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company shall not cancel the policy or modify it materially and adversely to the interests of the Authority or the <br /> Trustee without first giving written notice thereof to the Authority and the Trustee at lest sixty (60) days in <br /> advance of such intended cancellation or modification; provided, that the Trustee shall not be responsible for the <br /> sufficiency of any insurance required under the Lease and shall be fully protected in accepting payment on <br /> account of such insurance or any adjustments, compromise or settlement of any loss agreed to by it. <br /> The City shall file a certificate with the Trustee not later than July 1 of each year certifying that the <br /> insurance required by the Lease is in full force and effect and that the Trustee is named as a loss payee on each <br /> insurance policy which the Lease requires to be so endorsed. The City will also deliver annually the original <br /> copies of each insurance policy required by the Lease to the Bond Insurer within thirty (30) days of purchase or <br /> renewal. <br /> In the event the City shall fail to maintain the MI insurance coverage required under the Lease or shall <br /> fail to keep the Leased Property in good repair and operating condition, the Authority may (but shall be under <br /> no obligation to) purchase the required policies of insurance and pay the premiums on the same or may make <br /> such repairs or replacements as are necessary and provide for payment thereof; and all amounts so advanced <br /> therefor by the Authority shall become Additional Rental, which amounts the City agrees to pay within thirty <br /> (30) days of a written request therefor, together with interest thereon at the maximum rate allowed by law. <br /> The City will deliver or cause to be delivered to the Trustee on the Closing Date a <br /> CLTA leasehold owner's policy or policies, or a commitment for such policy or policies, with respect to the <br /> Ieaced Property with liability in the aggregate amount equal to the principalamount of the Bonds. Such policy <br /> or policies, when issued, shall name the Trustee as the insured and shall insure the leasehold estate of the City <br /> in the T eaced Property subject only to such exceptions as do not materially affected the City's right to the use <br /> and occupancy of the Leased Property. <br /> Defaults and Remedies <br /> The following events are "events of default" under the Lease: <br /> (i) The City shall fail to deposit with the Trustee any Base Rental payment required to be <br /> so deposited by the close of business on the day such deposit is required under the Tease, provided, <br /> that any Base Rental payments abated pursuant to the Lease shall not constitute an event of default; <br /> (ii) the City shall fail to pay any item of Additional Rental as and when the same shall <br /> become due and payable pursuant to the Lease; or <br /> (iii) the City shall breach any other terms, covenants or conditions contained in the Lease, <br /> and shall fail to remedy any such breach with all reasonable dispatch within a period of thirty (30) days <br /> after written notice thereof from the Authority to the City; provided, however, that if the failure stated <br /> in the notice cannot be corrected within such period, then the Authority shall not unreasonably withhold <br /> its consent to an extension of such time if corrective action is instituted by the City within such period <br /> and is diligently pursued until the default is corrected. <br /> In addition to any default resulting from breach by the City of any agreement, condition, covenant or <br /> term of the Lease, if(1) the City's interest in the Lease or any part thereof be assigned, sublet or transferred <br /> without the written consent of the Authority, either voluntarily or by operation of law; or(2) the City or any <br /> assignee shall file any petition or institute any proceedings under any act or acts, state or federal, dealing with <br /> or relating to the subject of bankruptcy or insolvency or under any amendment of such act or acts, either as a <br /> bankrupt or as an insolvent or as a debtor or in any similar capacity, wherein or whereby the City asks or seeks <br /> or prays to be adjudicated a bankrupt, or is to be discharged from any or all of its debts or obligations, or <br /> offers to its creditors to effect a composition or extension of time to pay its debts, or asks, seeks or prays for a <br /> reorganization or to effect a plan of reorganization or for a readjustment of its debts or for any other similar <br /> A-21 <br />