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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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necessary or desirable to the Project, which do not reduce the <br />rental value of the Project. <br />Section 9. Insurance. The Lessee, at its own expense, <br />will, during the full term of the Lease, keep the Project insured <br />against physical loss or damage, however caused, with such <br />exceptions as are ordinarily required by insurers of properties of <br />a similar type, in good and responsible insurance companies <br />acceptable to the Authority. Such insurance shall be in an amount <br />at least equal to the greater of (i) the option to purchase price <br />or (ii) one hundred percent (100 %) of the full replacement cost of <br />such Project as certified by a registered architect, a registered <br />engineer, or professional appraisal engineer, selected by the <br />Authority with the approval of the Trustee, on the effective date <br />of this Lease and on or before the first day of April of each year <br />thereafter; provided that such certification shall not be required <br />so long as the amount of such insurance shall be in an amount at <br />least equal to the option to purchase price. Such appraisal may <br />be based upon a recognized index of conversion factors. In no <br />event shall the insurance be in an amount which causes the Lessee <br />to be a co- insurer for the Project. Such insurance may contain a <br />provision for a deductible in an amount not exceeding $25,000. <br />Lessee agrees to pay the deductible amount of any loss to the <br />Authority. A blanket public institutional property insurance form <br />may be used if: <br />(a) the insurance on the Project is not less than the amount <br />required by this Section, <br />(b) the Lessee subordinates its claim for damage or <br />destruction to other buildings or improvements to claims <br />for damage or destruction of the Project, and <br />(c) the insurance proceeds related to damage to or <br />destruction of the Project are payable to the Trustee. <br />During the full term of this Lease, the Lessee will also, at its <br />own expense, maintain rental or rental value insurance in an amount <br />at least equal to the full rental specified in Section 4 for a <br />period of two (2) years against physical loss or damage of the type <br />insured against pursuant to the preceding requirements of this <br />Section. Such policies shall be for the benefit of and shall be <br />made payable to the Trustee. <br />Section 10. Use of Insurance and Condemnation Proceeds. <br />Proceeds of insurance against damage to or destruction of the <br />Project or proceeds of any condemnation of the Project shall be <br />paid to and held by the Trustee and used to pay for reconstruction <br />or replacement of the Project in accordance with plans approved by <br />the Authority and the Lessee, unless the Lessee elects to exercise <br />its option to purchase. <br />-5- <br />
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