1990-12-21 Resolution 28 - Laserfiche WebLink

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.~ f i (c) the insurance proceeds related to damage to or destruction of the Projects 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 for the Projects specified in Section 4 for a period of two {2) yearn 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 Projects or proceeds of any condemnation of the Projects shall be paid to and held by the Trustee and used to pay for reconstruction or replacement of the Projects in accordance with plans approved by the Authority and the Lessee, unless the Lessee elects to exercise its option to purchase. 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, the Authority and the Trustee in amounts customarily carried for similar properties. Such :insurance may be provided under the public liability self insurance program of the City of South Bend. Section 12. .General Insurance Provisions. All insurance policies required by Sections 9 and il, other than insurance provided under the public liability self insurance program of .the City of South Bend, shall be with insurance companies rated B+ or better by A.M. Best Company (or a comparable rating service if A.M. Best company ceases to exist or rate insurance companies)., .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, 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 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. .Section 13. General Covenants. The Lessee shall not assign this Lease or sublet any part of the Projects herein described without the :prior written. consent of the Authority;. provided, however, that the Lessee shall in no event assign this Lease or -8- \rlhill\sthbnd\airport\general\lease.amd;tmg;12-21-90;9:OOs.m.