- 10 -
(c) Indemnity Insurance. At all times dur-
ing the Term hereof, Lessee shall, at its own cost
and expense, provide and keep in force a policy or
policies of insurance insuring Lessee against all
liability of Lessee under Paragraph 13, which such
policy or policies shall provide for the payment
of any proceeds thereof to Lessor or Lessee as
their interests may appear.
* * * * * * *
14. Fire and other Casualty. If any Improvement
or Tangible shall be damaged or destroyed by fire or
other casualty, then, irrespective of the cause, Lessee
shall give prompt written notice thereof to Lessor, and
shall proceed * * * to restore, repair, replace and
rebuild such Improvements or Tangibles at Lessee’s own
cost and expense. Such rebuilding or restoration shall
be in accordance with plans and specifications submit-
ted by Lessee to Lessor and subject to Lessor’s reason-
able approval and shall further be carried out by duly
licensed contractors acceptable to Lessor. * * *
Rent shall not abate hereunder by reason of any
damage to or destruction of the Demised Premises, and
Lessee shall continue to perform and fulfill all of its
obligations, covenants and agreements hereunder not-
withstanding any such damage or destruction. The
foregoing notwithstanding, the obligation to continue
Rent payments shall be subject to the availability to
Lessee of loss of rents or business interruption insur-
ance. Any loss of rent insurance proceeds received by
Lessee by reason of such damage or destruction shall be
applied by Lessee to the payment of Rent payable by
Lessee under Paragraph 3 hereof, Impositions payable by
Lessee under Paragraph 6 hereof and premiums for any
insurance required to be maintained by Lessee hereun-
der, but this shall not relieve Lessee of its obliga-
tions to pay punctually all such Rent, debt service,
Impositions and insurance premiums in the event rent
insurance proceeds received by Lessee are insufficient
to pay the same or for any reason such rent insurance
proceeds are not actually applied by Lessee to the
payment of such amounts. If and when Lessee shall
complete all demolition, restoration, repair, replace-
ment and rebuilding which Lessee is required to carry
out under this paragraph, then any balance of insurance
proceeds then held by Lessee shall be retained by
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011