Laserfiche WebLink
• 20. INSURANCE. <br /> Lessee agrees that it will reimburse Lessor for ten (10) percent of the <br /> cost of insuring the Building against loss by reason of fire, storm, or other extended <br /> or "all-risk" casualties. Upon payment by Lessor of the premiums for such <br /> insurance, Lessor shall submit to Lessee a statement of Lessee's share of such <br /> insurance costs, and Lessee shall promptly reimburse Lessor for its percentage share. <br /> Lessee agrees, at Lessee's own cost and expense, to maintain in force <br /> throughout the term of this Lease, and any renewals hereof public liability <br /> insurance with limit of not.less than $1,000,000.00. The insurance policy or policies <br /> shall be issued by an insurance company or insurance companies reasonably <br /> satisfactory to Lessor and such policy or policies shall name Lessor as an additional <br /> insured with respect to obligations under this Lease. Lessee further agrees to deliver <br /> to Lessor certificate(s) of insurance evidencing such insurance coverage. <br /> Lessee shall keep all of its fixtures and equipment located on the Leased <br /> Premises, either now owned or acquired at any time in the future, insured against <br /> loss by fire or other casualty and shall provide.Lessor with a copy of such insurance <br /> and evidence that the premiums have been paid. <br /> 21. RENEWAL OPTION. <br /> Lessor ants Lessee the option to.extend the term of this grants p s Lease for one <br /> additional period of five(5) years, subject to the following conditions: - <br /> (a) At.time Lessee exercises the option, Lessee is not in default under <br /> this Lease. <br /> (b) Lessee gives Lessor at least six (6) months before the end of the <br /> term written notice of Lessee's election to extend. <br /> (c) The extended terms will be on the same terms, covenants and <br /> conditions provided during the initial term, except there will be no further option <br /> to extend, and the monthly base rent for the extension of the term will be an <br /> amount equal to the monthly base rent.for the initial term of this Lease multiplied <br /> by a fraction, the.numerator of which is the Consumer Price Index ("CPI") most <br /> recently published at the commencement of the renewal term, and the denominator <br /> of which is the most recently published CPI at the commencement of the initial <br /> term. In no event will the monthly base rent for renewal term be less than the <br /> monthly base rent for the initial term. For purposes of this Lease, the term "lease <br /> year" means the twelve-month period following commencement of this Lease and <br /> successive twelve-month periods thereafter. <br /> • -11- <br />