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.dso.,~ <br />r ~ • <br />+_;~ 944 r~rE~~ ~ <br />1 Regardless of the form in which LESSEE elects to make said security <br />deposit, all or any portion of the principal suns shall be available <br />2 unconditionally to LESSOR for correcting any aef~zult or breach of <br />this Lease by LESSEE, his succe~;sors or assigns, or for payment <br />3 of expenses incurred by LESSOR as a result of taro failure of. <br />LESSEE, his successors or assigns; to faithfully perform all <br />4 the terms, covenants, and conditions of this Lease. <br />5 Should LESSEE elect to assign a savings deposit to .LESSOR, provide <br />a Time Certificate of Deposit, or provide an instrument of credit <br />6 to fulfill the security deposit requirement of this Lease, said <br />assignment, certificate, or instrument shall have the effect <br />7 of releasing the depository or. creditor the reir. from liability <br />on account of the payment of any or all of the principal svm <br />8 to LESSOR or order upon demand by LESSOR. The agreement entered <br />into by LESSEE with a financial institution to establish the <br />9 deposit necessary to permit assignment or issuance of a certi- _ <br />ficate as provided above may allow the payment to LESSEE or order <br />10 of interest accruing on account of said deposit. <br />11 LESSEE shall maintain the required security deposit throughout <br />the Lease Term and thereafter as provided in Clause 23 (EARLY <br />12 TERI~~IINATION BY LESSEE) . Failure to do so shall be deemed a default <br />of this Lease. <br />13 <br />The security deposit shall be rebated, reassigned, released, or <br />14 endorsed to LESSEE or order, as applicable, at the end of the <br />Lease Term, provided LESSEE has fully and faithfully performed <br />15 each and every term, covenant, and condition of this Lease. <br />16 20. INSURANCE (5.19N) <br />17 LESSEE shall maintain insurance acceptable to LESSOR in full force <br />and effect throughout the Lease Term. The policy or policies for <br />18 said insurance shall name LESSOR as an insured and shall, as a <br />minimum, provide the following forms of coverage in the Gxnounts <br />19 specified: <br />20 A. Comprehensive Public Liabilit <br />21 (1) $500,000 bodily injury, each person. <br />22 (2) $1,000,000 bodily injury, each occurrence. <br />23 (3) $150,000 property damage. <br />24 B. Fire Insurance. Should .any building be constructed or <br />maintained by LESSEE upon the _7oir_t Leasehold, fire insurance <br />25 with extended coverage, including water damage arld debris <br />cleanup provisions, in an arnourt not less than ninety per- <br />26 cent (90~) of the full insurable value of such buildings <br />shall be purchased by LESSEE. Said fire insurance shall be <br />27 in force at the time of compieticn of each and every building <br />constructed upon the Joirit Leasehold or, if the building exists <br />28 at the time this Lease is executed, shall be in force at <br />the time of execution. <br />29 <br />Each policy of insurance shall contain the following clause: <br />30 <br />"IT IS AGREED THAT THIS POLICY SIIAI,L NOT I3E CA:~?CELLED NOR <br />31 THE COVERAGE REDUCED UNTIL `T'HIRTY BAYS AFTER- THE CHIEF <br />ENGII~?EER OF ORANGE CUU~ITY FLOOD COi~1TROL DIS`i'RIC`Z' SHALL <br />32 HAVE RECEIVED WRITTEN NOTi:CE TI:EREOF. SUCH NOTICE ;HALL <br />-16- <br />