Agenda Packet_2022-01-18 - Laserfiche WebLink

Home Browse Search

e. The following requirements apply to the insurance to be provided by Tenant pursuant to this section: i. Tenant shall maintain all insurance required above in full force and effect for the entire period covered by this Agreement. ii. Certificates of insurance shall be furnished to the Landlord upon execution of this Agreement. iii. Certificates and policies shall state that the policies shall not be cancelled or reduced in coverage or changed in any other material aspect without thirty (30) days prior written notice to the City, except for 10 days' notice for non-payment of premium. W. If Tenant fails or refuses to produce or maintain the insurance required by this section or fails or refuses to furnish the Landlord with required proof that insurance has been procured and is in force and paid for, the Landlord shall have the right, at the Landlord's election, to forthwith terminate this Agreement. 16. DAMAGE BY CASUALTY: i. In the event of a fire or other casualty in the Premises, Tenant shall immediately give notice thereof to Landlord. ii. If the Premises,through no fault of Tenant, its agents, employees, invitees, or visitors, shall be partially destroyed by fire or other casualty so as to render the Premises untenantable as reasonably determined by Landlord, Rent shall abate in proportion to the percentage of square footage of the Premises rendered unusable until such time as the Premises are made tenantable as reasonably determined by Landlord. iii. Except where Landlord is not obligated to repair or rebuild the Building or the Premises, Landlord will use due diligence to repair the same (except that Landlord will have no obligation to repair or replace any alteration, addition, or improvements to the Premises other than the Tenant Improvements installed at Landlord's expense which will be repaired only to the level of Building Standard Improvements). iv. In the event of (i) the total destruction of the Premises, (ii) the partial destruction of the Premises or the Building where the same is so damaged that it cannot, in Landlord's reasonable opinion, be repaired within ninety (90) days of the occurrence of such damage, or(iii) damage or destruction as a result of any casualty for which insurance proceeds are not available to pay 100% of the cost of repair or rebuilding, Landlord will have no obligation to repair or rebuild the Premises or the Building. Landlord will make its determination whether to repair or rebuild within ninety (90) days of the occurrence of such damage or destruction. Upon notification to City Council 12 — 18 1/18/2022