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No. 0924 reducing the annual rental on the lease for the SBCDA public improvement project and approving the execution of an addendum to the lease
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No. 0924 reducing the annual rental on the lease for the SBCDA public improvement project and approving the execution of an addendum to the lease
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10/18/2012 3:12:59 PM
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Lessee shall be obligated to pay as its expenses without <br />reimbursement from the Authority all costs of taxes and assessments, <br />if any, and maintenance, operation and use in connection with or <br />relating to the Project, including but not limited to all costs and <br />expenses of all services, repair or replacement of all parts of the <br />Project or improvements of the Project. <br />Section 7. Nonliability of Authority. The Authority shall <br />not be liable for damage caused by hidden defects or failure to keep <br />the Project in repair and shall not be liable for any damage done or <br />occasioned by or from plumbing, gas, water, or other pipes or the <br />bursting or leaking of plumbing or heating fixtures in connection <br />with said premises, nor for damage occasioned by water, snow or ice. <br />The Authority shall not be liable for any injury to the Lessee or any <br />sublessee of the Lessee or any other person which injury occurs on, <br />in or about the Project howsoever arising. The Authority shall not <br />be liable for damage to the Lessee's property or to the property of <br />any sublessee of the Lessee or of any other person which may be <br />located in, upon or about the Project. <br />Section B. 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 Project, which do not reduce the rental <br />value of the Project. <br />Section 9. Insurance. The Lessee, at its own expense, will, <br />during the full term of the Lease, keep the Project insured against <br />physical loss or damage, however caused, with such exceptions as are <br />ordinarily required by insurers of properties of a similar type, in <br />good and responsible insurance companies acceptable to the <br />Authority. Such insurance shall be in an amount at least equal to <br />the greater of (i) the option to purchase price or (ii) one hundred <br />percent (100 %) of the full replacement cost of such Project as <br />certified by a registered architect, a registered engineer, or <br />professional appraisal engineer, selected by the Authority with the <br />approval of the Trustee, on the effective date of this Lease and on <br />or before the first day of April of each year thereafter; provided <br />that such certification shall not be required so long as the amount <br />of such insurance shall be in an amount at least equal to the option <br />to purchase price. Such appraisal may be based upon a recognized <br />index of conversion factors. In no event shall the insurance be in <br />an amount which causes the Lessee to be a co- insurer for the <br />Project. Such insurance may contain a provision for a deductible in <br />an amount not exceeding $25,000. Lessee agrees to pay the deductible <br />amount of any loss to the Authority. 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 />-5- <br />
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