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2. At the time a reservation for a catered event is made, a Burro Loco representative will <br />document the details of services required and charges for services. City staff will document <br />rental agreements. <br /> <br />3. Burro Loco and City Staff shall schedule reoccurring monthly conversations to evaluate <br />performance of Services. <br /> <br />4. Annual Review. In addition to monthly meetings, following the anniversary date of each <br />year of this Agreement, the City shall have the right to conduct a review of the performance of <br />Services performed under this Agreement. Burro Loco agrees to cooperate in such review and to <br />provide such information as the City may reasonably request. <br /> <br /> <br />SECTION 5 COMPENSATION <br /> <br />1. Burro Loco agrees to pay to the City $750 per month in rental payments ( <br />for the use of Cedarholm facilities. <br /> <br />2. Burro Loco Agrees to pay the to City 4% of all net sales at Cedarholm <br />. <br /> <br />3. Burro Loco agrees to follow accounting procedures as listed below: <br /> <br />a. Burro Loco agrees to pay the City Net Sales Payments based on the final billing <br />for each month, including revenue for any catering event held at Cedarholm. Net sales <br />documentation must accompany payment. <br /> <br />b. Rental Payments and Net Sales Payments will be due on the first day of the <br />month. <br /> <br />c. Net Sales Payments will be due one month after the final day they are collected <br />(ex.- Net sales collected for the month of May will be due on July 1st). Net Sales <br />Payments owing for months during the term of this Agreement will remain due to the <br />City even after the termination of this Agreement. <br /> <br />d. The City will implement a 5% late fee for any Rental Payments that are not <br />provided by the 5th day of any month. <br /> <br />4. A City representative will collect all fees from the customers that apply to room rental, <br />damage deposit, equipment rental, or other fees payable. <br /> <br />5. Facility rentals by Burro Loco: <br />a. Burro Loco will be permitted to book 3 events per year (based on room <br />availability) at no additional cost. <br /> <br />b. By request, Burro Loco will be permitted access to rental space at no cost if no <br />events are booked 7 days prior to the request. <br /> <br />DOCSOPEN\\RS160\\1\\861069.v4-3/10/23 <br />4 <br /> <br />