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Outdoor Promotions Municipal Contract Page ~) J. Location of Transit Shelters. Outdoor Promotions shall erect transit shc!tc'rc, elt those IclCations that are mutually agreed upon by the City and Outdoor J'romoticln:-., ,-\11 transit shelters shall be erected on public rights-of-way or private propertv with written authorization from the property O\vner(s) and shall be subject to all rules, reguLltil1lb and ordinances governing the use of such rights-of-\vay. Pric)!. to erecting anv such shelters at any !clG1tions, Outdoor Promotions shall secure any necessary i1I'pnn'(ll and/or zoning variance that may be required from any governmental entitv, ARTICLE ITl: TERlvl This Agreement shall remain in full force and died for a period of ten (10) \'eiHS (1'(1111 the date first written above; provided, however, that the City may, at its pleasure, rt'\'llke Outdoor Promotions' right to use or occupy any portion of any street, allev, right-ol-\\'(l\' or other City property. Any such revocation shall not substantially reduce the total number of transit shelters then existing under this Agreement. Outdoor Pro!lwticlns shall have the option to extend this Agreement for up to two (2) additional fin' (5) \'(.'Llr terms. Outdoor Promotions may exercise each five (5)-year extension option bv providing written notice of such exercise to the City \vithin sixty (60) days prior to tilt' end of the then current term of this Agreement. Notwithstanding the foregoing, Outdc)()r Promotions shall not have the right to exercise an extension option whilL' ,111 uncured default by it exists with respect to this Agreement. ARTICLE IV: PAYMENTS TO THE CITY In consideration of this Agreement, Outdoor Promotions shall Pi1Y the Citv a month'" amount equivalent to eight (8) percent (''1;,) of the gross i1dvertising revenues n:'CeiH'd b\ Outdoor Promotions from advertisements displayed on all tri1l1sit shelters instillled pursuant to this Agreement. Such payment shall be made to the City in the form elf additional shelters, transit arnenities, or maintenance services. Pa)/l11ents shill I be mc1dl' with respect to revenues received thirty (30) day after the close of that Outdoor Promotions shall maintain adequate books and records showing reH'nues received with respect to the transit shelters. Such books and records shall be i1\'ililc1bk' t( I the City for inspection anytime during normal business hours UpCll1 fCHtv-eight (..j.(-;)- hours' prior written notice thereof to Outdoor Promotions. All such books imd rt'u lrds shall be retained by Outdoor Promotions for a minimum of five (5) )'ears ARTICLE V: INSURANCE Outdoor PrcllTwtions shall procure and maintain at its O\Nn cost the following ilbUi',lllce coverages: il) Workers compensation insurance in accordance with the Colorado Worklllt'n:-. Compensation Act.