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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
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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
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In no event shall the insurance be in an amount which causes the Park <br />Board to be a co- insurer for the Stadium. Such insurance may contain <br />a provision for a deductible in an amount not exceeding One Hundred <br />Thousand Dollars ($100,000.00). The Park Board agrees to pay the <br />deductible amount of any loss to the Authority. A blanket public <br />institutional property insurance form may be used if: (a) the in- <br />surance on the Stadium is not less than the amount required by this <br />Section; (b) the Park Board subordinates its claim for damage or <br />destruction to other buildings to claims for damage or destruction of <br />the Stadium; and (c) the insurance proceeds related to damage to or <br />destruction of the Stadium are payable to First Interstate Bank of <br />Northern Indiana, N.A., Trustee, pursuant to the terms of the Trust <br />Agreement between the Authority and said bank dated as of June 1, <br />1988 (the "Trustee "). <br />During the full term of this Operating Agreement, the Park Board <br />will also, at its own expense, maintain rental or rental value in- <br />surance on behalf of the Commission in an amount at least equal to <br />the full rental specified in Section 3 of the Lease 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 />policy shall be for the benefit of and shall be made payable to the <br />Trustee. <br />Section 4.02. Public Liability and Property Damage. The Park <br />Board shall at all times during the term of this Operating Agreement <br />keep in full force and effect public liability and property damage <br />I Co insurance in amounts not less than those customarily maintained by <br />I <br />MM <br />
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