Agenda - Economic Development Authority - 05/24/2005

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A2~.TICLE INSURANCE AND INDEMNIFICATION Section 6.1. Liability Insurance. The Tenant.shalI, at its own expense, cause comprehensive liability and property damage insurance to be carried and maintained with respect to the activities to be undertaken by and on behalf of the Tenant in connection .with the use of the Project substantially the same as insurance carried by the Tenant with respect to other governmental activities. Section 6.2. Property Insurance. The Tenant shall cause casualty and property damage insurance to be carried and maintained with respect to the Project in .an amount at least equal to the replacement value o~'the Project with a deductible not to exceed the deductible carried by the Tenant w/th respect to other similar governmental buildings (except that during construction of the Project, builders risk insurance, full value of completed structure - all risk coverage, may be substituted for property insurance required for that portion of the Project). Such coverage must apply exclusively to the Project and must be available to repair/rebuild the Project under all circumstances after the occurrence of an insured peril. Full payment of insurance proceeds up to the required policy dollar limit in connection with damage to the Project shall, under no circumstances, be contingent on the degree of damage sustained at other facilities owned or leased by the Tenant. The policy must explicitly waive any co-insurance penalty. Section 6.3. Worker's Compensation Insurance. If required by State law, Tenant shall carry Worker's Compensation Insurance covering all employees on, in, near or about the Project, and upon request, shall furnish to Landlord certificates evidencing such coverage throughout the Term of this Lease.' Section 6.4. R.equirements For All Insurance. All insurance policies (or riders or_ endorsements to existing policies) required by th/s Article shall be taken out and maintained with responsible insurance compardes organized under the laws of one of the states of the United States and qualified to do business in the State and' shall contain a provision that the insurer shall not cancel or revise coverage thereunder without giving written notice to the insured parties at least thirty days before the cancellation or revision becomes effective. All insurance policies or riders required by Sections 6.1 and 6.2 shall name Tenant, Landlord .and Trustee as insured parties and, with respect to the property insurance, shaI1 also name the Landlord and Trustee as loss payees. During the period of completion of the Project, the requirement that Landlord and Trustee be named as an insured party under the Iiability insurance may be satisfied by having Landlord and Trustee named as additional insureds under the liability insurance policy Carried by the general Contractor. Tenant shall annually deposit w/th Trustee and the Insurer's Insured Portfolio Management Department. policies (and riders) evidencing any such insurance procured by it, or- a certificate or certificates of the respec, tive insurers stating that such insurance is in full force and effect with/n thirty days of purchase or-renewal. Bef6re the expiration of any such policy (or rider), Tenant shall furn/sh to Landlord and Trustee evidence that the policy has been renewed or replaced by another policy conforming to the provisions of this Article.. 1753908vl