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25C - AGMT FIFTH ST PARKING LEASE
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25C - AGMT FIFTH ST PARKING LEASE
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5/31/2018 7:57:19 PM
Creation date
5/31/2018 7:47:54 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
25C
Date
6/5/2018
Destruction Year
2023
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be construed in derogation of the continuous duty of Tenant to furnish insurance during the term <br />of this Agreement. <br />Section 4.03 Property Insurance <br />Tenant shall provide to Landlord, before entering the Lease Area, and shall maintain in force <br />during the entire term of this Agreement, property insurance with extended coverage endorsements <br />thereon, on the Lease Area in an amount equal to the full replacement cost and/or value thereof, <br />this policy shall contain a replacement cost endorsement naming Tenant as the insured and shall <br />not contain a co-insurance penalty provision. The policy shall contain a special endorsement that <br />such proceeds shall be used to repair or rebuild any such improvements so damaged or destroyed; <br />and if not so used, such proceeds shall be paid to Landlord. The proceeds of any such insurance <br />payable to Landlord shall be used for rebuilding or repair as necessary to restore the Lease Area <br />at the discretion of Landlord. The policy shall name Landlord as an Additional Insured. <br />The policy or policies shall also contain the following endorsements: / <br />The insurer will not cancel or reduce the insured's coverage without <br />thirty (30) days prior written notice to Landlord;: and <br />2. Landlord will not be responsible for premiums or assessments on the policy. <br />A complete and signed certificate of insurance with all endorsements required by this Section shall <br />be filed with Landlord prior to the execution of this Agreement. At least thirty (30) days prior to <br />the expiration of any such policy, a signed and complete certification of insurance showing that <br />coverage has been renewed, shall be filed with Landlord. <br />Section 4.04 Certificates of Insurance; Additional Insured Endorsements <br />Prior to execution of this Agreement, Tenant shall furnish to Landlord certificates of insurance and <br />additional insured endorsements to each of Tenant's insurance policies, evidencing the foregoing <br />insurance coverages as required by this Agreement; these certificates shall: <br />provide the name and policy number of each carrier and policy; <br />2. shall state that the policy is currently in force; and <br />shall promise to provide that such policies will not be canceled, suspended, <br />voided, reduced in coverage or in limits, or modified without thirty (30) days prior written <br />notice of Landlord; and <br />4. If Tenant self -insures, Licensee shall provide proof of self-insurance including the <br />following: <br />"Tenant represents to Landlord and Landlord acknowledges that Tenant self -insures in <br />the ordinary course of its business. Notwithstanding any other provision contained <br />25C-12 <br />
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