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(c) Accumulated balances of receipts, expenses and resulting <br />surplus or deficit. <br /> <br /> It is understood and agreed by and between the parties hereto <br />that, for the purpose of this Agreement, "receipts" shall include all <br />interest earned on invested funds. <br /> <br /> 4. At the close of the fiscal year, the net profits or losses <br />shall be shared equally by the City and the Board. <br /> <br /> 5. Control, maintenance and operation as used in this Agreement <br />shall mean and include the complete control in all phases of operation of <br />said Facility as above set forth and all maintenance by way of cleaning or <br />otherwise as may be reasonably incidental and necessary to the operation <br />thereof and shall include minor repairs. The City shall be responsible for <br />and will make s~tch major repairs as may be necessary 'to the operation of <br />said Facility as reasonably possible. <br /> <br /> 6. It is understood and agreed by and between the parties hereto <br />that the cost of utilities incurred in the operation of said Facility shall <br />be charged to operating expenses. <br /> <br /> 7. The City shall maintain at its own and sole expense Comprehen- <br />sive General Liability and Property Insurance. <br /> <br /> 8. This agreement shall remain in full force and effect for ten <br />y~ars and one day or until the Board exercises an option to purchase the <br />real property. <br /> <br /> IN WITNESS WHEREOF, the parties hereto hereunto set there hands <br />the day and year first above written. <br /> <br />SIGNED IN THE PRESENCE OF: <br /> <br />CITY OF LAKEWOOD <br /> <br />BY: <br /> <br />BOARD OF EDUCATION OF THE LAKEWOOD <br />SCHOOL DISTRICT <br /> <br />BY: <br /> <br />-2- <br /> <br /> <br />