Approving a Lease for the St Joseph/Wayne Parking Facility

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• Facility or proceeds of any condemnation of the Facility shall be paid to and held by Trustee and used to pay for reconstruction or replacement of the Facility in accordance with plans approved by Authority and Lessee, unless Lessee elects to exercise its option to purchase and such proceeds shall be sufficient to pay the option price. Section 11. Liability Insurance. The Lessee shall, at all times during the full term of this Lease, keep in effect, public liability and property damage insurance, insuring the Lessee and Authority in amounts customarily carried by similar facilities. Section 12.. General Insurance Provisions. All insurance policies required by Sections 9 and 11 shall be with good and responsible insurance companies acceptable to the Authority and Trustee, and shall be countersigned by an agent of the insurer who is a resident of the State of Indiana, and such policies, or copies thereof, together with a certificate of the insurance commissioner certifying that the persons countersigning such policies are duly qualified in the State of Indiana as resident agents of the insurers on whose behalf they may have signed, and the certificate of the architect or engineer referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the Lessee fails to maintain insurance in accordance with. Sections 9 and 11, such insurance may be obtained by the Authority, or may be obtained by Trustee, and the amount paid for such insurance shall be added to the amount of rental payable by the Lessee under this Lease; provided, however, that neither the Authority nor the Trustee shall be under any obligation to obtain such insurance, and any action or non-action of the Authority or Trustee in this regard shall not relieve the Lessee of any consequences of a default in failing to obtain such insurance, including the obligation to continue the rental payments in case of damage to or destruction of the Facility as provided in Section 4 hereof. Section 13 . General Covenants. It is understood and agreed that the Lessee, without the consent of the Authority, shall be permitted in its sole and absolute discretion to enter into separate subleases and other agreements (on any terms and conditions including but not limited to length of term the Lessee, in its sole discretion, deems appropriate) with respect to use of the Facility; provided, however, that the Lessee shall in no event assign or sublet the Facility if such assignment or sublease will result in the loss of the exclusion from gross income for federal tax purposes of interest on any obligation issued by the Authority to finance the Facility. The Authority hereby acknowledges the rights of parties as lessees and licensees of the Facility under the terms of agreements both prior to, as well as prospective from, execution of this Lease. The Authority hereby agrees that any sublessee will have quiet enjoyment of the premises subleased in the event of a default by Lessee hereunder, so long as those parties with whom the Lessee -6- •