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No. 2454 approving a proposed Lease with the South Bend Redevelopment Authorityfor certain land and public improvements, approving preliminary plans, specifications and cost estimates, setting a public hearing on the proposed Lease (Century Center)
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No. 2454 approving a proposed Lease with the South Bend Redevelopment Authorityfor certain land and public improvements, approving preliminary plans, specifications and cost estimates, setting a public hearing on the proposed Lease (Century Center)
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the period during which the damaged or destroyed portion of the 2008 Project is unfit for its <br />intended use. <br />Section 6. Net Lease. It is expressly understood and agreed that this Lease shall <br />be what is known as a net lease (i.e., the rent being absolutely net to the Authority and that all <br />other expenses in connection with the 2008 Project of any nature whatsoever shall be those of the <br />Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses <br />without reimbursement from the Authority all costs of taxes and assessments, if any, and <br />maintenance, operation and use in connection with or relating to the 2008 Project, including but <br />not limited to all costs and expenses of all services, repair or replacement of all parts of the 2008 <br />Project or improvements of the 2008 Project. <br />Section 7. Nonliability of Authority. The Authority shall not be liable for <br />damage caused by hidden defects or failure to keep the 2008 Project in repair and shall not be <br />liable for any damage done or occasioned by or from plumbing, gas, water, or other pipes or the <br />bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for <br />damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the <br />Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the <br />2008 Project howsoever arising. The Authority shall not be liable for damage to the Lessee's <br />property or to the property of any sublessee of the Lessee or of any other person which may be <br />located in, upon or about the 2008 Project. <br />Section 8. Alterations. Lessee shall have the right, without the consent of the <br />Authority, to make all alterations, modifications and additions and to do all improvements it <br />deems necessary or desirable to the 2008 Project, which do not reduce the rental value of the <br />2008 Project. <br />Section 9. Insurance. The Lessee, at its own expense, will, during the full term of <br />the Lease, keep the 2008 Project insured against physical loss or damage, however caused, with <br />such exceptions as are ordinarily required by insurers of properties of a similar type, in good and <br />responsible insurance companies acceptable to the Authority. Such insurance shall be in an <br />amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred percent <br />(100%) of the full replacement cost of such 2008 Project as certified by a registered architect, a <br />registered engineer, or professional appraisal engineer, selected by the Authority with the <br />approval of the Trustee, on the effective date of this Lease and on or before the first day of April <br />of each year thereafter; provided that such certification shall not be required so long as the <br />amount of such insurance shall be in an amount at least equal to the option to purchase price. <br />Such appraisal may be based upon a recognized index of conversion factors. In no event shall <br />the insurance be in an amount which causes the Lessee to be a co-insurer for the 2008 Project. <br />Such insurance may contain a provision for a deductible in an amount not exceeding $25,000. <br />Lessee agrees to pay the deductible amount of any loss to the Authority. A blanket public <br />institutional property insurance form may be used if: <br />(a) the insurance on the 2008 Project is not less than the amount <br />required by this Section, <br />r <br />BDDBOI 5233044v1 - 4 <br />
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