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<br />" <br /> <br />. <br /> <br />e <br /> <br />Agreement - Soccer/COLPI <br /> <br />vn, <br /> <br />The Association shall keep and maintain during the term of this agreement, a comprehensive general <br />liability policy, with the City named as an additional named insured, with limits of liability of not <br />less than five hundred thousand dollars ($500,000.00) combined single limit bodily injury and <br />property damage per occurrence, The Association shall furnish the City with a certificate of <br />insurance evidencing such coverage, Such insurance shall include contractual liability insuring the <br />indemnity agreements contained in this agreement. <br /> <br />VIII, <br /> <br />The Association shall not assign, transfer, convey, sublet or otherwise dispose of the agreement, or <br />any part, to any person, partnership, company, corporation, club or association without prior written <br />consent of the City of La Porte. <br /> <br />IX, <br /> <br />This instrument contains the entire agreement between the parties relating to the rights granted in <br />the agreement and the obligations assumed as a part of the agreement. Any representations or <br />modifications concerning this agreement shall have no force or effect unless modified in writing, <br />and signed by each party to the agreement. <br /> <br />x. <br /> <br />This agreement shall be in force for a period of five (5) years beginning with the date of its <br />execution, At the end of the tenn of the agreement, both the City and the Association have the <br />option to continue the agreement for an additional five (5) year term, Such option shall be executed <br />in writing by the President of the Association and the City Manager or his designee. Should either <br />party choose not to exercise their option, the agreement shall be considered at an end. During the <br />term of this agreement, the Association and the City may enter into separate agreements regarding <br />future capital improvement projects or other soccer facilities that may be contemplated in the City, <br /> <br />XI. <br /> <br />The Association shall maintain a favorable financial position during the term of this agreement. The <br />Association will provide an official annual report on the Association's fiscal condition to the City, <br />comprised of a balance sheet, revenue statement and expense statement. The City reserves the right <br />to review the internal fmancial control structure of the Association and to perform other audit steps <br />as necessary to protect its interests. <br /> <br />page 3 of S <br />