Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.

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under no`Obligation to) pay the same, provided that at least ten days prior written notice of the intent to make such payment is given to Lessee, and any amounts so advanced therefor by the Lessor or the Trustee shall become an addi- tional obligation of the Lessee to the one making the advance- ment, which amounts, together with interest thereon at the rate of six per cent (6%) per annum from the date thereof, the Lessee agrees to pay. Section 6.3. Insurance Required. During the Completion Period and throughout the Lease Term, the Lessee shall keep the Project continuously insured and pay, as the same become due, all premiums in respect to: (a) Insurance against loss or damage by fire and lightning with extended coverage endorsement, limited only as may be provided in the standard form of extended coverage endorsement at the time in use in Indiana, in the amount of at least eighty per cent (808) of the insurable actual cash value of the Project (with deduc- tible provisions not to exceed $100,000 in any one casualty), provided that such insurance need net be taken out until the installation or construction of the Project has commenced, or materials for such construc- tion or installation have been stored on the Leased Land. (b) Boiler explosion insurance on steam boilers, pressure vessels and pressure piping in an amount not less than Two Hundred Thousand Dollars ($200,000) (with deductible provisions not to exceed Fifty Thousand Dollars ($50,000)), provided that such insurance need not be taken out until the steam boilers, pressure vessels and pressure piping have been installed in the Project. (c) Insurance to the extent of One million Dollars ($1,000,000) per occurrence against liability for bodily injury, including death resulting therefrom, and damage to property including loss of use thereof, occurring on or in any way related to the Project or any part thereof. Section 6.4. Application of Net Proceeds of Insurance. The Net Proceeds of the insurance carried pursuant to the provisions of Section 6.3(a) and (b) hereof shall be received by the Lessee and shall then be paid and applied as provided in Section 7.1 hereof, and the Net Proceeds of insurance carried pursuant to the provisions of Section 6.3(c) hereof shall be applied toward extinguishment or satisfaction of the liability with respect to which such insurance proceeds have been paid. 2' 9 229 VI-3