1993-12-02 Resolution 86 - Laserfiche WebLink

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(b) the Lessee subordinates its claim for damage or destruction to other buildings or improvements to claims for damage or destruction of the Project, and (c) the insurance proceeds related to .damage to or destruction of the Project 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 4 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. Project or proceeds of any condemnation of the Project shall be paid to and held by the Trustee and used to pay for reconstruction or replacement of the Project in accordance with plans approved by the Authority and the Lessee:, unless the Lessee elects to exercise its option to purchase.. Section 11. Liability In all times during the full term public liability and property • Lessee, the Authority and the carried for similar properties. under the public. liability self South Bend. surance. The Lessee shall, at of this Lease, keep in effect, damage insurance, insuring the Trustee in amounts customarily Such insurance may be provided insurance program of the City of Section 12. General Insurance Provisions. All insurance policies required by Sections 9 and 11, 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. -7-