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that the maximum City liability for any one year shall be$5,000. <br /> In the event of an annual surplus, the first $2,000 shall be paid to the City for use at it& <br /> sole discretion. The next $10,000 of any surplus shall be paid to the City to assist in <br /> funding the Building and Equipment Replacement Reserve Fund. Any additional annual <br /> surplus shall be split equally between the City and the YMCA. However, upon mutual <br /> consent by the City and the YMCA, any or all of tho such surplus can be used to expand <br /> recreation programming or other services in subsequent years. <br /> ARTICLE V: PERFORMANCE BOND AND INSURANCE PROVISIONS <br /> YMCA?need for performance bond&?whether City's required insurance should be included <br /> A. Performance Bond. The City reserves the right to require, in its sole discretion, that <br /> YMCA post a bond, certificate of deposit, or other similar instrument approved by the City <br /> in an amount as the City reasonably deems to be adequate compensation for damages <br /> resulting from YMCA's nonperformance of its obligations under this Agreement. <br /> B. Insurance. YMCA will maintain in full force and effect, at its own cost and expense <br /> during the term of the this Agreement the following insurance coverage: <br /> 1. Commercial General Liability Insurance with limits of: <br /> $2,000,000 each occurrence; <br /> $3,000,000 general aggregate. <br /> Including coverage for products—completed operations and personal injury and <br /> advertising liability. <br /> This policy shall contain an endorsement adding the City of Mounds View as an <br /> additional insured. <br /> 2. Business Auto with combined single limit of$1,000,000. <br /> 3. Standard Workers Compensation and Employers Liability with limits of: <br /> Bodily Injury by Accident$500,000 each accident; <br /> Bodily Injury by Disease $500,000 each employee; <br /> Bodily Injury by Disease $500,000 policy limit. <br /> 4. The City of Mounds View shall be provided with a certificate of insurance for all <br /> of the policies maintained pursuant to this Agreement that shall show the <br /> described coverage including the City as an additional insured, and the certificate <br /> providing 60 days notice to the City of Mounds View in the event of cancellation <br /> or non-renewal. <br /> 5. All required insurance shall be with a company acceptable to the City. <br /> SJR-159255 <br /> MU210-35 <br />