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RAILWORKS TRACK SERVICES, INC
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Last modified
8/19/2024 9:48:16 AM
Creation date
4/25/2022 10:11:09 AM
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Contracts
Company Name
RAILWORKS TRACK SERVICES, INC
Contract #
A-2022-012
Agency
Public Works
Council Approval Date
2/1/2022
Expiration Date
1/31/2023
Insurance Exp Date
4/1/2024
Destruction Year
2028
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d• Property Insurance. Tenant shall maintain not less than $1,000,000 Fire <br />Legal liability on all real property being leased, including improvements and betterments owned <br />by the Landlord, and shall name the Landlord as a loss payee. Tenant shall also provide fire <br />insurance on all personal property contained within or on the leased premises. The policy must <br />be written on an "all risks" basis, excluding earthquake and flood. The Tenant shall name the <br />Landlord as additional insured. <br />e. Interruption of Business Insurance. Tenant shall, at its sole cost and <br />expense, maintain business interruption insurance by which the minimum monthly rent will be <br />Paid to Landlord for a period of up to (1) year if the premises are destroyed or rendered <br />inaccessible by a risk insured against by a policy of standard fire and extended coverage <br />insurance, with vandalism and malicious mischief endorsements. <br />f. The following requirements apply to the insurance to be provided by <br />Tenant pursuant to this section: <br />i. If the Tenant maintains broader coverage and/or higher limits than the <br />minimums shown above, the Landlord shall be entitled to the broader <br />coverage and/or higher limits maintained by the Tenant. Any available <br />insurance proceeds in excess of the specified minimum limits of insurance <br />and coverage shall be available to the Landlord. <br />ii. Tenant shall maintain all insurance required above in full force and effect <br />for the entire period covered by this Agreement. <br />iii. Certificates of insurance shall be furnished to the Landlord upon execution <br />of this Agreement. <br />iv. Certificates and policies shall state that the policies shall not aspect <br />cancelled <br />in or Ntiut <br />reducedcoverage ntiie10 days' notice <br />thirty (30)days prior ritten notice to the City, except <br />for non-payment of premium. <br />V. If Tenant fails or refuses to produce or maintain the insurance required by <br />this section or fails or refuses to furnish the Landlord with required proof <br />that insurance has been procured and is in force and paid for, the Landlord <br />shall have the right, at the Landlord's election, to forthwith terminate this <br />Agreement as provided herein. <br />18. DAMAGE BY CASUALTY <br />(a) hi the event of a fire or other casualty in the Premises, Tenant shall <br />immediately give notice thereof to Landlord. <br />i <br />(b) If the Premises, through no fault of Tenant, its agents, employees, invitees, <br />or visitors, shall be partially destroyed by fire or other casualty so as to render the <br />Premises untenantable as reasonably determined by Landlord, Rent shall abate in <br />proportion to the percentage of square footage of the Premises rendered unusable until <br />such time as the Premises are made tenantable as reasonably determined by Landlord. The <br />5 <br />
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