City Council Agenda and Packet 1979 06 05

Home Browse Search

discontinue its tusiness it !:.e les.sed premises, and such abatement s::ali continue for t^e reriod commencing with such destruction or =_-i43 ,n1 -_..pletion by the Lan.aord of such work or rerair and/or reconz-r�--_:on as Landlord Is obligated to do. Nothing in this paragraph shall effect or be construed to abate or diminish percentage rent, additional rent, or other charges hereunder. Sec:ion 5. At all times 'during the term of this Lease, Landlord shall maintain in effect with a responsible insurance company or companies, rolicies of insurance covering the demised premises providing pro- -ection to -he extent of not less than 80% of the replacement value of said premises (excluding excavation, footings and foundations) against all casualties included under standard insurance industry practices within time classification of "Fire and extended coverage 7, **eh of such casualt.ies being nereir.'►f'er referred to as an "insured casualty". section 6. At all times during the term of this Lease, Tenant shall maintain in effect with a responsible insurance company or companies, policies of insurance covering Tenant's trade fixtures, furniture, furnishings and equipment providing protection to the extend of not leas than 5O of the replacement value of the same against the casual- ties specified in Section 5 of this Article. Section 7. Landlord and Tenant hereby grant to each other, on behalf of any insurer providing fire and extended coverage to either of them covering the demised premises, improvements thereon or contents thereof, a waiver of any right of subrogation any such insurer of one party may ac;wire against the other by virtue of payment of any loss under such insurance, such wai-.er •.o be effective so long as each is empowered to grant such waiver under the terms of its insurance policy or policies involved without payment of additional premiums. Such waiver shall stand mutually terminated as of the date either Landlord or Tenant cease- - o ;e so empowered. Neither party shall have any interest in ;.?:e pr..feeds of insurance received by the other party. Section 3. Without Landlord's prior written consent, Tenant shall not carry any stock of goods or do anything in or about said premises which will in any way tend to increase insurance rates or invalidate any policy on Said premises or the building in which the same are located or carried on Landlord's operation of the Center. If Landlord shall consent to su,h use, Tenant agrees to pay as additional rental any increase in premiums for insurance against loss . y fire or extended coverage risks resulting from the business carried on in the leased premises by Tenant. If Tenant installs any electrical equipment that overloads the power lines to the building, Tenant shall at its own expense, make whatever changes are necessary to comply with the requirements of insurance under- writers and insurance rating bureaus and governmental authorities having jurisdiction. ARTICLE 5. SECURITY DEPOSIT Simultaneously with the execution and delivery of this Lease, Tenant has deposited with Landlord the sum of • e Thous • •ur *. & 25/1 Dollars ($ 1.451.25 ) as security or t e iu an. iw t performance uy Tenant of each and every covenant, condition or agree- ment of this Lease on Tenant's part to be performed. In the event that Tenant defaults in performing any such covenant, condition or agreement, including but not limited to payment of rent, tax rent, percentage rent, additional rent or other charges, Landlord may and without diminishing, waiving or affecting any other of Landlord's rights and remedies provided in this Lease, use, amply or retain the whole or any part of said deposit for the payment of any such rent or other charge in default or for any other sum which Landlord may expend or be required to expend by reason of Tenant's default, including any damages or deficiency in the re- letting of the premises, whether such damages or deficiency accrue before or after summary proceediazs or other re-entry by Landlord. Landlord shall not be required so to use, apply or ret.ain the whole or any part of said deposit, but if the whole or any part is so u:ed, applied, or retained, Tenant. shall upon dernnnd imnediatel:, deposit with Landlord. an • (t)