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RES 03043
City of Pleasanton
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RES 03043
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Last modified
5/13/2003 6:22:08 PM
Creation date
5/13/2003 6:15:12 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
5/6/2003
DOCUMENT NO
RES 03043
DOCUMENT NAME
BRIDGE HOUSING
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ATTACHMENT A <br />price index been in effect on the other dates that Lessee determined <br />the Inflation Adjustment. <br /> <br />(4) <br /> <br />ln~]lrnnee Dcfllnr Ammmt. For the first five (5) years from the <br />Date Of This Lease, the insurance Dollar Amount shall, as <br />applicable, equal the dollar amount set forth in subsections (b], (c). <br />and (d). Thereafter, the lnsumnce Dollar Amount shall be equal to <br />the applicable Inflation Adjustment that was last calculated by the <br />Lessee. <br /> <br />5.2 ln;nrance. Pnlicioq anct Preminm~ <br /> <br /> (a) The liability policies required by this Lease shall name the Lessor, its <br />council members, officers, agents, and employees as additional insureds. The property insurance <br />policy shall name the Lessor as a loss payee, as its interest may appear. <br /> <br /> (b) To the extent obtainable, any policy of insurance shall provide that any <br />change or cancellation of said policy shall be made in writing and sent to the Lessee and the <br />Lessor at their respective principal offices at least thirty (30) days before the effective date of <br />change or cancellation. <br /> <br /> (c) Upon the Lessor's request at any time during the Lease Term, the Lessee <br />shall provide certificates of insurance evidencing compliance wi}h the requirements of this <br />Section, and shall provide complete copies of such insurance policies, including a separate <br />endorsement naming the Lessor as loss payee or the Lessor, its board members, officials, agents <br />and employees as additional insureds, as applicable. <br /> <br />5.3 proceedq nq Insurance <br /> <br /> (a) For so long any Loan on the Project is outstanding: All fire and standard <br />risk or extended coverage (casualty) insurance proceeds shall be applied to the payment of the <br />costs of repairing or rebuilding that part of the Project damaged or destroyed if: (i) the Lessee <br />agrees in writing within ninety (90) days after payment of the proceeds of insurance that such <br />repair or rebuilding is economically feasible, and (ii) each Lender with an outstanding Loan <br />permits such repair or rebuilding, provided that the extent of the Lessee's obligation to restore the <br />Project shall be limited to the amount of the insurance proceeds. <br /> <br /> If the property is not repaired or rebuilt, all such proceeds shall be applied in a manner <br />consistent with the terms of the Loans. ' <br /> <br /> (b) In the event any Loan is outstanding, all insurance proceeds received <br />under the policies set forth in this Article 5 shall be paid to the Lessee, provided that the Lessee <br /> <br /> 19 <br />144\105\153233.13 <br /> <br /> <br />
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