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~ \ - '. I I and photocopy duplicates of the original policies, ~nd the , I property damage and public liability policies shall:include the Village among the named insured. i The terms of the said policies shall commence before the Operator is authorized to commence business as a ski slope open to the public, but shall be limited to the so-called ski season commencing with the 15th day of November to the 15th day of April of each season. The operator shall also provide fire and extended coverage to all buildings in the ski area for their insurable value. It is the understanding and intention of this agreement that the chalet facilities shall be usable by the Village, through its Department of Recreation, for the balance of each year for the life of this agreement, but that the Operator shall not be responsible for, and shall be held harmless from, any claims, whether individually or for property damage, resulting from a period of time in which the Operator is not in the exclusive custody and control of the said ski area. 8. The righ~s of the Operator pursuant to this agreement shall not be assigned or sublet to third parties without the prior written consent of the Village, and, by reason of the fact that in entering into this agreement the Village is specifically relying on the experience and ability of said John Rysgaard, that the continuation of this agreement is subject to said John Rysgaard retaining in his own name not less than sixty (60%) percent of the corporate stock of the Operator, unless prior written approval is obtained from the Village for the sale or transfer of any amounts of stock -6-