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1994-06-28 Resolution 95
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1994-06-28 Resolution 95
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7/23/2008 5:50:44 PM
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on or before the first day of April of each year <br />. thereafter; provided that such certification shall not <br />be required so long as the amount of such insurance <br />shall be in an amount at least equal to the .option to <br />purchase price. Such appraisal may be based upon a <br />recognized index of conversion factors. In no event <br />shall the insurance be in an amount which causes the. <br />Lessee to be a co-insurer for the Project. Such <br />insurance may contain a provision for a deductible in <br />an amount not exceeding $25,000. Lessee agrees to pay <br />the deductible amount of any loss to the Authority. A <br />blanket public institutional property insurance form <br />may be used if: <br />(a) the insurance on the Project is not less than the <br />amount required by this Section, <br />(b) the Lessee subordinates its claim for damage or <br />destruction to other buildings or improvements to <br />claims for damage or destruction of the Project, and <br />(c) the insurance proceeds related to damage to or <br />destruction of the Project are payable to the Trustee. <br />During the full term of this Lease, the Lessee will <br />also, at its own expense, maintain rental or rental <br />value insurance in an amount at least equal to the full <br />• rental specified in Section 4 for the Century Center. <br />Portion and the Hall of Fame Portion for a period of <br />two (2) years against physical loss or damage of the <br />type insured against pursuant to the preceding <br />requirements of this Section. Such policies shall be <br />for the benefit of and shall be made payable to the <br />Trustee. <br />6. Section 10 of the Lease is amended to read as <br />follows: <br />Section 10. Use of Insurance and Condemnation <br />Proceeds. Subject to the requirements of the Credit <br />Facility Agreement (with respect to the Hall of Fame <br />Bonds), proceeds of insurance against damage to or <br />destruction of the Project or any portion thereof or <br />proceeds of any condemnation of the Project or any <br />portion thereof shall be paid to and held by the <br />Trustee and used to pay for reconstruction or <br />replacement of the Project in accordance with plans <br />approved by the Authority and the Lessee, unless the <br />Lessee elects to exercise its option to purchase. Any <br />such proceeds of insurance shall be segregated and held <br />by the Trustee in separate accounts for the Hall of <br />Fame Bonds and Century Center Bonds in the same <br /> <br />
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