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Setting a Public Hearing on a Lease for the Construction and Equipping of a Fire Stattion, a Fire Safety Traning Facility
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Setting a Public Hearing on a Lease for the Construction and Equipping of a Fire Stattion, a Fire Safety Traning Facility
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4/16/2013 1:37:29 PM
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4/16/2013 1:36:45 PM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
4/8/2013
Ord-Res Number
4253-13
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5. Alteration and Repairs. The Lessee assumes all responsibility for <br />repairs and alterations to the Projects. No alterations shall be made by Lessee without first <br />obtaining the written consent of Lessor. Subject to Paragraph 11, at the end of the term, Lessee <br />shall deliver the leased property to Lessor in as good condition as at the beginning of the term, <br />reasonable wear and tear only excepted. Equipment or other personal property which becomes <br />worn out or obsolete may be discarded or sold by Lessee. Lessee need not replace such personal <br />property, but may replace such property at its own expense, which replacement property shall <br />belong to Lessee. The proceeds of the sale of any personal property.shall be paid to the above- <br />mentioned Trustee. Lessee may trade in any obsolete or worn out personal property or <br />replacement property which will belong to Lessee upon payment to the Trustee of an amount <br />equal to the trade -in value of such property. <br />6. Insurance. Lessee, at its own expense, will, during the full term of the <br />Lease, keep the Projects insured against physical loss or damage, however caused, with such <br />exceptions as are ordinarily required by insurers of buildings or facilities of a similar type, with <br />good and responsible insurance companies, subject to the approval of Lessor. Such insurance <br />shall be in an amount at least equal to the greater of (i) the option to purchase price or (i) one <br />hundred percent (100 %) of the full replacement cost of the Projects as certified by a registered <br />architect, registered engineer, or professional appraisal engineer, selected by the Lessor, on the <br />effective date of this Lease, and on or before the first day of the anniversary date of this Lease of <br />each year thereafter, provided that such certification shall not be required so long as the amount <br />of such insurance shall be in an amount at least equal to the option to purchase price. Such <br />appraisal may be based upon a recognized index of conversion factors. The Lessee will, at all <br />times during the full term of this Lease, keep in effect, public liability and property damage <br />-5- <br />DMS_US 51840010x2 <br />
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