A WHITE & YELLOW CAB, INC 1 - 2005

Home Browse Search

Section 4.04 Certificates of Insurance; Additional Insured Endorsements Prior to execution of this Agreement, Licensee shall furnish to Licensor certificates of insurance and additional insured endorsements to each of Licensee's insurance policies, subject to approval of the City Attorney, evidencing the foregoing insurance coverages as required by this Agreement; these certificates shall: I. provide the name and policy number of each carrier and policy; 2. shall state that the policy is currently in force; and 3. shall promise to provide that such policies will not be canceled, suspended, voided, reduced in coverage or in limits, or modified without thirty (30) days prior written notice of Licensor; and 4. If Licensee self insures, Licensee shall provide proof of self insurance including the following: "Licensee represents to Licensor and Licensor acknowledges that Licensee self - insures in the ordinary course of its business . Notwithstanding any other provision contained herein to the contrary, the insurance obligation of Licensee set forth in this License may be satisfied by endorsements to existing excess /umbrella policies written by companies of recognized standing showing a self - insurance retention of not less than the public liability requirement." License shall maintain the foregoing insurance coverages in force throughout the term of this Agreement. The requirement for carrying the foregoing insurance coverages shall not derogate from the provisions for indemnification of Licensor by License under the Agreement. Licensor or its representatives shall at all times have the right to demand the original or a copy of all these policies of insurance, which License shall provide within fifteen (15) days of Licensor's request. ARTICLE 5 — TERMINATION AND DEFAULT Section 5.01 Termination in the Event of Casualty or Condemnation (a) In the event of any damage, destruction or condemnation of the License Area, which renders the License Area unusable or inoperable in Licensor's judgment, License shall have the right, but not the obligation, to terminate the Agreement with respect to the subject License Area by giving written notice to Licensor within thirty (30) days after such damage, destruction or condemnation. If by virtue of such casualty or condemnation, Licensor determines that the License Area is no longer adequate for Licensee to continue its operations, or any repairs to the License Area have not been completed or cannot reasonably be completed within sixty (60) days from the date of the damage, destruction or condemnation. This License Agreement will become null and void. (b) In the event of condemnation, unless Licensee is allowed by the condemning authority to continue its operations in the License Area, this Agreement shall terminate as of the date title to the Property vests in the condemning authority or Licensee is required to cease its operations, whichever is earlier. If any property described herein or