No. 0855 approving the Stanley Coveleski Regional Stadium operating agreement with the Board of Park Commissioners of the park district of the City of South Bend

Home Browse Search

dium of wires, pipes, conduits, tubes and other equipment and ap- pliances for use in supplying any such service to and in the Stadium. During the term of this Operating Agreement, all utility services as described herein shall be maintained solely in the name of the Park Ask Board or the City of South Bend, Park Department, and no other individual or entity. ARTICLE IV INSURANCE Section 4.01. Physical Loss or Damage and Rental Value In- surance. The Park Board, at its own expense, will, during the, full term of this Operating Agreement, keep the Stadium insured against physical loss or damage, however caused, with such exceptions are are ordinarily required by insurers of buildings or facilities of a similar type, with good and responsible insurance companies accep- table to the Commission. Such insurance shall be in an amount at least equal to the greater of (i) the option to purchase price pur- suant to Section 14 of the Lease or (ii) one hundred percent (100 %) of the full replacement cost of the Stadium certified by a registered architect, a registered engineer, or professional appraisal engineer, selected by the Authority pursuant to said section of the Lease, on the effective date of the Lease and on or before the 1st day of April of each year thereafter; provided that such certification shall not be required so long as the amount of such insurance shall be in an -5- Mll amount at least equal to said option to purchase price. Such ap- co praisal may be based upon a recognized index of conversion factors. -5- Mll