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No. 0898 approving proposed lease between the SBRA and the SBRC for certain land/public improvements, approving plans, specifications, cost estimates for project, setting a public hearing on proposed lease, authorizing publication of public hearing
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No. 0898 approving proposed lease between the SBRA and the SBRC for certain land/public improvements, approving plans, specifications, cost estimates for project, setting a public hearing on proposed lease, authorizing publication of public hearing
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10/18/2012 3:19:25 PM
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Section 6. Net Lease. It is expressly understood and <br />agreed that this Lease shall be what is known as a net lease (i.e., <br />the rent being absolutely net to the Authority and that all other <br />expenses in connection with the Project of any nature whatsoever <br />shall be those of the Lessee) and that during the lease term the <br />Lessees 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 of 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 8. Alterations. Lessee shall have the right, <br />CW 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 conversation factors. In no event shall the insurance be in <br />-5- <br />
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