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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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(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 Project, and <br />(c) the insurance proceeds related to damage to or <br />destruction of the Project are payable to the Trustee. <br />During the full term of this Lease, the Lessee will also, at its own <br />expense, maintain rental or rental value insurance in an amount at <br />least equal to the full rental specified in Section 4 for a period of <br />two (2) years against physical loss or damage of the type insured <br />against pursuant to the preceding requirements of this Section. Such <br />policies shall be for the benefit of and shall be made payable to the <br />Trustee. <br />Section 10. Use of Insurance and Condemnation Proceeds. <br />Proceeds of insurance against damage to or destruction of the Project <br />or proceeds of any condemnation of the Project shall be paid to and <br />held by the Trustee and used to pay for reconstruction or replacement <br />of the Project in accordance with plans approved by the Authority and <br />the Lessee, unless the Lessee elects to exercise its option to <br />purchase. <br />Section <br />11. Liability Insurance. The Lessee shall, <br />at all <br />ff� <br />times during <br />the full term of <br />this Lease, keep in effect, <br />public <br />liability and <br />property damage <br />insurance, insuring the Lessee, <br />the <br />Authority and <br />the Trustee in amounts customarily carried for <br />similar <br />properties. <br />Such insurance <br />may be provided under the <br />public <br />liability self <br />insurance program <br />of the City of South Bend. <br />Section 12. General Insurance Provisions. All insurance <br />policies required by Sections 9 and 11, other than insurance provided <br />under the public liability self insurance program of the City of <br />South Bend, shall be with insurance companies rated B+ or better by <br />A.M. Best Company (or a comparable rating service if A.M. Best <br />company ceases to exist or rate insurance companies), and shall be <br />countersigned by an agent of the insurer who is a resident of the <br />State of Indiana, and such policies, or copies thereof, and the <br />certificate of the architect or engineer referred to in Section 9 <br />shall be deposited with the Authority and the Trustee. If, at any <br />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 />
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