LIMITATION, THE
COMMON AREAS) AS THE AUTHORITY SHALL DETERMINE TO BE ADVISABLE; PROVIDED ONLY
THAT (I) THE GROSS LEASEABLE AREA OF THE LEASED PREMISES SHALL NOT BE
SUBSTANTIALLY CHANGED, (II) ACCESS TO THE LEASED PREMISES SHALL NOT BE
MATERIALLY IMPAIRED, (III) TENANT'S SIGNAGE SHALL NOT BE MATERIALLY ADVERSELY
AFFECTED, AND (IV) TENANT'S USE OF THE LEASED PREMISES FOR TENANT'S BUSINESS
SHALL NOT BE MATERIALLY IMPAIRED.
THE RIGHTS HEREIN CONFERRED UPON AND RESERVED
TO THE AUTHORITY DO NOT IMPOSE ANY OBLIGATIONS UPON THE AUTHORITY TO OBSERVE OR
PERFORM THOSE RIGHTS, WHICH RIGHTS MAY BE OBSERVED OR PERFORMED AS THE
AUTHORITY, IN ITS SOLE DISCRETION, MAY DETERMINE TO BE NECESSARY OR APPROPRIATE
UNDER THE CIRCUMSTANCES.
ARTICLE XV.
INSURANCE
SECTION 1501.
AUTHORITY'S INSURANCE.
THE AUTHORITY
SHALL, AT ITS EXPENSE, PROCURE, MAINTAIN AND KEEP IN FORCE DURING THE TERM OF
THIS LEASE AGREEMENT FROM A FINANCIALLY SECURE AND REPUTABLE COMPANY,
(A) CASUALTY INSURANCE INSURING THE FACILITIES, INCLUDING WITHOUT LIMITATION THE
LEASED PREMISES, FOR SUCH AMOUNT AS THE AUTHORITY DETERMINES TO BE NECESSARY OR
APPROPRIATE BUT IN NO EVENT LESS THAN THE GREATER OF (I) REPLACEMENT COST AND
(II) THE SUM OF THE OUTSTANDING BALANCES OF THE BOND ISSUES; AND (B) COMMERCIAL
GENERAL LIABILITY INSURANCE WITH RESPECT TO THE LAND AND THE FACILITIES AND THE
OPERATION THEREOF BY THE AUTHORITY, INSURING THE AUTHORITY AS THE NAMED INSURED
AND THE TENANT AND THE OTHER TENANT REIMBURSEMENT PARTIES AS ADDITIONAL
INSUREDS, AGAINST LIABILITY FOR INJURIES TO, OR DEATH OF, PERSONS AND DAMAGE TO,
OR LOSS OF, PROPERTY, OCCURRING IN, ON, OR ABOUT THE LAND AND FACILITIES
(INCLUDING THE LEASED PREMISES), INCLUDING CONTRACTUAL LIABILITY, WHICH
INSURANCE SHALL HAVE A MINIMUM LIMIT OF COMBINED COVERAGE OF BODILY INJURY,
DEATH AND PROPERTY DAMAGE OF NOT LESS THAN $100,000,000.00 AND IN ANY EVENT NOT
LESS THAN THE AMOUNT TENANT IS REQUIRED TO CARRY UNDER SECTION 1502(B). THE
AUTHORITY SHALL, UPON EXECUTION OF THE LEASE AGREEMENT AND WITHIN THIRTY (30)
DAYS PRIOR TO THE
71
EXPIRATION OF THE POLICY, FURNISH THE TENANT AND THE OTHER ADDITIONAL INSUREDS
WITH A CERTIFICATE OF INSURANCE AS EVIDENCE OF COVERAGE FOR A PERIOD OF AT LEAST
ONE (1) YEAR; IF SUCH POLICY IS EFFECTIVE FOR A PERIOD OF MORE THAN ONE
(1) YEAR, TENANT AND THE OTHER ADDITIONAL INSUREDS SHALL HAVE ALSO THE RIGHT TO
RECEIVE A CERTIFICATE OF INSURANCE DURING EACH SUCH YEAR, UPON REQUEST.
The insurance described above shall not be cancelled, terminated or materially
modified or amended except upon thirty (30) days' prior written notice to Tenant
and the other additional insureds.
SECTION 1502.
TENANT'S INSURANCE.
(A)
CASUALTY INSURANCE.
TENANT SHALL, AT ITS
EXPENSE, PROCURE, MAINTAIN AND KEEP IN FORCE, AT ALL TIMES DURING THE TERM OF
THIS LEASE AGREEMENT, CASUALTY INSURANCE COVERING TENANT'S EXCLUDED PROPERTY AND
OTHER TENANT PERSONAL PROPERTY, LOCATED ON, IN, OR ABOUT THE LEASED PREMISES, IN
SUCH AMOUNTS AS TENANT DETERMINES TO BE NECESSARY OR APPROPRIATE.
TENANT
ACKNOWLEDGES AND AGREES THAT ALL OF THE EXCLUDED PROPERTY AND OTHER TENANT
PERSONAL PROPERTY, AND ALL PROPERTY THAT TENANT STORES FOR