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K999-050 <br />04.28.87 <br />realestl-1846 <br /> <br />business in California which shall insure against liability for <br />injury to and/or death of and/or damage to property of any <br />person or persons, with policy limits of not less than the <br />following: bodily injury $1,000,000.00 for injury to or death <br />of any one person and $3,000,000.00 for injury to or death of <br />any number of persons in any one incident; and property damage, <br />$500,000.00 for damage to property of others resulting from any <br />one incident. Said policy or policies shall provide, among <br />other things, that it or they insure any liability assumed by <br />contract by the purchaser thereof such as the liability assumed <br />by the purchaser thereof under Section 4.1, 4.2, or 4.3 as <br />applicable. Association and City each may, in its reasonable <br /> <br />discretion, provide for such insurance coverage by a <br />self-insured retention which is equal to the self-insured <br /> <br />retention on other general liability claims of the <br />self-insuring entity. <br /> <br /> ARTICLE VI <br /> <br /> ARBITRATION <br /> <br /> In the event of any dispute as to the interpretation, <br />application or enforcement of any provision of this Agreement, <br />the same shall be submitted by the parties hereto to <br />arbitration. Within ten (10) days after notice by a party <br />requesting arbitration, one arbitrator shall be selected by <br />each party. If only two parties are involved in such dispute, <br />the third arbitrator shall be selected by the two arbitrators <br /> <br /> -7- <br /> <br /> <br />