- 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 byPage: 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