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0 • <br />coverage. Such insurance shall include contractual liability insuring the indemnity <br />agreements contained in this Agreement. <br />IX. <br />The Association shall not assign, transfer, convey, sublet or otherwise dispose of the <br />Agreement, or any part, to any person, partnership, company, corporation, club or <br />association without prior written consent of the City of La Porte. <br />X. <br />This instrument contains the entire Agreement between the parties relating to the rights <br />granted in the agreement and the obligations assumed as a part of the Agreement. Any <br />representations or modifications concerning this agreement shall have no force or effect <br />unless modified in writing, and signed by each party to the Agreement. <br />XI. <br />This Agreement shall be in. force for a period of five (5) years beginning with the date of <br />its execution. At the end of the term of the Agreement, both the City and the Association <br />have the option to continue the Agreement for an additional five (5) year term. Such option <br />shall be executed in writing by the Commissioner of the Association and the City Manager, <br />or his designee. Should either party choose not to exercise their option, the Agreement <br />shall be considered at an end. During the term of this Agreement, the Association and the <br />City may enter into separate Agreements regarding future capital improvement projects or <br />other softball facilities that may be contemplated in the City. <br />XII. <br />The Association shall maintain a favorable financial position during the term of this <br />agreement. The Association will provide annual financial reports to the City comprised of <br />a balance sheet, revenue statement and expense statement. The City reserves the right <br />to review the internal financial control structure of the Association and to perform other <br />audit steps as necessary to protect its interests. <br />XII1. <br />If any section, sentence, phrase, clause, or any part of any section, sentence, phrase, or <br />clause, of this Agreement shall, for any reason, not be legally or factually valid, such <br />invalidity shall not affect the remaining portions of this Agreement. <br />Page 4 of 6 <br />