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E. Monthlv Pavment 1. Contractor shall keep complete accounts of parking revenues, receipts, expenses, copies of daily sales reports, deposit slips and disbursements, and shall furnish City on or before the 20th day of each month a statement of such revenues and expenses for the preceding month. 2. Contractor, at City's direction and as City's agent, shall pay to City on or before the 20th day of each month during the term of this Agreement all parking revenues, if any, for the preceding month, less the sum of all operating expenses and management fees as defined above in Section 10 (A). 3. In the event that Parking Facility revenues for any month are less than the above amounts to which Contractor is entitled, and no dispute has been communicated in writing as justification for withholding full payment, City shall pay to Contractor the amount of the deficiency within thirty (30) days of the above accounting for the month. City will pay any undisputed amounts consistent with this provision within 30 days. 4. It is the City's intent to pay Contractor on a timely basis. In the event that the City does not reimburse Contractor any undisputed amounts within the time required herein and Contractor gives notice to City of outstanding undisputed amounts due, City shall pay Contractor a five (5%) percent late payment fee on such amounts. F. Reimbursements not to Exceed Annual Budqet Total monthly reimbursements to the Contractor for reimbursable expenditures shall not exceed the total annual operating budget (Exhibit B), unless authorized in writing by the Parking Manager. The "annual budget" is that period of time that is consistent with the term of this contract as stated in Section 1 of thè Agreement. SECTION 11. FEES AND TAXES A. Contractor shall pay when due all applicable fees, taxes, or charges of whatever nature lawfully levied on the right of Contractor to operate and manage the Parking Facilities. Such expenses shall be considered reimbursable expenses. B. Contractor shall maintain all documents and records in Paragraph A of this section, and any other information which demonstrates performance under this Agreement, for a minimum period of three (3) years from the date of the final payment under the Agreement to Contractor, or for any longer period required by law. C. Any records or documents required to be maintained pursuant to this Agreement shall be made available for reasonable inspection or audit, at any 20