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<br />VIll, <br /> <br />Extension Option <br /> <br />8.1. In the event OWNER shall keep each and every agreement <br />contained herein and do and perform all the obligations required <br />of OWNER hereunder during the term of this AGREEMENT, an option <br />is hereby given and granted to OWNER to renew and extend this <br />AGREEMENT for an additional period of two (2) years from and <br />after the expiration of this AGREEMENT, said two (2) years <br />beginning on the 1st day of January, 1996, and ending on the 31st <br />day of December, 1997. <br /> <br />8.2. <br />the above <br />than March <br /> <br />In order for OWNER to exercise the option granted in <br />paragraph, notice shall be given in writing no later <br />31, 1995, <br /> <br />IX. <br /> <br />No Conflict of Interest <br /> <br />9.1. The CITY represents and warrants that the PROPERTY <br />does not include any property that is owned by a member of the <br />City Council approving, or having responsibility for the approval <br />of, this AGREEMENT. <br /> <br />X. <br /> <br />Conditions <br /> <br />10.1. The terms and conditions of the AGREEMENT are binding <br />upon the successors and assigns of all parties hereto. <br /> <br />10.2. It is understood and agreed between the parties that <br />the OWNER, in performing its obligations hereunder, is acting <br />independently, and the CITY assumes no responsibility or <br />liability in connection therewith to third parties and OWNER <br />agrees to indemnify and hold harmless the CITY therefrom; it is <br />further understood and agreed among the parties that the CITY, in <br />performing its obligations hereunder, is acting independently, <br />and the OWNER assumes no responsibility or liability in <br />connection therewith to third parties and the CITY agrees to <br />indemnify and hold harmless the OWNER therefrom. <br /> <br />XI. <br /> <br />Compliance Provisions <br /> <br />ILL The OWNER further agrees that the CITY, its agents <br />and employees, shall have reasonable right of access to the <br />property to inspect the IMPROVEMENTS in order to insure that the <br />construction of the IMPROVEMENTS are in accordance with this <br />AGREEMENT and all applicable state and local laws and regulations <br />-5- <br />