Manager shall keep safe, available, available and separate from any records not relating to the Property. Manager shall exercise sufficient control over accounting and financial transactions as is reasonably required to protect Owner’s and its Affiliates’ assets from theft, error or fraudulent activity on the part of Manager’s associates or employees. Losses Except to the extent resulting from the breach of this Agreement by Owner, all losses arising from such instances shall be borne by Manager and shall include, but not be limited to: (a) Theft of assets by Manager’s agents or employees; (b) Penalties, interest, interest or loss of vendor discounts due to delay by Manager in payment of invoices, bills or other like charges, provided that there are sufficient funds in the Operating Account to pay the invoices, bills or other like charges; charges and provided that all Owner does not delay approval of such matters (if such approval is required authorizations and approvals have been received by Manager.under this Agreement); (c) Overpayment or duplicate payment of invoices arising from either fraud or error of Manager or any of its officers or employees, but only to the extent that such overpayments or duplicate payments are not recovered; (d) Overpayment of labor costs arising from either fraud or error of Manager or any of its officers or employees; (e) A sum equal to the value of any form of payment from or property made or given by contractors or vendors to Manager’s employees or agents arising from which was paid or given with the intent to induce the purchase of goods or services for the PropertyPropery from any such contractors or vendors; and (fe) Unauthorized use of the Property or facilities by Manager’s employees or agents.