2008-07-02 Resolution 170 - Laserfiche WebLink

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the period during which the damaged or destroyed portion of the 2008 Project is unfit for its intended use. Section 6. Net Lease. It is expressly understood and agreed that this Second Addendum to Lease shall be what is known as a net lease (i_e., the rent being absolutely net to the Authority and that all other expenses in connection with the 2008 Project of any nature whatsoever shall be those of the Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses without reimbursement from the Authority all costs of taxes and assessments, if any, and maintenance, operation and use in connection with or relating to the 2008 Project, including but not limited to all costs and expenses of all services, repair or replacement of all parts of the 2008 Project or improvements of the 2008 Project. Section 7. Nonliability of Authority. The Authority shall not be liable for damage caused by hidden defects or failure to keep the 2008 Project in repair and shall not be liable for any damage done or occasioned by or from plumbing, gas, water, or other pipes or the bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the 2008 Project howsoever arising. The Authority shall not be liable for damage to the Lessee's property or to the property of any sublessee of the Lessee or of any other person which may be located in, upon or about the 2008 Project. Section 8. Alterations. Lessee shall have the right, without the consent of the Authority, to make all alterations, modifications and additions and to do all improvements it deems necessary or desirable to the 2008 Project, which do not reduce the .rental value of the 2008 Project. Section 9. Insurance. The Lessee, at its own expense, will, during the full 2008 Term, keep the 2008 Project insured against physical loss or damage, however caused, with such exceptions as are ordinarily- required by insurers of properties of a similar type, in good and responsible insurance companies acceptable to the Authority. Such insurance shall be in an amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred percent (100%) of the full replacement cost of such 2008 Project as certified by a registered architect, a registered engineer, or professional appraisal engineer, selected by the Authority with the approval of the Trustee, on the effective date of this Second Addendum to Lease and on or before the first day of April of each year thereafter; provided that such certification shall not be required so long as the amount of such insurance shall be in an amount at least equal to the option to purchase price. Such appraisal may be based upon a recognized index of conversion factors. In no event shall the insurance be in an amount which causes the Lessee to be a co-insurer for the 2008 Project. Such insurance may contain a provision for a deductible in an amount not exceeding $25,000. Lessee agrees to pay the deductible amount of any loss to the Authority. A blanket public institutional property insurance form may be used if: (a) the insurance on the 2008 Project is not less than the amount required by this Section, • BDDBOI 5233044v3 - 4 -