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Approving and Authorizing lease for renovation and equipping of the former O'Brien School
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Approving and Authorizing lease for renovation and equipping of the former O'Brien School
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Last modified
5/19/2009 3:44:00 PM
Creation date
4/28/2009 8:50:32 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/9/1999
Ord-Res Number
9023-99
Bill Number
58-99
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leased property to Lessor in as good condition as at the beginning of the term, reasonable wear and <br />tear only excepted. Equipment or other personal property which becomes worn out or obsolete may <br />be discarded or sold by Lessee. Lessee need not replace such personal property, but may replace <br />such property at its own expense, which replacement property shall belong to Lessee. The proceeds <br />of the sale of any personal property shall be paid to the above-mentioned Trustee. Lessee may trade <br />in any obsolete or worn out personal property or replacement property which will belong to Lessee <br />upon payment to the Trustee of an amount equal to the trade-in value of such property. <br />6. Insurance. Lessee, at its own expense, will, during the full term of the Lease, <br />keep the Project insured against physical loss or damage, however caused, with such exceptions as <br />are ordinarily required by insurers of buildings or facilities of a similar type, with good and <br />responsible insurance companies, subject to the approval of Lessor. Such insurance shall be in an <br />amount at least equal to the greater of (i) the option to purchase price or (i) one hundred percent <br />(100%) of the full replacement cost of the Project as certified by a registered architect, registered <br />engineer, or professional appraisal engineer, selected by the Lessor, on the effective date of this <br />Lease, and on or before the first day of the anniversary date of this Lease of each year thereafter, <br />provided that such certification shall not be required so long as the amount of such insurance shall <br />be in an amount at least equal to the option to purchase price. Such appraisal may be based upon <br />a recognized index of conversion factors. The Lessee will, at all times during the full term of this <br />Lease, keep in effect, public liability and property damage insurance, insuring the Lessee, the Lessor, <br />and the Trustee in amounts customarily carried for similar properties. Such public liability and <br />property damage insurance may be provided under the public liability self-insurance program of <br />Lessee. During the full term of this Lease, Lessee will also, at its own expense, maintain rent or <br />:ODMA\PCDOCS\SBDOCSI\41920\1 -5- <br />
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