The permit holder shall indemnify and hold the City harmless from and against any claim, demand, lawsuit or judgment made by any person whatsoever, arising out of any exercise of privilege granted by such permit and based upon either property damage or personal injury, or both, and to reimburse the City for any expense incurred by it by reason of any such claim, demand, lawsuit or judgment, and to assume responsibility for and defend any lawsuit which may arise therefrom. Any person accepting any such permit shall be bound by the terms of this section without further contract or agreement. The permit holder shall procure and furnish satisfactory evidence that the applicant has procured and maintains in full force and effect a policy of liability insurance, with limits not less than one hundred thousand dollars ($100,000) for any one person and not less than three hundred thousand dollars ($300,000) for any one accident, for personal injury or death, and not less than fifty thousand dollars ($50,000) for property damage, providing the permittee and the City with indemnification against any claim, demand, lawsuit or judgment arising out of the exercise of any permit granted hereunder. The requirements of this section may be dispensed with when, in the opinion of the City Manager, the nature of the undertaking does not require them. (Ord. 688AC. Passed 4-20-70.)