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Approving a Lease for the Stanley Coveleski Regional Stadium
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Approving a Lease for the Stanley Coveleski Regional Stadium
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/9/1988
Ord-Res Number
7873-88
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required so long as the amount of such insurance shall be in an <br /> amount at least equal to the option to purchase price. Such <br /> appraisal may be based upon a recognized index of conversion <br /> factors. In no event shall the insurance be in an amount which <br /> causes the Lessee to be a co-insurer for the Facility. Such <br /> insurance may contain a provision for a deductible in an amount <br /> not exceeding $100,000. Lessee agrees to pay the deductible <br /> amount of any loss to the Authority. A blanket public <br /> institutional property insurance form may be used if: <br /> (a) the insurance on the Facility is not less than the <br /> amount required by this Section, <br /> (b) Lessee subordinates its claim for damage or destruction <br /> to other buildings to claims for damage or destruction <br /> of the Facility,o. and. <br /> (c) the insurance proceeds related to damage to or <br /> destruction of the Facility are payable to Trustee. <br /> During the full term of this Lease, the Lessee will also, at its <br /> own expense, maintain rental or rental value insurance in an <br /> amount at least equal to the full rental specified in Section 3 <br /> for a period of two (2) years against physical loss or damage of <br /> the type insured against pursuant to the preceding requirements <br /> of this Section. Such policies shall be for the benefit of and <br /> shall be made payable to the Trustee. <br /> Section 10. Use of Insurance and Condemnation Proceeds. <br /> Proceeds of insurance against damage to or destruction of the <br /> Facility or proceeds of any condemnation of the Facility shall be <br /> paid to and held by Trustee and used to pay for reconstruction or <br /> replacement of the Facility in accordance with plans approved by <br /> Authority and Lessee, unless Lessee elects to exercise its option <br /> to purchase and such proceeds shall be sufficient to pay the <br /> option price. <br /> Section 11. Liability Insurance. The Lessee shall, at all <br /> times during the full term of ,this Lease, keep in effect, public <br /> liability and property damage insurance, insuring the Lessee and <br /> the Authority in amounts customarily carried by similar <br /> facilities. <br /> Section 12. General Insurance Provisions. All insurance <br /> policies required by Sections 9 and 11 shall be with good and <br /> responsible insurance companies acceptable to the Authority and <br /> the Trustee, and shall be countersigned by an agent of the <br /> insurer who is a resident of the State of Indiana, and such <br /> policies, or copies thereof, together with a certificate of the <br /> insurance commissioner certifying that the persons countersigning <br /> such policies are duly qualified in the State of Indiana as <br /> resident agents of the insurers on whose behalf they may have <br /> signed, and the certificate of the architect or engineer referred <br /> -5- <br />
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