No. 1081 approving a sublease of real property to the COSB

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property or to the property of any sub - lessee of the Lessee or of any person which may be located in, upon, or about the premises. AW Section 7. Alterations. Sub - lessee shall have the right, with the consent of the Commission, to make or cause to be made all alterations, modifications, and additions and to do all improvements it deems necessary or desirable to the premises, which do not reduce the value of the premises. Section 8. Insurance. The Sub - lessee, at its own expense, will during the full term of the Sub - Lease, keep the premises insured against physical loss or damage, however caused, with such exceptions as are ordinarily required by insurers of properties of a similar type, in good and responsible insurance companies acceptable to the Commission. Such insurance shall be in an amount at least equal to One Hundred percent (100 %) of the full replacement cost of such premises as certified by a registered architect, a registered engineer, or professional appraisal engineer selected by the Commission on the effective date of this Sub -Lease and on or before the 1st day of January of each year thereafter: Provided, however, that such certification shall not be required so long as the amount of insurance shall be in an amount at least equal to that amount specified by the Commission at the time of the execution of this Sub -Lease and every January lst thereafter during the term of this Sub - Lease. Such appraisal may be based upon a recognized index of conversion factors. In no event shall the insurance be in an amount which causes the Sub - lessee to be a co- insurer for the project. Such insurance may contain a provision for a deductible in an amount not exceeding $25,000.00. Sub - lessee agrees to pay the deductible amount of any loss to the Commission. A blanket public institutional property insurance form may be used if: (a) The insurance on the project is not less than the amount required by this Section, (b) The Sub - lessee subordinates its claim for damage or destruction to other buildings or improvements to claims for damage or destruction of the premises, and (c) The insurance proceeds related to the damage or destruction