Resolution 2011-08 - Laserfiche WebLink

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and protecting the Structure's elements of historical, architectural, and cultural interest and value following the completion of the Project. The Easement area encompasses those exterior elements of the Structure collectively described in Exhibit B and depicted in Exhibit C, attached hereto and incorporated herein by reference (the "Historic Elements"). I. COVENANTS, CONDITIONS, AND RESTRICTIONS This Easement conveys to the City an interest in the Structure as hereinafter specifically provided, which includes the benefit of the following covenants, conditions and restrictions: 1.1 The Historic Elements shall not be visually or structurally altered from the condition as described and depicted in Exhibits B and C without the City's Consent except that nothing herein shall require the City's Consent to change the exterior paint color of the Structure, to change the text on the marquee sign and menu box signs located on the east facade of the Structure, and to repair and maintain the Historic Elements and structural integrity of the Structure (such as glass replacement, carpentry for the purpose of repairing damaged wood work, and tin replacement). Nothing shall be erected on the Property that impairs the visibility of the Structure from the street or grade level. 1.2 The Structure shall not be demolished without the City's Consent, except as may be required by law. 1.3 The Historic Elements shall be maintained in a good and sound state of repair in accordance with The Secretary of the Interior's Standards for the Treatment of Historic Properties, as modified from time to time (the "Standards"), to prevent deterioration of the Historic Elements. Such maintenance and repair includes replacement, repair, and reconstruction by Owner whenever reasonably necessary to preserve the Historic Elements in substantially the same condition as that existing on the date the Project is completed. 1.4 Owner, at its expense, shall: (i) keep the Property and the Structure insured by a reputable insurance company licensed and in good standing in the state of Colorado with a replacement cost insurance policy against loss or damage resulting from fire, windstorm, vandalism, explosion and such other hazards as typically required by prudent property owners in the same geographic area as the Structure; and (ii) carry and maintain commercial general liability insurance on the Property, including premises liability insurance, with coverage of not less than $1,000,000 each occurrence. The insurance policies required to be obtained or maintained by Owner shall name the City as an additional insured or loss payee thereunder as applicable. Owner shall promptly provide to the City certificates of insurance required by this Section 1.4 and all supplements or endorsements thereto on an annual basis or as such insurance policies are entered into, renewed or amended. 1.5 There shall not be any division of the Property (whether or not a subdivision as defined by state or local law, and whether or not the division is legal or physical) without the City's Consent. 2