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insurance and each such policy of m' surance required to he maintained by <br />the Mies hereunder shall expressly evidence insurance coverage as <br />required by this Agreement, and shall contain an endorsement or <br />provisions requiring not less than ten (10) days written notice to the City <br />or the School District as applicable prior to the cancellation, diminution <br />in the perils insured against, or reduction of the amount of coverage of the <br />particular policy in question, <br />$. Sale of Ekmenga Sghmgl. <br />A. In the event the School District desires to sell an Elementary School <br />covered by this Agreement, it must first give the City the option to match <br />any offer received, less the depreciated value of the City's investment in <br />the Elementary School, building* In the event that the School District <br />determines to sell the building, the School District shall provide a copy of <br />the purchase agreement to the City along with its letter offering the City <br />the night to purchase the building pursuant to the terms and conditions set <br />forth in the purchase agreement, except that the purchase price shall be <br />reduced as set forth herein. The City shall have sixty (60) days following <br />receipt of said notice to provide to the School District its unconditional <br />election to purchase as set forth above. In the event that the City fails to <br />provide notice within sixty (60) days, this option to purchase shall be null <br />and void and of no further force and effect. <br />7 <br />