BUILDINGS AND OTHER INSURABLE IMPROVEMENTS
LOCATED UPON THE LEASED PREMISES.
SAID INSURANCE SHALL BE IN AN AMOUNT NOT LESS
THAN THE FULL REPLACEMENT COST OF THE PROJECT AND OTHER BUILDINGS AND OTHER
INSURABLE IMPROVEMENTS LOCATED UPON TO THE LEASED PREMISES.
DEDUCTIBLES, IF
ANY, INCLUDED IN SUCH INSURANCE SHALL BE THE SOLE RESPONSIBILITY OF LESSEE AND
PAYMENTS TO OTHERS SHALL BE UNENCUMBERED BY SUCH DEDUCTIBLES.
LESSEE SHALL ALSO
PROCURE AND MAINTAIN IN FULL FORCE AND EFFECT THROUGHOUT THE DEMISED TERM FIRE
AND EXTENDED COVERAGE COMMERCIAL PROPERTY INSURANCE FOR THE FULL INSURABLE VALUE
OF LESSEE'S TRADE FIXTURES, FURNISHINGS, EQUIPMENT AND ALL ITEMS OF PERSONAL
PROPERTY ON THE LEASED PREMISES.
DURING THE PERIOD OF ANY CONSTRUCTION,
INCLUDING CONSTRUCTION OF THE PROJECT, LESSEE SHALL MAINTAIN BUILDER'S RISK
INSURANCE IN AN AMOUNT
23
SUFFICIENT TO COVER ALL COSTS OF CONSTRUCTION AND UNINSTALLED MATERIALS
OTHERWISE REASONABLY ACCEPTABLE TO THE COMMISSION.
SUCH INSURANCE SHALL INCLUDE
COVERAGE FOR EARTHQUAKE AT A SUB-LIMIT OF $10,000,000.
(B)
SUCH INSURANCE SHALL PROVIDE THAT THE INSURER SHALL HAVE NO RIGHTS
OF SUBROGATION AGAINST EITHER THE COMMISSION OR LESSEE.
SAID INSURANCE SHALL BE
EFFECTIVE NOT LATER THAN THE COMMENCEMENT DATE AND PROVIDE FOR AT LEAST THIRTY
(30) DAYS WRITTEN NOTICE TO THE COMMISSION PRIOR TO CANCELLATION OR
NON-RENEWAL.
ON OR BEFORE THE COMMENCEMENT DATE, LESSEE SHALL PROVIDE TO THE
COMMISSION CERTIFICATES OF SUCH INSURANCE OR OTHER PROOF OF SUCH INSURANCE
POLICIES EVIDENCING SUCH INSURANCE IS IN FORCE.
APPROPRIATE RENEWAL OR
REPLACEMENT INSURANCE CONFORMING TO THE REQUIREMENTS IN (A) ABOVE SHALL BE IN
FORCE PRIOR TO OR UPON THE EXPIRATION OF ANY SUCH INSURANCE WITHOUT ANY LAPSE IN
COVERAGE.
SUCH INSURANCE SHALL BE ISSUED BY COMPANIES LICENSED OR AUTHORIZED TO
PROVIDE FIRE AND EXTENDED COVERAGE INSURANCE IN THE STATE OF INDIANA AND
OTHERWISE REASONABLY ACCEPTABLE TO THE COMMISSION AND HAVING A POLICYHOLDER
RATING OF NOT LESS THAN "A- VII" IN THE THEN-MOST CURRENT EDITION OF BEST'S
INSURANCE REPORTS; OR, IF SUCH RATING IS CHANGED, THE EQUIVALENT RATING; OR, IF
BEST'S INSURANCE REPORTS IS NO LONGER PUBLISHED, AN EQUIVALENT RATING IN ANOTHER
PUBLICATION REASONABLY SELECTED BY THE COMMISSION AND REASONABLY SATISFACTORY TO
LESSEE.
SUCH INSURANCE SHALL NAME MORTGAGEE AS LOSS PAYEE AND SHALL NAME THE
COMMISSION AS ADDITIONAL INSURED.
(C)
IF LESSEE SHALL FAIL OR REFUSE, FOR FIVE (5) DAYS AFTER WRITTEN
NOTICE BY THE COMMISSION TO LESSEE, TO PROCURE, PAY FOR OR KEEP IN FORCE THE
POLICIES OF INSURANCE AS SET FORTH HEREIN (OR IN SECTION 8.04 BELOW), OR TO
DELIVER CERTIFICATES OF INSURANCE OR OTHER PROOF OF SUCH INSURANCE AS PROVIDED
ABOVE, THE COMMISSION MAY KEEP IN FORCE AND/OR FROM TIME TO TIME RENEW SUCH
INSURANCE UNTIL COMPLIANCE BY LESSEE; AND ALL SUMS SO EXPENDED OR EXPENSES SO
INCURRED BY THE COMMISSION UNDER THIS SECTION 8.02(C) SHALL BEAR INTEREST THE
STATED RATE PER ANNUM; AND SUCH SUMS AND INTEREST SHALL BE TREATED AS ADDITIONAL
RENT DUE FROM LESSEE TO THE COMMISSION PAYABLE WITHIN FIFTEEN (15) DAYS AFTER
INVOICE THEREFORE IS DELIVERED TO LESSEE.
SECTION 8.03.
LIABILITY INSURANCE.
(A)
THROUGHOUT THE DEMISED TERM,