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ARTICLE VI
<br /> MAINTENANCE; TAXES;
<br /> INSURANCE AND OTHER CHARGES
<br /> SECTION 6.01. Maintenance of the Leased Property by the City. The City
<br /> agrees that, at all times during the term hereof, it will, at its own cost and expense, maintain,
<br /> preserve and keep the Leased Property and every portion thereof in good repair, working order
<br /> and condition and that it will from time to time make or cause to be made all necessary and
<br /> proper repairs, replacements and renewals. The Authority shall have no responsibility in any
<br /> of these matters or for the making of additions or improvements to the Leased Property.
<br /> SECTION 6.02. Taxes, Other Governmental Charges and Utility Charges. The
<br /> parties hereto contemplate that the Leased Property will be used for public purposes by the City
<br /> and, therefore, that the Leased Property will be exempt from all taxes presently assessed and
<br /> levied with respect to real and personal property, respectively. In the event that the use,
<br /> possession or acquisition by the City or the Authority of the Leased Property is found to be
<br /> subject to taxation in any form, the City will pay during the term hereof, as the same
<br /> respectively become due, all taxes and governmental charges of any kind whatsoever that may
<br /> at any time be lawfully assessed or levied against or with respect to the Leased Property and any
<br /> other property acquired by the City in substitution for, as a renewal or replacement of, or a
<br /> modification, improvement or addition to the Leased Property, as well as all gas, water, steam,
<br /> electricity, heat, power, air conditioning, telephone, utility and,other charges incurred in the
<br /> operation, maintenance, use, occupancy and upkeep of the Leased Property; provided, that with
<br /> respect to any governmental charges or taxes that may lawfully be paid in installments over a
<br /> period of years, the City shall be obligated to pay only such installments as are accrued during
<br /> such time as this JPase is in effect.
<br /> SECTION 6.03. Insurance. The City shall procure or cause to be procured and
<br /> maintain or cause to be maintained throughout the teen hereof for the Leased Property insurance
<br /> against the following risks in the following respective amounts:
<br /> (1) insurance against loss or damage to the Leased Property or such structure
<br /> or item of furniture or equipment caused by fire, lightning, or earthquake, with an
<br /> extended coverage endorsement and vandalism and malicious mischief insurance and
<br /> sprinkler system leakage insurance and boiler insurance, which such extended coverage
<br /> insurance shall, as nearly as practicable, cover loss or damage by explosion,
<br /> windstorm, riot, aircraft, vehicle damage, smoke and such other hazards as are
<br /> normally covered by such insurance; provided that earthquake coverage shall be
<br /> required with respect to all City property in the amount of $50 million (subject to the
<br /> terms set forth in the City's existing policy) or such greater amount as is commercially
<br /> reasonable and prudent to obtain; subject, however, to the requirement in each instance
<br /> that such earthquake insurance be available from reputable insurers at commercially
<br /> reasonable rates. In the event the City is unable to obtain earthquake coverage on any
<br /> I rased Property which it previously has maintained, it will promptly so notify all rating
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