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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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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 Project, which do not reduce the rental value of the Project. <br />Section 9. Insurance. The Lessee, at its own expense, will, during the full term of <br />the Lease, keep the Project insured against physical loss or damage, however caused, with such <br />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 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 Project. Such <br />insurance may contain a provision for a deductible in an amount not exceeding $25,000. Lessee <br />agrees to pay the deductible amount of any loss to the Authority. A blanket public institutional <br />property insurance form may be used if: <br />(a) the insurance on the Project is not less than the amount required by <br />this Section, <br />(b) the Lessee subordinates its claim for damage or destruction to <br />other buildings or improvements to claims for damage or destruction of the Project, and <br />(c) the insurance proceeds related to damage to or destruction of the <br />Project are payable to the Trustee. <br />During the full term of this Lease, the Lessee will also, at its own expense, maintain rental or <br />rental value insurance in an amount at least equal to the full rental specified in Section 4 for a <br />period of two (2) years against physical loss or damage of the type insured against pursuant to <br />the preceding requirements of this Section. Such policies shall be for the benefit of and shall be <br />made payable to the Trustee. <br />Section 10. Use of Insurance and Condemnation Proceeds. Proceeds of insurance <br />against damage to or destruction of the Project or proceeds of any condemnation of the Project <br />shall be paid to and held by the Trustee and used to pay for reconstruction or replacement of the <br />Project in accordance with plans approved by the Authority and the Lessee, unless the Lessee <br />elects to exercise its option to purchase. <br />Section 11. Liability Insurance. The Lessee shall, at all times during the full term <br />of this Lease, keep in effect, public liability and property damage insurance, insuring the Lessee, <br />the Authority and the Trustee in amounts customarily carried for similar properties. Such <br />insurance may be provided under the public liability self-insurance program of the City of South <br />• Bend. <br />BDDBOI 4905105v1 S ' <br />
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