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

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• • .2(9 230 Section 6.5. Additional Provisions Respecting Insurance. �® All insurance required byction 6. Se3 hereof shall be taken out and maintained in generally recognized responsible insurance companies selected by the Lessee. All policies covering loss or damage tc the Building and the Leased Equip- �ment shall provide for payment to the Lessor, the Lessee and ,the Trustee, as their respective interests may appear; and ,Gfie policies required by Section 6.3(a) and 6.3(b) shall contain standard mortgagee clauses requiring that all Net Pioceeds resulting from any claim in excess of $100,000 for loss,or damage covered thereby be paid to the Trustee; provided, however, that all claims, regardless of amount, may bejadjusted by the Lessee with the insurers, subject to approval!of the Trustee or Lessor to the extent that their interests may appear as to any settlement of any claim in excess of,0$100,000. The policies required by Section 6.3(c) shall include the Lessor as an insured. A certificate, or certificates, of the insurers that the insurance required by Section 6.3(a), 6.3(b) and 6.3(c) is in force and effect shall be deposited with the Trustee, and prior to the expiration of any such policy, the Lessee shall furnish the Trustee with evidence satisfactory to the Trustee that the policy has been renewed or replaced, or is no longer required by this Lease. The insurance herein required may be contained in blanket poii�cies now or here- after maintained by the Lessee. section 6.6. Advances b Lessor or.Trustee. In the event the Lessee sha ail to maintain the full insurance coverage required by this Lease, or shall . fail to keep the. Project in as -reasonably safe condition as its operating condition will permit, or shall fail to keep the Building and the Leased Equipment in good repair and good operating condition, the Lessor or the Trustee may (but shall be under no obligation to) take out the required policies of insurance and pay the premiums on the same or make the required repairs, renewals and replacements; and all amounts..sc 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 (66) per annum from the date thereof, the Lessee agrees to pay. Section 6.7. Workmen's Compensation Coverage. During the Completion Period and throughouL t the ease Term, the Lessee shall self insure, maintain, or cause to be maintained, in connection with the Project, the Workmen's Compensation protection required by the Laws of the State; of Indiana. VI-4