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property or to the property of any sub- lessee of the Sub- lessee or of <br />any person which may be located in, upon, or about the premises. <br />Section 7. Alterations. Sub- lessee shall have the right, with <br />the consent of the Commission, to make or cause to be made all <br />alterations, modifications, and additions and to do all improvements <br />it deems necessary or desirable to the premises, which do not reduce <br />the value of the premises. <br />Section 8. Insurance. The Sub - lessee, at its own expense, will <br />during the full term of the Sub- Lease, keep the premises insured <br />against physical loss or damage, however caused, with such exceptions <br />as are ordinarily required by insurers,of properties of a similar <br />type, in good and responsible insurance companies acceptable to the <br />Commission. Such insurance shall be in an amount at least equal to <br />One Hundred <br />percent (1000) of the full replacement cost of such <br />premises as certified by a registered architect, a registered <br />engineer, or professional appraisal engineer selected by the <br />Commission on the effective date of this Sub -Lease and on or before <br />the 1st day of January of each year thereafter: Provided, however, <br />that such certification shall not be required so long as the amount <br />of insurance shall be in an amount at least equal to that amount <br />specified by the Commission at the time of the execution of this <br />Sub -Lease and every January 1st thereafter during the term of this <br />Sub - Lease. Such appraisal may be based upon a recognized index of <br />conversion factors. In no event shall the insurance be in an amount <br />which causes the Sub - lessee to be a co- insurer for the project. Such <br />insurance may contain a provision for a deductible in an amount not <br />exceeding $25,000.00. Sub- lessee agrees to pay the deductible amount <br />of any loss to the Commission. A blanket public institutional <br />property insurance form 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 Sub- lessee subordinates its claim for damage or <br />destruction to other buildings or improvements to claims for damage <br />or destruction of the premises, and <br />(c) The insurance proceeds related to the damage or <br />g destruction <br />