Laserfiche WebLink
6 <br />insurance may be provided under the public liability self-insurance program of the City. <br />Additionally, notwithstanding anything in this Lease to the contrary, Lessee does not waive any <br />governmental immunity or liability limitations available to it under Indiana law. <br />The proceeds of the public liability insurance required herein (after payment of expenses <br />incurred in the collection of such proceeds) shall be applied toward extinguishment or satisfaction <br />of the liability with respect to which such insurance proceeds are paid. Such policies shall be for <br />the benefit of persons having an insurable interest in the Leased Premises, and shall be made <br />payable to the Lessor, the Lessee, and the Trustee and to such other person or persons as the Lessor <br />may designate. Such policies shall be countersigned by an agent of the insurer who is a resident <br />of the State of Indiana and deposited with the Lessor and the Trustee. If, at any time, the Lessee <br />fails to maintain insurance in accordance with this Section, such insurance may be obtained by the <br />Lessor and the amount paid therefor shall be added to the amount of rentals payable by the Lessee <br />under this Lease; provided, however, that the Lessor shall be under no obligation to obtain such <br />insurance and any action or non-action of the Lessor in this regard shall not relieve the Lessee of <br />any consequence of its default in failing to obtain such insurance. <br />The insurance policies described in this Section 6 may be acquired by another party and <br />shall satisfy this Section as long as the Lessor, the Lessee and the Trustee are named as additional <br />insureds under such policies. Such coverage may be provided by scheduling it under a blanket <br />insurance policy or policies. <br />7.Eminent Domain. If title to or the temporary use of the Leased Premises, or any <br />part thereof, shall be taken under the exercise or the power of eminent domain by any governmental <br />body or by any person, firm or corporation acting under governmental authority, any net proceeds <br />received from any award made in such eminent domain proceedings (after payment of expenses <br />incurred in such collection) shall be paid to and held by the Trustee under the Indenture. <br />Such proceeds shall be applied in one (1) or more of the following ways: <br />(a)The restoration of the Leased Premises to substantially the same condition as it <br />existed prior to the exercise of that power of eminent domain, or <br />(b)The acquisition, by construction or otherwise, of other improvements suitable for <br />the Lessee’s operations on the Leased Premises and which are in furtherance of the <br />purposes of the Act and the Plan (the improvements shall be deemed a part of the <br />Leased Premises and available for use and occupancy by the Lessee without the <br />payment of any rent other than as herein provided, to the same extent as if such <br />other improvements were specifically described herein and demised hereby). <br />Within ninety (90) days from the date of entry of a final order in any eminent domain <br />proceedings granting condemnation, the Lessee shall direct the Lessor and the Trustee in writing <br />as to which of the ways specified in this Section the Lessee elects to have the net proceeds of the <br />condemnation award applied. Any balance of the net proceeds of the award in such eminent <br />domain proceedings not required to be applied for the purposes specified in subsections (a) or (b) <br />above shall be deposited in the sinking fund held by the Trustee under the Indenture and applied <br />to the repayment of the Bonds.