1988-06-17 Resolution 7 - Laserfiche WebLink

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• insurance may contain a provision for a deductible in an amount not exceeding $100,000. 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 Facility is not less than the amount required by this Section, (b} Lessee subordinates its claim for damage or destruction to other buildings to claims for damage. or destruction of the Facility, and (c) the insurance proceeds related to damage to or destruction of the Facility are payable to the Trustee. During the full term. of this Lease, the Lessee-will also, at its own expense, maintain rental or rental value insurance in an amount at least equal to the full rental specified in Section 3 for a period of two (2) years against physical loss or damage of the type insured against pursuant to the preceding requirements of this Section.. Such policies shall be for the benefit of and shall be made payable to the Trustee. Section 10. Use of Insurance and Condemnation Proceeds.. Proceeds of insurance against damage to or destruction of the Facility or proceeds of any condemnation of the Facility shall be • paid to and held by the Trustee and used to pay for reconstruction or replacement of the Facility in accordance with plans approved by Authority and the Lessee, unless the 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 the 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 the 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 the Trustee, and ~- the amount paid for such insurance shall be added to the amount -5-.