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This Agreement shall remain in full force and effect for a period of ten (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 e�sting under this Agreement. Outdoor Promotions sl�all ha�e the option to extend this Agreement for up to two (2) additional five (5) year terms. Outdoor Promotions may exercise each five (5)-year eatension 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 ha�e the right to exercise an extension option while an uncured default by it e�sts with respect to this Agreement. ARTICLE IV: PAI'MENTS TO THE CITY OF ROSEVILLE In consideration of this Agreement, Outdoor Promotions shall pay the City a monthly amount equivalent to eight (8) percent (%) of the gross advertising revenues received by Outdoor Promotions from advertisements displayed on all transit shelters installed pursuant to this Agreement��uch 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 sha11 be a�ailable 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: INSURANCE 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 reasonably acceptable to the City City as an additional insured. shall be procured and maintained with insurers that are The liability insurance policies shall be endorsed to include the Outdoor Promotions shall vost a cash escrow with the Citv in the amount of $10.000 as securitv for its obli�,ations under this A�xeement. The Citv mav draw on this amount in its sole discretion as necESSarv to reimburse the Citv for anv renair. reulacement or maintenance costs incurred b the Citv as a result of the default of Outdoor Promotions. Draws on the escrow account are sunnlemental to anv other remedv or cure a�ailable to the Citv in the event of a default bv Outdoor Promotions. Ubon termination of this A�reement. Outdoor Promotions shall be entitled ARTICLE VL INDEMNIFICATION Page 3 of 7�