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Resolution 8333
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08000 - 08499 (2012-2016)
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Resolution 8333
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Last modified
6/25/2019 10:09:04 AM
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12/9/2014 10:28:45 AM
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MV City Council
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Resolutions
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DRAFT <br /> Independent Contractors, in current Insurance Services Office form or other form which provides <br /> coverage at least as broad. Tenant shall maintain a combined policy limit of at least $2,000,000 <br /> aggregate $1,000,000 per occurrence applying to Bodily Injury, Property Damage and Personal <br /> Injury, which limit may be satisfied by Tenant's basic policy, or by the basic policy in <br /> combination with umbrella or excess policies so long as the coverage is at least as broad as that <br /> required herein. Such liability for property damage and fire legal liability shall not be less than <br /> $500,000.00 Such liability, umbrella and/or excess policies may be subject to aggregate limits so <br /> long as the aggregate limits have not at any pertinent time been reduced to less than the policy <br /> limit stated above, and provided further that any umbrella or excess policy provides coverage <br /> from the point that such aggregate limits in the basic policy become reduced or exhausted. <br /> Landlord shall be named as additional insured under all such policies. <br /> At least ten (10) days prior to entry by Tenant on the Premises, Tenant shall deliver to <br /> Landlord evidence that the insurance required by this Lease is in full force and effect. At least <br /> thirty (30) days prior to expiration of any such coverage, Tenant shall deliver evidence that the <br /> coverage in question will be renewed or replaced upon expiration. Such evidence of insurance <br /> shall be in writing signed by a party authorized to bind the insurer, authorize Landlord to rely <br /> thereon, and shall contain sufficient information to enable Landlord to determine whether <br /> Tenant's insurance complies with the requirements of this Lease. Upon request, Tenant shall <br /> also furnish insurer-certified copies of all pertinent policies. All polices used to provide the <br /> coverage required by this Lease shall (i)be endorsed to require the insurer to provide at least <br /> thirty (30) days notice to Landlord prior to cancellation or non-renewal, and (ii)be issued by <br /> financially sound companies having an A.M. Best Company rating of at least A:VII. <br /> 13. FIRE OR OTHER CASUALTY: <br /> If the Premises or the Building shall be damaged by fire or other cause Landlord shall at <br /> its option either (a) undertake to restore such damage with all due diligence, or (b) in the event <br /> the Premises or the Building are damaged by fire or other cause to such extent that damage <br /> cannot, in Landlord's sole judgment, be economically repaired within 90 days after the date of <br /> such damage (taking into account the time necessary to effectuate a satisfactory settlement with <br /> any insurance company and using normal construction methods without overtime or other <br /> premium), terminate this Lease, by notice given to Tenant within 60 days after the date of the <br /> damage. Any termination hereunder by reason of damage to the Premises shall be effective as of <br /> the date of the damage. Any termination by reason of damage to the Building but not the <br /> Premises shall be effective as of the date notice is given. If Landlord elects to restore, Landlord <br /> shall not be obligated to restore any improvements in the Premises which were not owned and <br /> constructed by Landlord. Upon substantial completion by Landlord of its work, Tenant shall <br /> undertake to restore its leasehold improvements and trade fixtures with all due diligence. This <br /> Lease shall, unless terminated by Landlord, remain in full force and effect following such <br /> damage, and, in the case of damage to the Premises, the Rent, prorated to the extent that the <br /> Premises are rendered untenantable, shall be equitably abated until such repairs are completed; <br /> provided, however, that if Tenant does not restore its leasehold improvements and trade fixtures <br /> with due diligence, abatement shall cease as of the date restoration could have been completed <br /> using due diligence. <br /> 7 <br /> 416585v5 SJR MU210-35 <br />
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