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(b) the Equipment, as improved or altered upon completion of remodeling,
<br />substitutions, modifications and improvements made pursuant to this Article VIII shall be of a value not less
<br />than the value of the Equipment immediately prior to the remodeling or the making of substitutions,
<br />additions, modifications and improvements.
<br />Any property for which a substitution or replacement is made pursuant to this Section 8.02 may be
<br />disposed of by Lessee in any manner and in the sole discretion of Lessee, subject to any requirements of the
<br />Vendor. Lessee will not permit a`ny mechanic's or other lien to be established or remain against the
<br />Equipment for labor or materials furnished in connection with any remodeling, substitutions, additions,
<br />modifications, improvements, repairs, renewals or replacement so made by Lessee.
<br />Section 8.03. Taxes, Other Governmental Charges and Utility Charges. hi the event the use,
<br />possession or acquisition of the Equipment is found to be subject to taxation in any form, Lessee will pay
<br />during the Lease Term, as the same respectively becomes due, all taxes and governmental charges of any
<br />kind whatsoever that may at any time be lawfully assessed or levied against or with respect to the Equipment
<br />and any equipment or other property acquired by Lessee in substitution for, as a renewal or replacement of, or
<br />a modification, improvement or addition to the Equipment as well as all gas, water, steam, electricity, heat,
<br />power, telephone, utility and other charges incurred in the operation, maintenance, use, occupancy and
<br />upkeep of the Equipment; provided that with respect to any governmental charges that may lawfully be paid
<br />in installments over•a period of years, Lessee shall be obligated to pay only such installments as are required
<br />to be paid during the Lease Term. In the event of the assessment of any taxes on the Equipment, Lessee shall
<br />promptly notify Lessor or its assigns of such assessment and provide proof of payment or a sustained protest.
<br />Section 8.04. Provisions Regarding Insurance. At its own expense Lessee shall cause casualty,
<br />public liability and property damage insurance to be carried and maintained, or shall demonstrate to the
<br />satisfaction of Lessor that adequate self - insurance is provided, with respect to the Equipment, sufficient to
<br />protect the Full Insurable Value, as that term is hereinafter defined, of the Equipment and to protect Lessor
<br />and its assigns from liability in all events. All insurance proceeds from casualty losses shall be payable as
<br />hereinafter provided in this Lease. At closing, Lessee shall furnish to Lessor certificates evidencing such
<br />coverage through the initial Lease Term, and certificates evidencing such coverage through each Renewal
<br />Term, when effective. Alternatively, Lessee may insure the Equipment under a blanket insurance policy or
<br />policies which cover not only the Equipment but other properties. If Lessee shall insure similar properties by
<br />self - insurance, Lessee will insure the Property by means of an adequate insurance fund set aside and
<br />maintained out of its revenues.
<br />Lessee shall carry Worker's Compensation insurance covering all employees working on, in, near or
<br />about the Equipment, or demonstrate to the satisfaction of Lessor that adequate self - insurance is provided,
<br />and shall require any other person or entity working on, in, near or about the Equipment to carry such
<br />coverage, and will furnish to Lessor certificates evidencing such coverage throughout the Lease Term.
<br />The term "Full Insurable Value" as used herein shall mean the replacement value of the Equipment.
<br />Any insurance policy issued pursuant to this Section 8.04 shall be so written or endorsed as to make
<br />losses, if any, payable to Lessor and the assigns of Lessor, as their respective interests may appear. The Net
<br />Proceeds of the insurance required in this Section 8.04 .shall be applied as provided in Section 9.02 hereof.
<br />Each insurance policy provided for in this Section 8.04 shall contain a provision to the effect that the
<br />insurance company shall not cancel the policy or modify it materially without first giving written notice
<br />thereof to Lessor and its assigns at least thirty (30) days in advance of such cancellation.
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