1999 AGN DEC 07 I26 - Laserfiche WebLink

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December 31) of each calendar year. Quarterly reports shall contain sales information with regard to the sales of interment rights (including crypts, graves, lawn crypts, mausoleum crypts, niches, scattering gardens, services performed in the chapel, and any other rights or form of disposition in developed or undeveloped areas of the Premises) and the sales of cemetery merchandise (cemetery merchandise includes caskets, vaults, liners, bases, urns, foundations, vases, grave blankets, decorations, or such other merchandise as may be available for sale). • Annual Reports Lessee shall submit annual reports to Lessor on or before August 31 of each year totaling the information contained in the quarterly reports for such and containing, at a minimum, the information listed in said quarterly reports. • Audited Financial Statements Lessee shall maintain in its office accurate and complete accounting records containing financial and operational data relating to the costs associated with providing Services in accordance with Generally Accepted Accounting Principles ("GAAP"). Lessor and its auditors and other agents elected by Lessor shall have the right to conduct on-site inspections of such records and accounting systems during office hours and to make copies of any relevant documents. Lessee shall retain such records for a minimum of three (3) years following the close of the fiscal year and any additional time directed by Lessor. Lessee shall maintain its accounting records on a basis showing the results of Lessee's operations hereunder separately from operations at other locations, as if Lessee were an independent entity providing service only to the Lessor. Within 120 days after the close of its fiscal year, Lessee shall deliver to Lessor three copies of its financial statements for such preceding fiscal year prepared by an independent certified public accountant and accompanied by (1) such accountant's representation that it has examined Lessee's financial statements in accordance with GAAP and (2) such accountant's unqualified opinion that such documents have been prepared in accordance with GAAP, consistently applied, and that such statements fairly reflect the results of operations and Lessee's financial condition. (iii) Lessor's Review of Financial Statements Lessor and/or its agents and consultants may review the audit plan and work papers of any of the independent certified public accountants whose unqualified opinions are stated on the audited financial statements Lessee is required to deliver to the Lessor. If such review gives rise to any questions or differences of opinion regarding Lessee's compliance herewith, Lessee and its accountant(s) shall meet with Lessor, and its consultant, if any, to discuss the issues involved within two (2) weeks of Lessor's request. In the event either party believes there is a discrepancy or other conflict between the sales information in the annual reports or audited financial statements, as compared to any of the quarterly reports, then said party may call for implementation of the dispute resolution process set forth in Section 3(a) and (c). The resolution of such a dispute may call for prompt payment or reimbursement of Rent due to a resulting adjustment in the calculation of Revenues. (c) Arbitration In the case of any dispute regarding Rent as set forth in this Section 3, the dispute shall be subject to non-binding arbitration. The arbitration panel shall be comprised of three (3) persons selected as follows: within ten (10) days of the date of the dispute, -3- RVPUB\JFF\531124