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Section 5.8. Insurance Net Proceeds; Form of Policies. All insurance policies (or riders)
<br />required by this Article V and provided by third party insurance carriers shall be taken out and
<br />maintained with responsible insurance companies organized under the laws of one of the
<br />states of the United States and qualified to do business in the State, and shall contain a
<br />provision that the insurer shall not cancel or revise coverage thereunder without giving written
<br />notice to the insured parties at least ten days before the cancellation or revision becomes
<br />effective. Each insurance policy or rider required by Sections 5.3, 5.4 and 5.5 and provided by
<br />third party insurance carriers shall name the City and the Assignees as insured parties and the
<br />Assignees as loss payees and shall include a lender's loss payable endorsement for the benefit
<br />of the Assignees. In the case of coverage pursuant to Section 5.3, the Authority and the
<br />Assignees shall be added as an additional insureds. Prior to the Closing Date, the City will
<br />deposit with the Assignees policies (and riders and endorsements, if applicable) evidencing
<br />any such insurance procured by it, or a certificate or certificates of the respective insurers
<br />stating that such insurance is in full force and effect. Before the expiration of any such policy
<br />(or rider), the City will furnish to the Assignees evidence that the policy has been renewed or
<br />replaced by another policy conforming to the provisions of this Article V unless such insurance
<br />is no longer obtainable, in which event the City shall notify the Assignees of such fact.
<br />Section 5.9. Installation of City's Personal Property. The City may at any time and from
<br />time to time, in its sole discretion and at its own expense, install or permit to be installed other
<br />items of equipment or other personal property in or upon the Property. All such items shall
<br />remain the sole property of the City, in which the Authority has no interest, and may be
<br />modified or removed by the City at any time. The City must repair and restore any and all
<br />damage to the Property resulting from the installation, modification or removal of any such
<br />items. Nothing in this Lease Agreement prevents the City from purchasing or leasing items to
<br />be installed under this Section under a lease or conditional sale agreement, or subject to a
<br />vendor's lien or security agreement, as security for the unpaid portion of the purchase price
<br />thereof, provided that no such lien or security interest may attach to any part of the Property.
<br />Section 5.10. Liens. The City will not, directly or indirectly, create, incur, assume or
<br />suffer to exist any mortgage, pledge, lien, charge, encumbrance or claim on or with respect to
<br />the Property, other than as herein contemplated and except for such encumbrances as the City
<br />certifies in writing to the Assignees do not materially and adversely affect the leasehold estate
<br />in the Property hereunder and for which the Assignees provides its prior written approval,
<br />which approval shall be at Assignees' sole discretion. Except as expressly provided in this
<br />Article V, the City will promptly, at its own expense, take such action as may be necessary to
<br />duly discharge or remove any such mortgage, pledge, lien, charge, encumbrance or claim, for
<br />which it is responsible, if the same shall arise at any time. The City will reimburse the
<br />Assignees for any expense incurred by it in order to discharge or remove any such mortgage,
<br />pledge, lien, charge, encumbrance or claim.
<br />Section 5.11. Advances. If the City fails to perform any of its obligations under this
<br />Article V, the Authority may take such action as may be necessary to cure such failure,
<br />including the advancement of money, and the City shall be obligated to repay all such
<br />advances as additional rental hereunder, with interest at the rate set forth in Section 4.3(c).
<br />Section 5.12. Environmental Covenants.
<br />(a) Compliance with Laws, No Hazardous Substances. The City will comply with all
<br />Applicable Environmental Laws with respect to the Property and will not use, store, generate,
<br />treat, transport, or dispose of any Hazardous Substance thereon or in a manner that would
<br />cause any Hazardous Substance to later flow, migrate, leak, leach, or otherwise come to rest
<br />on or in the Property.
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