RES 03043 - Laserfiche WebLink

ATTACHMENT A City's Local Agency Investment Fund Rate (established pursuant to Section 16429.1 of the California Government Code) within thirty. (30) days of the date on which the payment was made by the Lessor. If Lessee is not able to cure a default under the Loan. Lessee a~ees to work cooperatively with Lessor if Lessor seeks to cure the default, pay any amounts due under the Loan if accelerated, or assume the Loan. ARTICLE 5: INSI ~I~ ANCF (a) pro?try lnqnr~nce The Lessee shall during the Lease Term keep the Improvements insured against loss or damage by a standard all risk policy including flood and earthquake (if commercially reasonably available) in amounts such that the proceeds of such insurance shall not be less than the full replacement value of the Project, or should insurance in such amount not be commercially reasonably available, such lesser amount as may be acceptable to any Lenders. If an all risk policy insuring the full replacement value of the Project is not commercially reasonably available, the Lessee shall use reasonable efforts to obtain and maintain an extended coverage endorsement that ensures the full replacement value of the Project as soon as such coverage becomes commercially reasonably available. The deductible under such policy shall not exceed Fifty Thousand Dollars ($50,000). (b) Cnmprehen~ive Genernl I lability Insurance During the Lease Term, the Lessee shall keep in full force and effect a policy or policies of comprehensive general liability and property damage insurance against liability for bodily injury to or death of any person or property damage arising out of an occurrence on or about the Project. The limits of such insurance shall be not less than Two Million Dollars ($2,000,000) combined single limit for bodily injury and property damage, including coverages for contractual liability, personal injury, broadform property damage, products and completed operations. The liability policy or policies shall state in writing either on the certificate of insurance or attached rider that this insurance will operate as primary insurance for the Lessee and its officers, agents, and employees, and that no other insurance effected by the Lessor or other named insured will be called on to cover a loss covered thereunder. (c) Worker~' Cc~mpenqa~'inn lnmlrance. The Lessee shall carry or cause to be carried workers' compensation insurance as required by California law, including employer's liability coverage, with limits not less than One Million Dollars ($1,000,000) each accident. (d) Compr~'hen~ive Automobile I lability In~nrance. The Lessee shall carry comprehensive automobile liability insurance with limits not less than One Million Dollars ($1,000,000) each occurrence combined single limit for bodily injury and property damage, including coverages for owned, non-owned and hired vehicles, as applicable; provided, however, that if the Lessee does not own or lease vehicles for purposes of this Lease, then no automobile 17 144\105\153233.13