What are the specific obligations of a City Wide franchisee related to maintaining accurate and up-to-date financial records (Item 9) as outlined in the franchisee's obligations (Item 9)?

low CITY WIDE's Internet usage rules, policies and requirements. CITY WIDE retains the sole and absolute right to use the Marks on the Internet, including on websites, as domain names, directory addresses, search terms and meta-tags, and in connection with linking, marketing, co-branding and other arrangements. Franchisee shall use and participate in any Intranet system or other related technology hosting system that CITY WIDE establishes.

SECTION 11. Statements and Records Maintained by Franchisee

• 11.1 CITY WIDE's Ownership of Business Records. Franchisee acknowledges and agrees that CITY WIDE is the exclusive owner of all business records, accounts, books, data, licenses, reports, and contracts ("Business Records") with respect to customers and other service professionals of, and related to, the Franchised Business including, without limitation, all databases (whether in print, electronic or other form), including all names, addresses, phone numbers, e-mail addresses, customer purchase records, and all other records contained in the database, and all other Business Records created and maintained by Franchisee. Franchisee further acknowledges and agrees that, always during and after the termination, expiration or cancellation of this Agreement, CITY WIDE may access such Business Records, and may utilize, transfer, or analyze such Business Records as CITY WIDE determines to be in the best interest of the System, at CITY WIDE's sole and absolute right.
• 11.2 Maintenance of Business Records. Franchisee shall maintain for not less than three (3) years original, full, and complete Business Records which will accurately reflect all particulars relating to Franchisee's Franchised Business and such other statistical and other information as CITY WIDE may reasonably require.
• 11.3 Unaudited Financial Statements. Franchisee will deliver to CITY WIDE the following unaudited statements of Franchisee prepared in accordance with generally accepted financial principles:
• 11.3.1 Monthly profit and loss statements and balance sheets by the fifteenth (15th) day of the following month.
• 11.3.2 Quarterly profit and loss statements and balance sheets within thirty (30) days after each quarter ends; and
• 11.3.3 Annual statement of income and retained earnings, statement of changes in financial position, profit and loss statement, and balance sheet, all within 90 days after the end of each fiscal year.

Each statement must be itemized by revenue producing activity as specified from time to time by CITY WIDE, the Gross Sales for the preceding month, and such other information as CITY WIDE may require. The chief executive officer and chief financial officer of Franchisee must certify each financial statement as being true and correct in all material respects.

11.4 Certified Financial Statement. In addition, Franchisee, as well as any guarantor(s) of this Agreement, shall, within thirty (30) days after request from CITY WIDE, deliver to CITY WIDE a financial statement, certified as correct and current, in a form which is satisfactory to CITY WIDE, and which fairly represents the total assets and liabilities of Franchisee and any such guarantor(s).

• 11.5 Activity Report. By the tenth (10th) day of each month during the term of this Agreement, Franchisee shall provide CITY WIDE with an end of the month (EOM) activity report for the preceding month in a form approved by CITY WIDE, and as further set forth in the Operating Manual.
• 11.6 Local Advertising Report. Upon request, Franchisee shall deliver quarterly to CITY WIDE, no later than fifteen (15) days after the end of each of Franchisee's fiscal quarters, a report of the local advertising funds Franchisee spent, along with such supporting materials as may be required by CITY WIDE, on a form approved by CITY WIDE, for the preceding quarter's local advertising.
• 11.7 Inspection Rights of Business Records; Audit; Underpayment and Overpayment. CITY WIDE or its Representative (as defined in Section 16) will have the right at all reasonable times to examine and copy, at its expense, the Business Records. CITY WIDE may, at its sole and absolute right, require Franchisee to allow CITY WIDE daily access to the Business Records at reasonable times via electronic means. CITY WIDE will also have the right, at any time, to have an independent audit made of such Business Records or require Franchisee to submit annual audited or reviewed financial statements. If an audit or inspection should reveal that any payments to CITY WIDE have been understated in any report to CITY WIDE, then Franchisee will immediately pay CITY WIDE, upon demand, the understated amount plus interest at the maximum rate permitted by law, from the date such amount was due until paid. If an audit or inspection discloses an understatement of any such payment of two percent (2%) or more, then in addition, Franchisee will also reimburse CITY WIDE for all costs and expenses connected with the audit or inspection (including, without limitation, reasonable accounting and attorneys' fees). The foregoing remedies will be in addition to any other remedies CITY WIDE may have. Any overpayment of any amounts by Franchisee to CITY WIDE discovered by such inspection will be credited by CITY WIDE against future amounts payable by Franchisee to CITY WIDE under this Agreement.
• 11.8 Inspection Rights regarding Franchisee Records.