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c. Major Repair: All parties agree to share equally any costs incurred for <br /> major repairs, with each party paying one-half; for the purpose of this <br /> agreement, major repairs shall mean any one-time repairs in which the <br /> cost exceeds $500.00. <br /> IV. TERM OF AGREEMENT: This Agreement shall be effective perpetually <br /> for the full life of the siren, until such time as the siren may be permanently <br /> removed by mutual agreement of all parties. <br /> IN WITNESS THEREOF, the parties hereto have executed this agreement <br /> the day first above written. <br /> City of Pequot Lakes <br /> Mayor <br /> City Clerk <br /> City of Breezy Point <br /> Mayor <br /> City Clerk <br /> L <br /> Page 2 of 2 <br />