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SECTION V <br />INDEMNIFICATION <br /> <br />5.01. Indemnification. Each party agrees that it will be responsible for its own acts and the acts of its <br />officials and employees and any liability resulting therefrom to the extent authorized by law and shall not <br />be responsible for the acts of the other party or any liability resulting therefrom. <br /> <br />5.02. Insurance. Mounds View shall be responsible for paying for and maintaining property and <br />liability insurance with respect to the Park. Said policy shall list both Mounds View and Spring Lake Park <br />as the insureds. Mounds View shall be reimbursed for the cost of the liability insurance premium and any <br />deductibles from the Park Fund. The parties shall review the Park’s liability insurance on a regular basis <br />to ensure obtaining the most favorable rate. <br /> <br />SECTION VI <br />TERMINATION OF THE AGREEMENT <br /> <br />6.01. Termination. This Agreement shall remain in full force and effect unless one of the parties’ city <br />councils vote in favor or termination, if termination is necessitated by operation of law as a result of a <br />decision by a court of competent jurisdiction, or when the parties mutually agree to terminate this <br />Agreement upon a date certain. <br /> <br />6.02. Effect of Termination. If one of the parties to this Agreement votes in favor of termination, it <br />shall be with the understanding that the other party shall become the sole owner of said property, <br />equipment and improvements upon the land and shall continue to operate and maintain the property for <br />park purposes as required by the deed. <br /> <br />SECTION VII <br />AMENDMENT <br /> <br />7.01. Modification. This Agreement sets forth all understandings of the parties. All prior agreements, <br />resolutions, understandings, representations, whether consistent or inconsistent, verbal or written, <br />concerning this Agreement and the Park, are merged into and superseded by this written Agreement. No <br />modification or amendment to the Agreement shall be binding on any party unless both parties agree in <br />writing to the proposed change or amendment. <br /> <br />7.01. Submittal. If a party wishes to submit an amendment to this Agreement, it shall do so by <br />submitting a written proposal to the other party. <br /> <br />IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed, this 23rd day of <br />November, 2009. <br /> <br /> <br />CITY OF MOUNDS VIEW CITY OF SPRING LAKE PARK <br /> <br /> <br /> <br />By: By: <br /> Joe Flaherty, Mayor Robert Nelson, Mayor <br /> <br /> <br /> <br />By: By: <br /> Jim Ericson Barbara L. Nelson <br /> Clerk-Administrator Administrator, Clerk/Treasurer