Conditions on Insurance. The policy or policies required under Section 13.1, 13.4, and 13.5 shall provide that in the event of loss thereunder, the proceeds of the policy or policies shall be payable to the Lessee to be used solely for the rehabilitation, repair, or maintenance of the property damaged or destroyed, as approved and directed by the Lessor, with any balance of the proceeds not required for such rehabilitation, repair, or maintenance to be paid to the Lessee; provided, however, that the insurer, after payment of any proceeds to the Lessee, will have no obligation or liability with respect to the use or disposition of the proceeds by the Lessee. All property and general liability insurance hereunder shall name the United States of America, National Park Service, Cuyahoga Valley National Park as an additional insured. All of the insurance required under this Lease and all renewals thereof, shall be issued by one or more companies of recognized responsibility licensed to do business in Ohio with a financial rating of at least a Class B+ (or equivalent) status, as rated in the most recent edition of Best’s Insurance Reports (or equivalent) or as otherwise acceptable to the Lessor. All policies provided for herein expressly must provide that such policies may not be cancelled, terminated, or altered without thirty (30) days prior written notice to the Lessor. The Lessee must provide to the Lessor a copy of each policy and a certificate of the policy executed by a properly qualified representative of the insurance company evidencing that the required insurance coverage is in full force and effect on or before the Commencement Date, and annually thereafter. The Lessee shall maintain all policies provided for herein throughout the term of the Lease, and the Lessee shall renew such policies before the expiration of the term of the policy. From time to time, as conditions warrant, the Lessor may modify the types and levels of insurance required in this Lease, provided that any additional requirements must be reasonable and consistent with the types of insurance a prudent businessperson would purchase in similar circumstances.
