Nimitz Motel Operating Subsidy Agreement_executed

Home

6 for a period of not less than five (5) years after final payment under this Agreement or until any final audit has been fully completed, whichever is later. Operator agrees to maintain and make available to City during regular business hours, accurate books and accounting records relating to the Project and the Residents. The State of California shall have the same rights conferred upon City by this Section. All financial reports must be prepared and maintained in accordance with GAAP as in effect at the time of performance. 5.6 Inspection and Audit. Operator shall make available to City, its employees and authorized representatives, during regular business hours all of the files, records, books, invoices, documents, payrolls and other data required to be established and maintained by Operator. Operator shall permit City, its employees and authorized representatives to inspect, audit, examine and make excerpts and transcripts from any of the foregoing. The rights of City pursuant to this Section shall remain in effect so long as Operator has the obligation to maintain such files, records, books, invoices, documents, payrolls and other data under this Article 5. 5.8 Project Monitoring Generally. Operator understands and agrees that it will be monitored by the City from time to time to assure compliance with all terms and conditions in this Agreement and all Laws. Operator acknowledges that the City may also conduct periodic on-site inspections of the Project. Operator shall cooperate with the monitoring by the City and ensure full access to the Project and all information related to the Project as reasonably required by the City. ARTICLE 6 MISCELLANEOUS 6.1 Consents. City agrees not to unreasonably withhold or delay its consent to matters requiring City's consent hereunder unless the applicable provision of this Agreement permits City to exercise City's sole discretion with respect to a particular matter. 6.2 Time of the Essence. Time is of the essence in the performance of each of the Parties' respective obligations set forth in this Agreement. 6.3 Interpretation. The terms of this Agreement shall be construed in accordance with the meaning of the language used and shall not be construed for or against any Party by reason of the authorship of this Agreement or any other rule of construction which might otherwise apply. The Section headings are for purposes of convenience only, and shall not be construed to limit or extend the meaning of this Agreement. 6.4 Entire Agreement: Modifications. This Agreement supersedes all prior discussions and agreements between the Parties with respect to the leasing of the Property. This Agreement and the executed attachments thereto contain the sole and entire understanding between the parties with respect to the leasing of the Property. This Agreement shall not be modified or amended in any respect, except by written instrument specifically referencing such modification or amendment which is executed by or on behalf of the Parties in the same manner as this Agreement is executed. DocuSign Envelope ID: FD5B6EFC-4700-4210-9102-207694C552B7