25A - AGMT PARKING LEASE - Laserfiche WebLink

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Section 4.04 Certificates of Insurance; Additional Insured Endorsements Prior to execution of this Agreement, Lessee shall furnish to Lessor certificates of insurance and additional insured endorsements to each of Lessee's insurance policies, subject to approval of the City Attorney, evidencing the foregoing insurance coverages as required by this Agreement; these certificates shall: 1. 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 Lessor. Lessee 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 Lessor by Lessee under the Agreement. Lessor or its representatives shall at all times have the right to demand the original or a copy of all these policies of insurance, which Lessee shall provide within fifteen (15) days of Lessor's request. ARTICLE 5-TERMINATION/DEFAULT Section 5.01 Termination (a) In the event of any damage, destruction or condemnation of the Property, which renders the Property unusable or inoperable in Lessor's judgment, Lessee shall have the right, but not the obligation, to terminate the Agreement with respect to the subject Property by giving written notice to Lessor within thirty (30) days after such damage, destruction or condemnation. If by virtue of such casualty or condemnation, Lessor determines that the Property is no longer adequate for Lessee to continue its operations, or any repairs to the Property have not been completed or cannot reasonably be completed within sixty (60) days from the date of the damage, destruction or condemnation. This Agreement will become null and void. (b) In the event of condemnation, unless Lessee is allowed by the condemning authority to continue its operations in the Property, this Agreement shall terminate as of the date title to the Property vests in the condemning authority or Lessee is required to cease its operations, whichever is earlier. If any property described herein or hereinafter added hereto is taken in eminent domain, the entire award shall be paid to Lessor. (c) This Agreement may be terminated on fifteen (15) days prior written notice by either party upon a default of any covenant or term hereof by the other party, which default has been noticed and is not cured within thil ty (30) days of receipt of written notice of 25A-8