My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
sbend
>
Public
>
Redevelopment Commission
>
Resolutions
>
No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
10/18/2012 2:59:38 PM
Creation date
11/21/2011 2:55:14 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
17
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
Section 11. Liability Insurance. The Lessee shall, at <br />all times during the full term of this Lease, keep in effect, <br />public liability and property damage insurance, insuring the <br />Lessee, the Authority and the Trustee in amounts customarily <br />carried for similar properties. Such insurance may be provided <br />under the public liability self insurance program of the City of <br />South Bend. <br />Section 12. General Insurance Provisions. All insurance <br />policies required by Sections —9 and 11, other than insurance <br />provided under the public liability self insurance program of the <br />City of South Bend, shall be with insurance companies rated B+ or <br />better by A.M. Best Company (or a comparable rating service if A.M. <br />Best company ceases to exist or rate insurance companies) , and <br />shall be countersigned by an agent of the insurer who is a resident <br />of the State of Indiana, and such policies, or copies thereof, and <br />the certificate of the architect or engineer referred to in Section <br />9 shall be deposited with the Authority and the Trustee. If, at <br />any time, the Lessee fails to maintain insurance in accordance with <br />Sections 9 and 11, such insurance may be obtained by the Authority, <br />or may be obtained by the Trustee, and the amount paid for such <br />insurance shall be added to the amount of rental payable by the <br />Lessee under this Lease; provided, however, that neither the <br />Authority nor the Trustee shall be under any obligation to obtain <br />such insurance, and any action or non - action of the Authority or <br />Trustee in this regard shall not relieve the Lessee of any <br />consequences of a default in failing to obtain such insurance. <br />Section 13. General Covenants. The Lessee shall not assign <br />this Lease. The Lessee covenants that, except for Permitted <br />Encumbrances, it will not encumber the Project, or permit any <br />encumbrance to exist thereon, and that it shall use and maintain <br />the Project in accordance with the laws and ordinances of the <br />United States of America, the State of Indiana, and all other <br />proper governmental authorities. The Authority agrees that it <br />will, at the request of the Lessee, execute and deliver to or upon <br />the order of the Lessee such instrument or instruments as may be <br />reasonably required by the Lessee in order to subject the Project, <br />or the Authority's interest therein, to such encumbrances as shall <br />be specified in such request and as shall be permitted by the <br />provisions of this Section 13 or otherwise by the definition of <br />"Permitted Encumbrances ". <br />Section 14. Option to Purchase. The Authority hereby <br />grants Lessee the right and option, on any rental payment date, <br />upon thirty days' written notice to the Authority, to purchase the <br />Project at a price equal to the amount required to enable the <br />Authority to provide for the redemption of all outstanding Bonds, <br />all premiums payable on the redemption thereof, and accrued and <br />unpaid interest, and to pay the cost of redeeming the Bonds and <br />liquidating the Authority if it is to be liquidated. <br />
The URL can be used to link to this page
Your browser does not support the video tag.