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any dainages against First American, on account of any loss or damage occasioned to Licensee
<br />and arising from any liability, loss, damage or injury to the extent covered by insurance carried or
<br />required to be carried pursuant to this Agreement, or any other insurance maintained by Licensee.
<br />The effect of such release and waiver is not limited by any deductibles applicable hereto.
<br />9.2 Notwithstanding Section 9. 1, Licensee may self -insure, in whole or in part,
<br />the insurance requirements described in Section 9.1 above provided that Licensee continues to be
<br />investment grade as determined by reputable and accepted financial rating agencies. Licensee
<br />will, to the fullest extent allowable under the applicable laws, indemnify, protect, defend (with
<br />counsel reasonably acceptable to First American) and hold harmless First American from and
<br />against any and all claims that would have been covered by the insurance replaced by the self-
<br />insurance. Such self-insurance will not affect any waivers, releases or limitations of liability of
<br />First American set forth in this Agreement. If Licensee elects to self -insure, Licensee will deliver
<br />written notice to First American (a) detailing the coverages being self-insured; (b) setting forth
<br />the amount, limits, and scope of the self-insurance for each such coverage (which will not be less
<br />than those required herein); (c) demonstrating Licensee's investment grade; and (d) describing
<br />Licensee's self-insurance program (including, without limitations, its funding, claim defense
<br />policies, coverage provisions, and any other relevant information reasonably requested by First
<br />American). Upon First American's request, Licensee will provide a certificate reasonably
<br />satisfactory to First American setting forth the self-insured coverages and naming (as applicable)
<br />such party as an additional insured and/or loss payee, as its interests may appear.
<br />10. Licensee Default. The occurrence of any one or more of the following events,
<br />upon the expiration of any applicable time period, shall constitute a default hereunder by
<br />Licensee ("Default"): (a) Licensee fails to observe, keep or perform any of the terms, covenants,
<br />agreements or conditions under this Agreement that is not capable of being cured; (b) Licensee
<br />fails to observe, keep or perform any of the terms, covenants, agreements or conditions under this
<br />Agreement, and such failure gives rise to an issue related to the safety of the Statue, the Property
<br />or any improvements thereon, or any person in, or in the vicinity of, the License Area, for a
<br />period of five (5) days after notice to Licensee; or (c) Licensee fails to observe, keep or perforin
<br />any of the terns, covenants, agreements or conditions under this Agreement, other than those
<br />described in subparagraphs (a) or (b) above, for a period of fifteen (15) days after notice to
<br />Licensee, provided however, that if the nature of Licensee's default is such that more than fifteen
<br />(15) days are reasonably required for its cure, then Tenant shall not be deemed to be in default
<br />under the Lease if Tenant shall commence the cure of such default so specified within said fifteen
<br />(15) day period and diligently prosecutes the same to completion, which completion shall occur
<br />not later than sixty (60) days from the date of such notice from First American, unless the City
<br />is diligently working to cure said default and an extension of time is reasonably necessary to
<br />complete any such work. Notwithstanding the foregoing, if two (2) or more of the same Defaults
<br />occur in any 6 -month period, no notice shall be required for the third or any subsequent of the
<br />same Default. First American shall have the right to suspend or terminate the License upon any
<br />Default of Licensee trader this Agreement. No termination shall release either party from any
<br />default or terminate any obligation of either party which by its nature survives the termination.
<br />In addition to its other remedies available under this Agreement, at law or in equity, if City does
<br />not timely cure any default after notification from First American as required herein, First
<br />American may refuse to permit anyone who violates this Agreement to enter the License Area
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