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Valley Veterans Memorial Perpetual Care Fund to pay for maintenance, upkeep and repair of the <br />Memorial Park and grounds. <br />7. Any checks, drafts, or withdrawals made against the Red River Valley Veterans Memorial <br />Perpetual Care Fund which exceed FIVE HLJNDRED DOLLARS ($500.00), shall require two <br />authorized signatures. The Civic Center shall have no authority to borrow money against the <br />assets of the Perpetual Care Fund or to take out loans or use the Perpetual Care Fund as security for <br />a loan. <br />8. Veterans Memorial shall make periodic deposits to the Perpetual Care Fund to insure that it <br />is sufficiently funded to meet the monthly maintenance, upkeep and repair demands of the Red <br />River Valley Veterans Memorial. This obligation shall extend to the Land and to all improvements <br />located thereon. <br />9. Should the balance of the Perpetual Care Fund fall below TWENTY THOUSAND AND <br />NO/DOLLARS ($20,000.00) andlor Veteran's Memorial fails to make timely deposits to <br />replenish the Perpetual Care Fund as provided in this Management Agreement, Civic Center may <br />terminate the Management Agreement by providing Veteran's Memorial thirty (30) days written <br />notice. <br />10. If additional funds remain in the Perpetual Care Fund, over and above the required minimum <br />annual budget of $20,000, the Veterans Memorial may use additional funds to pay for Veterans <br />Day or Memorial Day events at the Memorial Park or to honor Red River Valley Veterans. <br />11. During the term of this Management Agreement, and any extensions thereof, the Civic <br />Center agrees to add the Red River Valley Veteran's Memorial property under its general liability <br />insurance policy as long as the Veteran's Memorial timely reimburses the Civic Center for 100% <br />of the annual premium cost to cover the Veteran's Memorial land and improvements thereon. <br />The Veteran's Memorial shall also be solely responsible for paying 100% of any insurance <br />deductible due for any insurance claim filed against the general liability insurance policy for <br />accidents or injuries arising on the Veteran's Memorial property and improvements thereon. <br />12. The Veterans Memorial does hereby agree to release, indemnify and hold the Love <br />Civic Center, its Board members, officers and employees harmless from and against any and <br />Red River Valley Veterans Memarial Lease Page 14 of 16 <br />