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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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(c) the insurance proceeds related to damage to or <br />destruction of the Projects 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 for the Projects specified in <br />Section 4 for a period of two (2) years against physical loss or <br />damage of the type insured against pursuant to the preceding <br />requirements of this Section. Such policies shall be for the <br />benefit of and shall be 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 />Projects or proceeds of any condemnation of the Projects shall be <br />paid to and held by the Trustee and used to pay for reconstruction <br />or replacement of the Projects in accordance with plans approved <br />by the Authority and the Lessee, unless the Lessee elects to <br />exercise its option to purchase. <br />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 or sublet any part of the Projects herein described <br />without the prior written consent of the Authority; provided, <br />however, that the Lessee shall in no event assign this Lease or <br />-8- <br />\rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. <br />
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