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Outdoor Promotions Municipal Contract I'a7e 3 5. Location of Trnnsi t Shelters. Outdoor Promotions shall erect transit �l��l tr�r� a r those locations that are mutually agreed upon by the City and Outdoor Prc�rric�tic�n>. .-�II transit S]�E� ters shall be erected on public ri�;h k-of-way or private �.�rc�}�t�rtV 4�'i tl�� 'ri t ten authorization from the properiy owner(s) and shall be subj ect to all rules, re; ; L i 1 a t i r� n� and ordinances governing the L1 ti�" of such rights-of-way. Prior to erecting �� rt �' � u c 1� shelters at any locations, Outdoor Prt�mc�tic�rls shall secure any necessary a��rc��i and/or zoning variance that may be required from any governmental entit�'. ARTICLE III: TERM This Agreement shall remain in full force and effect far a period of tcn (].0) �•ears fr�� the date first written above; provided, however, that tlle City may, at its pl�asurt�, ►'r��'��ki� Outdoor Promotions' right to use or occupy any portion of any street, alley, ri�;llt-c�f-�� or other City property. Any such revocatio►i shall not substantially reduce the total number c�f transit shelters then existing under this Agreement. Outdoor Promotions shall have the option to e�tend this Agreement for up to two (2) additional t i�`e (5) �� t�r� ► terms. Outdoor Promotions may exercise each five (5)-year e�tension option b�r providing written notice of such exercise to the City within si�ty (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 e�tension option �v h i l� �� n uncured default by it exists with respect to this Agreement. ARTICLE IV: PAYMENTS TO TI� CITY In consideration of this Agreement, Outdoor Promotions shall pay the Citv �� t�� (� n t h I �' amount equivalent to eight (S) percent (°4�) of the gross advertisingr re��entteS rec�i��r��d 1�� Outdoor Promotions from advertisements displayed on all transit shelters installed pursuant to this Agreement. Such payment shall be made to the Citv in the farm ��t ad��li�. tional shelters, transit ameni ties, or maintenance sei-vices. Paym�ents sha�� he m��dt� with respect to revenues received thirty (�0) day after the close of that Outdoor Promotions shall maintain adequate books and records showing re��enue� received with respect to the transit shelters. Such books and records shall be a�'�� i I�� l� lt� tc � the City for inspection anytime during normal business hours upon fort�•-ei�;l�t (-��)- hours' prior written notice thereof to Outdoor Promotions. A11 �Ll�j1 books a n d re'c:��'d� shall be retained by Outdoor Promotions for a minimum of Ei�°e (5) years. ARTICLE V: INSURANCE Outdoor Promotions shall procure and maintain at its own cost the foll��'ii1�; insurance coverages: �) Workers compensation insurance in accordance with the Colorado 1`�'orl�men'� Compensation Act.