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No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
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No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
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ro <br />Section 5. Abatement of Rent. In the event that all or <br />a portion of the Project shall be damaged or destroyed so as to <br />render the damaged or destroyed portion of the Project unfit for <br />its intended use, it shall then be the obligation of the Authority <br />to restore and reconstruct the damaged or destroyed portion of the <br />Project as promptly as may be done, unavoidable strikes and other <br />causes beyond the control of the Authority excepted, if, in the <br />opinion of an independent registered architect, registered <br />engineer, construction manager or contractor selected by the Lessee <br />and acceptable to the Trustee, (i) the cost of such restoration or <br />reconstruction does not exceed the amount of the proceeds received <br />by the Authority from the insurance provided for in Section 9 <br />hereof plus other moneys available therefor and (ii) such <br />restoration or reconstruction can be completed within the period <br />of time covered by the rental value insurance provided for in <br />Section 9 hereof. If either or both conditions shall not exist, <br />the proceeds received from the insurance provided for in Section <br />9 hereof shall be applied to the option to purchase price provided <br />for in Section 14 hereof. The rental shall be abated pro rata for <br />the period during which the damaged or destroyed portion of the <br />Project is unfit for its intended use. <br />Section 6. Net Lease. It is expressly understood and <br />agreed that this Lease shall be what is known as a net lease (i.e., <br />the rent being absolutely net to the Authority and that all other <br />expenses in connection with the Project of any nature whatsoever <br />shall be those of the Lessee) and that during the lease term the <br />Lessee shall be obligated to pay as its expenses without <br />reimbursement from the Authority all costs of taxes and <br />assessments, if any, and maintenance, operation and use in <br />connection with or relating to the Project, including but not <br />limited to all costs and expenses of all services, repair or <br />replacement of all parts of the Project or improvements of the <br />Project. <br />Section 7. Nonliability of Authority. The Authority <br />shall not be liable for damage caused by hidden defects or failure <br />to keep the Project in repair and shall not be liable for any <br />damage done or occasioned by or from plumbing, gas, water, or other <br />pipes or the bursting or leaking of plumbing or heating fixtures <br />in connection with said premises, nor for damage occasioned by <br />water, snow or ice. The Authority shall not be liable for any <br />injury to the Lessee or any sublessee of the Lessee or any other <br />person which injury occurs on, in or about the Project howsoever <br />arising. The Authority shall not be liable for damage to the <br />Lessee's property or to the property of any sublessee of the Lessee <br />or of any other person which may be located in, upon or about the <br />Project. <br />Section 8. Alterations. Lessee shall have the right, <br />without the consent of the Authority, to make all alterations, <br />modifications and additions and to do all improvements it deems <br />-4- <br />
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