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No. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement project
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No. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement project
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10/18/2012 3:05:32 PM
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Section 7. Nonliability of Authority. The Authority <br />shall not be liable for damage caused by hidden defects or failure <br />to keep the Projects 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 Projects 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 />Projects. <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 />necessary or desirable to the Projects, which do not reduce the <br />rental value of the Projects. <br />Section 9. Insurance. The Lessee, at its own expense, <br />will, during the full term of the Lease, keep the Projects 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 Projects 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 Projects. Such insurance may contain <br />a 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 Projects 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 Projects, and <br />-7- <br />\rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. <br />
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