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06-23-08 Council Meeting Agenda & Packet
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06-23-08 Council Meeting Agenda & Packet
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9/12/2012 10:52:02 AM
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6/19/2008 3:11:40 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
6/23/2008
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the period during which the damaged or destroyed portion of the 2008 Project is unfit for its <br />intended use. <br />Section 6. Net Lease. It is expressly understood and agreed that this Second <br />Addendum to Lease shall be what is known as a net lease (i.e., the rent being absolutely net to <br />the Authority and that all other expenses in connection with the 2008 Project of any nature <br />whatsoever shall be those of the Lessee) and that during the lease term the Lessee shall be <br />obligated to pay as its expenses without reimbursement from the Authority all costs of taxes and <br />assessments, if any, and maintenance, operation and use in connection with or relating to the <br />2008 Project, including but not limited to all costs and expenses of all services, repair or <br />replacement of all parts of the 2008 Project or improvements of the 2008 Project. <br />Section 7. Nonliability of Authority. The Authority shall not be liable for <br />damage caused by hidden defects or failure to keep the 2008 Project in repair and shall not be <br />liable for any damage done or occasioned by or from plumbing, gas, water, or other pipes or the <br />bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for <br />damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the <br />Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the <br />2008 Project howsoever arising. The Authority shall not be liable for damage to the Lessee's <br />property or to the property of any sublessee of the Lessee or of any other person which may be <br />located in, upon or about the 2008 Project. <br />Section 8. Alterations. Lessee shall have the right, without the consent of the <br />Authority, to make all alterations, modifications and additions and to do all improvements it <br />deems necessary or desirable to the 2008 Project, which do not reduce the rental value of the <br />2008 Project. <br />Section 9. Insurance. The Lessee, at its own expense, will, during the full 2008 <br />Term, keep the 2008 Project insured against physical loss or damage, however caused, with such <br />exceptions as are ordinarily required by insurers of properties of a similar type, in good and <br />responsible insurance companies acceptable to the Authority. Such insurance shall be in an <br />amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred percent <br />(100 %) of the full replacement cost of such 2008 Project as certified by a registered architect, a <br />registered engineer, or professional appraisal engineer, selected by the Authority with the <br />approval of the Trustee, on the effective date of this'Second Addendum to Lease and on or <br />before the first day of April of each year thereafter; provided that such certification shall not be <br />required so long as the amount of such insurance shall be in an amount at least equal to the <br />option to purchase price. Such appraisal may be based upon a recognized index of conversion <br />factors. In no event shall the insurance be in an amount which causes the Lessee to be a <br />co- insurer for the 2008 Project. Such insurance may contain a provision for a deductible in an <br />amount not exceeding $25,000. Lessee agrees to pay the deductible amount of any loss to the <br />Authority. A blanket public institutional property insurance form may be used if: <br />(a) the insurance on the 2008 Project is not less than the amount <br />required by this Section, <br />BDDBOI 523304v2 - 4 - <br />
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