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FINANCIAL ARRANGEMENTS <br />1. CATERER shall be required to reimburse the BOARD a percentage of the revenues <br />generated through food service based on the following formula (hereinafter <br />"Commission Rate"): <br />a. MGCC will receive 10% of all gross sales for food and non-alcoholic beverage <br />service scheduled Monday through Thursday and daytime rental (8am — 5pm) on <br />Fridays; <br />b. MGCC will receive 15% of all gross sales for food and non-alcoholic beverage <br />service for all day events scheduled on Friday evenings (5pm — lam), all day <br />events scheduled on Fridays (8am — lam), Saturdays, Sundays and Holidays <br />2. CATERER shall calculate the Commission Rate based on the gross sales excluding the <br />sales tax and service charges. <br />3. The collection of deposits and fees for all catering charges are the sole responsibility of <br />CATERER. Non-payment by a client to the CATERER for Catering Services rendered will <br />not negate payment of the Commission Rate revenue to the BOARD. <br />4. CATERER's billings to a Permit Holder shall not show the Commission due to the BOARD. <br />5. CATERER agrees to pay the BOARD the Commission Rate revenues based upon the final <br />billing for each Catered Event. The CATERER is responsible to provide one copy of the <br />final billing for each Catered Event in a given month to the Rental Coordinator within ten <br />(10) business days after the event. The BOARD shall receive a check made payable to <br />Maple Grove Parks and Recreation for Commission Rate revenue amount due <br />accompanied by the data supporting the Catered Event. <br />6. CATERER must make the payment within ten (10) business days after the event or, if <br />approved in writing by the MGCC Manager, by the 15th of the month following the <br />Catered Event. Any failure to make a timely payment as provided for above shall, in <br />addition to other remedies available, have the amount due being subject to an eighteen <br />percent (18%) annual interest rate on delinquent payments. <br />7. The BOARD reserves the right to inspect all financial records for an event. CATERER must <br />provide documentation within two (2) business days upon request. <br />7 1 P a g e <br />