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9853-08 Approving the second addendum to lease for certain additional public improvements between SB Redev Authority and SB Redev Comm
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9853-08 Approving the second addendum to lease for certain additional public improvements between SB Redev Authority and SB Redev Comm
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Last modified
9/24/2009 3:34:02 PM
Creation date
7/8/2008 4:32:05 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/2008
Ord-Res Number
9853-08
Bill Number
37-08
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(b) the Lessee subordinates its claim for damage or destruction to <br />other buildings or improvements to claims for damage or destruction of the 2008 Project, <br />and <br />(c) the insurance proceeds related to damage to or destruction of the <br />2008 Project are payable to the Trustee. <br />During the full 2008 Term, the Lessee will also, at its own expense, maintain rental or rental <br />value insurance in an amount at least equal to the full rental specified in Section 4 for a period of <br />two (2) years against physical loss or damage of the type insured against pursuant to the <br />preceding requirements of this Section. Such policies shall be for the benefit of and shall be <br />made payable to the Trustee. <br />Section 10. Use of Insurance and Condemnation Proceeds. Proceeds of insurance <br />against damage to or destruction of the 2008 Project or proceeds of any condemnation of the <br />2008 Project shall be paid to and held by the Trustee and used to pay for reconstruction or <br />replacement of the 2008 Project in accordance with plans approved by the Authority and the <br />Lessee, unless the Lessee elects to exercise its option to purchase. <br />Section 11. Liability Insurance. The Lessee shall, at all times during the full <br />2008 Term, keep in effect, public liability and property damage insurance, insuring the Lessee, <br />the Authority and the Trustee in amounts customarily carried for similar properties. Such <br />insurance may be provided under the public liability self-insurance program of the City of South <br />Bend. <br />Section 12. General Insurance Provisions. All insurance policies required by <br />Sections 9 and 11, shall be with insurance companies rated B+ or better by A.M. Best Company <br />(or a comparable rating service if A.M. Best company ceases to exist or rate insurance <br />companies), and shall be countersigned by an agent of the insurer who is a resident of the State <br />of Indiana, and such policies, or copies thereof, and the certificate of the architect or engineer <br />referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the <br />Lessee fails to maintain insurance in accordance with Sections 9 and 11, such insurance may be <br />obtained by the Authority, or may be obtained by the Trustee, and the amount paid for such <br />insurance shall be added to the amount of rental payable by the Lessee under this Second <br />Addendum to Lease; provided, however, that neither the Authority nor the Trustee shall be under <br />any obligation to obtain such insurance, and any action or non-action of the Authority or Trustee <br />in this regard shall not relieve the Lessee of any consequences of a default in failing to obtain <br />such insurance. <br />Section 13. General Covenants. The Lessee shall not assign this Second <br />Addendum to Lease. The Lessee covenants that, except for Permitted Encumbrances, it will not <br />encumber the 2008 Project, or permit any encumbrance to exist thereon, and that it shall use and <br />maintain the 2008 Project in accordance with the laws and ordinances of the United States of <br />America, the State of Indiana, and all other proper governmental authorities. The Authority <br />agrees that it will, at the request of the Lessee, execute and deliver to or upon the order of the <br />Lessee such instrument or instruments as may be reasonably required by the Lessee in order to <br />subject the 2008 Project, or the Authority's interest therein, to such encumbrances as shall be <br />BDDBOI 5233044v3 - 5 - <br />
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