Agenda - Council - 08/13/2013 - Laserfiche WebLink

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in which event the Company shall promptly pay and cause to be satisfied and discharged all such unpaid items. The Company may from time to time in its sole discretion and at its own cost and expense, install or place other equipment and tangible personal property in the Schoolhouse. The Company may remove such equipment and tangible personal property at any time at its own cost and expense, whether or not the same shall have been affixed or annexed to the Schoolhouse, but any damage caused to the Schoolhouse by any such removal shall be repaired at the sole cost and expense of the Company. Section 4.5 Governmental and Utility Charges. The Company will pay during the Term of Agreement, as the same respectively become due, all taxes, assessments and other governmental charges of any kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Schoolhouse or any part thereof, or any interest therein or the revenues derived therefrom or hereunder, all utility and other charges incurred in the operation, maintenance, use, occupancy and upkeep of the Schoolhouse and all assessments and charges lawfully made by any governmental body for public improvements that may be secured by a lien on the Schoolhouse, provided that with respect to special assessments or other governmental charges that may lawfully be paid in installments over a period of years, the Company shall be obligated to pay only such installments as are required to be paid during the Terra of Agreement. If no Event of Default or event which with the passage of time would be an Event of Default then exists, the Company may, at the Company's expense and in the Company's name, in good faith contest any such assessments and other charges and, in the event of any such contest, may permit the assessments or other charges so contested to remain unpaid during the period of such contest and any appeal therefrom unless in the opinion of Independent Counsel by nonpayment of any such items the Schoolhouse or any essential part thereof will be subject to loss or forfeiture, in which event such assessments or charges shall be paid forthwith. In the event that the Company shall fail to pay any of the foregoing items required by this Section to be paid by the Company, the Issuer or the Trustee may (but shall be under no obligation to) pay the same, and any amounts so advanced therefor by the Issuer or the Trustee shall become an additional obligation of the Company to the party making the advancement, which amounts, together with interest thereon, the Company agrees to pay upon demand. Section 4.6 Casualty Insurance. The Company agrees to insure or cause to be insured the Schoolhouse against loss or damage of the kinds usually insured against by companies similarly situated, including, without limiting the foregoing, fire and uniform standard extended coverage, vandalism and malicious mischief endorsements, use and occupancy coverage and extra expense insurance for a period of one year, by means of policies issued by the Minnesota School Boards Association Trust, a state -sponsored self-insurance fund for Minnesota School Districts, or by reputable insurance companies duly qualified to do such business in the State with uniform standard coverage endorsement limited only as may be provided in the standard form of extended coverage endorsement at that time in use in the State, in amounts that are not less than the greater of the outstanding principal amount of the Bonds (less amounts held under the Indenture that may be applied to payment of the Bonds) or the full insurable value of the Schoolhouse, and with such deductible provisions as are customarily included by companies 18 5G008G1v1