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<br />Items to be deducted from gross income ,which shall <br /> <br />result in gross profit, are the following: <br /> <br />ao Payroll (No salaries shall be paid to any <br /> <br />officer of the corporation except as hereinafter provided.) <br /> <br />b. Utilities. <br />c. Insurance as required by this agreement. <br /> <br />d. Supplies necessary for the operation of this <br /> <br />ski areao <br /> <br />~ <br /> <br />e. Advertisingo <br /> <br />f. Professional fees and charges. <br /> <br /> <br />g. Rental of ski hill grooming equipment (charges <br /> <br /> <br />shall be actual cost to operator unless operator's tractor <br /> <br /> <br />is usedr which shall be charged for at the rate of $6.00 <br /> <br />per hour. <br /> <br />h. Any other items of expense legitimately <br /> <br />incurred for the promotion of business of the ski operator <br /> <br />in maintaining this ski area. <br /> <br />The items to be deducted from gross profit which <br /> <br />shall result in net profit are the following: <br /> <br /> <br />a. An amount required to amortize the capital <br /> <br />costs to the operator based on a 12 year amortization at <br /> <br />the rate of 7~% per annum interesto For the purposes of <br /> <br />this agreement, capital costs are those incurred for the <br /> <br />purchase of machinery and equipment to operate the ski tow, <br /> <br />the cost of preparing the land area for use for ski purposes <br /> <br />and the costs of construction of such buildings as are <br /> <br />designated in Exhibit A or otherwise required to be con- <br /> <br />structed by the Village. <br /> <br />-3- <br />