CC PACKET 10131987 - Laserfiche WebLink

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DORSEY & WHITNEY • Mr . Victor P. .Seiler August 11, 1987 Page Five revenue derived from business conducted in the demised premises kept according to sound accounting principles. Lessee will keep excise tax reports, state sales tax reports (including quarterly and annual reports with information necessary to isolate sales from the demised premises ) , business and occupation tax reports, gross income tax reports, general ledgers, other financial registers or books of original entry, and monthly financial statements . Such records will be retained for at least two years after the expiration of 'each lease year. Lessor, or its duly authorized representatives, will have access, at all reasonable times during ordinary business hours, to the books and sales records of the Lessee for the purpose of inspecting and auditing to verify gross sales . Lessor agrees to keep all such information confidential.. If Lessor conducts an audit of gross sales and the audit • establishes gross -sales in an amount which exceeds the gross sales reported by Lessee by 2% or more, Lessee will promptly pay the cost of the audit. Lessor will provide Lessee with a copy of any audit conducted. 16 The, following sentence should be added at the beginning of Section 20 to *provide for the Lessee ' s payment of its share of the casualty insurance on the building: Lessee agrees that it will reimburse Lessor for % of the cost of insuring the Building against loss by reason of fire, storm, or other extended .or "all-risk" casualties . Upon payment by Lessor of the premiums for such insurance, Lessor shall submit to Lessee a statement of Lessee ' s share of .such insurance costs , and Lessee shall promptly reimburse Lessor for its percentage share. 17.. The liability insurance coverage.-in Section 20 is quite low. For' this type of business, there should be at .least $1, 000, 000. ' 18. We should insert the following at the end of Section 20 : •