(1) When using college property, an individual or organization may be required to make an advance deposit, post a bond and/or obtain insurance to protect the college against costs or other liability.

(2) When the college grants permission to an individual or organization to use its property it is with the expressed understanding and condition that the individual or organization assumes full responsibility for any loss or damage resulting from such use and agrees to hold harmless and indemnify the college against any loss or damage claim arising out of such use.