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TABLE OF CONTENTS (continued) Page(s) 9.1 Lessee's Maintenance of Records ............................. 12 9.2 Lessor's Right to Audit .................................... 13 10. TAXES ...................................................... 13 10.1 Real Property Taxes ...................................... 13 10.2 Definition of Real Property Taxes ........................... 13 10.3 Other Taxes ............................................ 13 11. UTILITIES . ................................................. 14 12. PRORATION OF INCOME AND EXPENSES ....................... 14 13. RENOVATION AND CAPITAL IMPROVEMENTS .................. 14 13.1 Renovation of Golf Course ................................. 14 13.2 No Obligation to Exceed Budget ............................. 15 13.3 Commencement of Renovation ............................. 15 13.4 Manner of Performance ................................... 15 13.5 Lessor's Obligation ....................................... 16 13.6 Completion ............................................ 16 13.7 Security...............................................16 13.8 Ownership of Improvements; No Liens ....................... 16 13.9 Establishment of Capital Improvement Fund ................... 16 13.10 CIP Budget and Expenditures .............................. 17 13.11 Other Capital Improvement Projects ......................... 17 13.12 Closure ............................................... 17 14. MAINTENANCE AND REPAIRS . ............................... 17 14.1 Lessee's Obligations ...................................... 17 14.2 Lessor's Representation Regarding Code Compliance ............. 18 14.3 Lessor's Environmental Obligations .......................... 18 15. LESSOR'S COOPERATION. ................................... 19 16. INSURANCE. .............................................. 19 16.1 Liability Insurance ....................................... 19 16.2 Worker's Compensation ................................... 19 ii