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This Agreement shall remain in full force and effect for a period often (10) years from the date first written above; provided, however, that the City may, at its pleasure, revoke Outdoor Prom options' right to use or occupy any portion of any street, alley, right-of-way or other City property. Any such revocation shall not substantially reduce the total number of transit shelters then existing under this Agreement. Outdoor Promotions shall have the option to extend this Agreement for up to two (2) additional five (5) year terms. Outdoor Promotions may exercise each five (5)-year extension option by providing written notice of such exercise to the City within sixty (60) days prior to the end of the then current term of this Agreement. Notwithstanding the foregoing, Outdoor Promotions shall not have the right to exercise an extension option while an uncured default by it exists with respect to this Agreement. ARTICLE IV: PAYMENTS TO THE CITY OF ROSEVILLE In consideration of this Agreement, Outdoor Promotions shall pay the City a monthly amount equivalent to eight (8) percent (%) ofthe gross advertising revenues received by Outdoor Promotions from advertisements displayed on all transit shelters installed pursuant to this AgreementlfjSuch payment shall be made to the City in the form of additional shelters, transit amenities, or maintenance services. Payments and a quarterly report on operations and revenue shall be made thirty (30) days after the close of each quarter of the year. Outdoor Promotions shall maintain adequate books and records showing revenues received with respect to the transit shelters. Such books and records shall be available to the City for inspection any time during normal business hours upon forty-eight (48) hours prior written notice thereof to Outdoor Promotions. All such books and records shall be retained by Outdoor Promotions for a minimum of five (5) years. ARTICLE V: ~SURANCEI AND SECURITY Outdoor Promotions shall procure and maintain at its own cost the following insurance coverage: a) Workers compensation insurance in accordance with the Minnesota Workmen's Compensation Act. b) Commercial general liability insurance with minimum limits of $150,000 per person and $1,000,000 per occurrence. c) Comprehensive automobile liability insurance with minimum limits for bodily injury and property damage of $150,000 per person and $600,000 per occurrence. The foregoing insurance coverage shall be procured and maintained with insurers that are reasonably acceptable to the City. The liability insurance policies shall be endorsed to include the City as an additional insured. Outdoor Promotions shall post a cash escrow with the City in the amount of $10,000 as security for its obligations under this Agreement. The City may draw on this amount in its sole discretion as necessary to reimburse the City for any repair, replacement or maintenance costs incurred by the City as a result of the default of Outdoor Promotions. Draws on the escrow account are supplemental to any other remedy or cure available to the City in the event of a default by Outdoor Promotions. Upon termination of this Agreement, Outdoor Promotions shall be entitled to payment of any unused escrow without interest. ARTICLE VI: INDEMNIFICATION Page 3 of 7++