Agenda - Council - 08/13/2002 - Laserfiche WebLink

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-232- D. Definition of full replacement value. The term "full replacement value" of improvements as used in this lease agreement shall mean the actual replacement cost of the improvements from time to time less exclusions provided in the normal fire insurance policy. In the event either party believes that the full replacement value (that is to say, the then replacement cost less exclusions) has increased or decreased, it shall have the right, but, except as provided below, only at intervals of not less than ~ years, to have such full replacement value redetermined by the fire insurance company which is then carrying the largest amount of fire insurance carried on the demised premises (referred to as "impartial appraiser"). The party desiring to have the full replacement value so redetermined by the impartial appraiser shall promptly on submission of the determination to the impartial appraiser give written notice of the submission to the other party to this lease agreement. The deten~nination of the impartial appraiser shall be final and binding on the parties to this lease agreement, and LESSEE shall promptly increase (or may decrease) the amount of the insurance carried pursuant to this section as the case may be to the amount so determined by the impartial appraiser. The determination shall be binding for a period of__ years, and thereafter until superseded by agreement between the parties to this lease agreement or by a subsequent redetermination by an impartial appraiser. Each party shall pay one-half of the fee, if any, of the impart/al appraiser. If during any such -year period, LESSEE shall have made improvements to the premises, LESSOR may have such full replacement value redetermined at any time after the improvements are made, regardless of when the full replacement value was last determined. E. Blanket insurance policies. In spite of anything to the contrary contained in this section, LESSEE's obligations to carry the insurance provided for in this section may be brought within the coverage of a so-called blanket policy or policies of insurance carried and maintained by LESSEE. However, the coverage afforded LESSOR shall not be reduced or diminished or otherwise be different from that which would have existed under a separate policy meeting all other requirements of this lease by reason of the use of the blanket policy of insurance. The requirements of Paragraph E of this section must also be otherwise satisfied. F. Cost of insurance deemed additional rental. The cost of insurance required to be carried by LESSEE in this section shall be deemed to be additional rental under this lease agreement. SECTION TWENTY-FIVE -PROHIBITION OF INVOLUNTARY ASSIGNMENT Prohibition of involuntary assigmnent. Neither this lease agreement nor the leasehold estate of LESSEE nor any interest of LESSEE under this lease agreement in the demised premises or in any improvements on the demised premises shall be subject to involuntary assignment, transfer, or sale, or to assignment, transfer, or sale by operation of law in any manner whatever (except through statutory merger or consolidation, or devise, or intestate succession); any attempt at involuntary assignment, transfer, or sale shall be void and of no effect. 11 I I I I I I I I I I I I " I I I I I