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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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insurance may contain a provision for a deductible in an amount <br />not exceeding $100,000. Lessee agrees to pay the deductible <br />.amount of any,loss to the Authority. A blanket public <br />• institutionalproperty insurance form may be used if: <br />(a) the insurance on the Facility is not less than the <br />amount,.required by this Section, <br />(b) Lessee subordinates its claim for damage or destruction <br />to other buildings to claims for damage or destruction <br />of the Facility, and <br />(c) the insurance proceeds related to damage to or <br />destruction of the Facility are payable to the Trustee. <br />During the full term of this Lease, the Lessee will also, at its <br />own expense, maintain rental or rental value insurance in an <br />amount at least equal to the full rental specified in Section 3 <br />for a period of two-(2) years against physical loss or damage of <br />the type insured against pursuant to the preceding requirements <br />of this Section. Such policies shall be for the benefit of and <br />shall be made payable to the Trustee. <br />Section 10. Use of Insurance and Condemnation Proceeds. <br />Proceeds of insurance against damage to or destruction of the <br />Facility or proceeds of any condemnation of the Facility shall be <br />paid to and held by the Trustee and used to pay for <br />reconstruction or replacement of the Facility in accordance with <br />plans approved by Authority and the Lessee, unless the Lessee <br />• elects to exercise its option to purchase and such proceeds shall <br />be sufficient to pay the option price. <br />.Section 11. Liability Insurance. The Lessee shall, at all <br />times during the full term of this Lease, keep in effect, public <br />liability and property damage insurance, insuring the Lessee and <br />the Authority in amounts customarily carried by similar <br />facilities. <br />Section 12. General Insurance Provisions. All insurance <br />~ 9 _ .__.- - - . <br />- ~-~==. - - °- policies- required by Sections 9 and - 11 shall be with ood and _ - <br />responsible insurance companies acceptable to the Authority and <br />.__ . . <br />---- ---- the Trustee, and shall be countersigned. by an agent of-the --- -- <br />.insurer who is a resident of the State of Indiana, and such <br />policies, or copies thereof, together with a certificate of the <br />insurance commissioner certifying that the persons countersigning <br />such policies are duly qualified in the State of Indiana as <br />resident agents of the insurers on whose behalf they may have <br />signed, and the certificate of the architect or engineer referred <br />-. to in Section 9 shall be deposited with the Authority and the <br />Trustee. If, at any time, the Lessee fails to maintain insurance <br />in accordance with Sections 9 and ll, such insurance may be <br />obtained by the Authority, or may be obtained b.y the Trustee, and <br />the amount paid for such insurance shall be added to the amount <br />• -5- <br />
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