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12.03 - Chamber Building
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04-05-2011 Council Meeting
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12.03 - Chamber Building
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� <br />Trailside Building Lease Agreement <br />Page 3 <br />pezmit the items so contested to remain undischazged and unsatisfied during the <br />period of such contest and any appeal there from unless the Landlord shall notify <br />the Tenant that, in the opinion of independent counsel, by nonpayment of any <br />such items the rights or interest of the landlord will be materially endangered or <br />the leased premises or any pazt thereof will be subject to loss or forfeiture, in <br />which event the Tenant sha11 promptly pay and cause to be satisfied and <br />discharged all such unpaid itenns. The Landlord will cooperate promptty and fully <br />with the Tenant in any such contest. Except as expressly provided in this Section, <br />the Tenant will promptly, at its own expense, take such action as may be duly <br />necessary to discharge or remove any such mortgage, pledge, charge, lien, <br />encumbrance or claim if tlte same shall arise at any time, and shalI reimburse the <br />Landlord for any expense incurred by the Landlord in order to discharge or <br />remove any such mortgage, pledge, charge, lien, encumbrances or claim. <br />12. Tenant shall be responsible for all taxes and assessments upon the leased <br />premises, if any. <br />13. Tenant shall obtain and at all times maintain in force, fire and extended coverage <br />insw�ance (including coverage against loss or damage by fire, wind, lightning, <br />extended coverage perils, vandalism and malicious rnischiefl on the leased <br />premises and aIl structures, irnprovements, fixtures and equipment constituting <br />the ]eased premises, other than building foundations and excavations, on a <br />replacement cost basis to the extent of the full insurable value of the property to <br />be so insuzed {without deduction for depreciation, architectural, engineering, lega! <br />or administrative fees), together with broad form boiler and machinery insurance <br />on all equipment and objects customarily covered by such insurance and <br />providing for full repair and replacement cost coverage. LandIord shall be named <br />as an additional insured on any such policies. <br />14. The Tenant agrees that it will carry public liability insurance with reference to the <br />leased premises in the single limit amount of $1,000,000.00. The Landlord shall <br />be named as an additional insured under any sueh policies. <br />l 5. Any such insurance policy issued to satisfy requirements of this L,ease shall be so <br />written or endorsed as to make losses, if any, payable to the Landlord and the <br />Tenant as their respective interests may appeaz. Each such insurance policy shall <br />contain a provision to the effect that the insurance company shall not cancel the <br />same without first giving written notice thereof to the Landlord at least 30 days in <br />advance of such cancellation, and the Tenant shall deliver to the Landlord <br />duplicate copies of certificates of insurance pertaining to each such policy of <br />insurance procured by the Tenant and agrees ta keep such duplicate copies of <br />certificates up to date. <br />16. Tenant agrees tlzat it will not assign this Lease without the prior written consent of <br />� the Landlord. <br />
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