Common use of Fire and Extended Coverage Insurance Clause in Contracts

Fire and Extended Coverage Insurance. The City shall procure and maintain, or cause to be procured and maintained, throughout the Lease Term, insurance against loss or damage to any structures constituting any part of the Leased Premises caused by fire, lightning, vandalism and malicious mischief, such perils as are typically covered under an extended coverage endorsement insurance, and earthquake and flood insurance (but, with respect to such earthquake and flood insurance, only if such insurance is commercially available under reasonable terms), which may be maintained in conjunction with any other fire, extended coverage and earthquake and flood insurance maintained by the City. In the event such earthquake or flood insurance shall at any time during the Lease Term not be commercially available under reasonable terms, the City shall not be obligated to maintain earthquake or flood insurance during the period of such unavailability; provided, however, that in the event of any uninsured loss to the Leased Premises resulting from earthquake or flood, the City shall apply for and use its best efforts to obtain financial assistance from the United States of America and the State of California to be used for the repair, reconstruction or replacement of the Leased Premises. Said property insurance shall, as nearly as practicable, cover loss or damage by explosion, windstorm, riot, aircraft, vehicle damage, smoke and such other perils as are normally covered by such insurance. Such insurance shall be in an amount equal to the greater of (a) the aggregate principal amount of the Outstanding Bonds (to the extent obtainable), or (b) one hundred percent (100%) of the replacement cost of any structures constituting any part of the Leased Premises. Such insurance may be subject to a deductible of not to exceed $250,000 for any one loss except that, as respects the above-referenced earthquake coverage, such coverage may be subject to deductible of not to exceed ten percent of said replacement cost for any one loss. In the event of any insured earthquake loss to the Leased Premises, the City shall apply for and use its best efforts to obtain financial assistance from the United States of America and the State of California to be used for the payment of such deductible. The coverage required to be provided by the City under this Section shall be written on a deductible basis and not on a self- insured retention basis. Subject to the applicable provisions of the Prior Lease while the same is in effect, the Net Proceeds of any insurance award resulting from any damage to or destruction of any structures constituting any part of the Leased Premises caused by any of the perils covered by such insurance shall be paid to the Trustee by the City and deposited by the Trustee promptly upon receipt thereof in a special fund to be designated the “Insurance and Condemnation Fund” and established pursuant to Section 6.02 of the Indenture. The application of any such Net Proceeds shall be determined in accordance with this Section, Section 6.07(A) of the Indenture and the insurance policy or policies. If the City determines and notifies the Trustee in writing of its determination, within ninety (90) days of such deposit, that the replacement, repair, restoration, modification or improvement of the Leased Premises is not economically feasible or in the best interest of the City; then such Net Proceeds shall be, to the extent permitted by the insurance policies themselves, considered a prepayment of rent pursuant to Section 10.03, transferred to the Redemption Fund and promptly applied to the redemption of Bonds, pursuant to Section 4.01(D)(ii)(a) and Section 4.03(D)(iii)(a) of the Indenture in the priority established pursuant to Section 6.07(A) of the Indenture and the insurance policy or policies; provided, however, that if such determination would result in an abatement of Rental Payments pursuant to Section 4.4(e), then, except as otherwise provided in the Indenture, such Net Proceeds shall nevertheless be applied to the prompt replacement, repair, restoration or modification of the Leased Premises, to the extent of such Net Proceeds. All Net Proceeds deposited in the Insurance and Condemnation Fund and not so transferred to the Redemption Fund shall be applied by the City to the prompt replacement, repair, restoration, modification or improvement of the damaged or destroyed portions of any of the structures constituting any part of the Leased Premises, upon receipt of requisitions signed by an Authorized City Representative stating with respect to each payment to be made (i) the requisition number, (ii) the name and address of the person, firm or corporation to whom payment is due, (iii) the amount to be paid and (iv) that each obligation mentioned therein has been properly incurred, is a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or statement of account for such obligation.

Fire and Extended Coverage Insurance. The City County shall procure and maintain, or cause to be procured and maintain or cause to be maintained, throughout the Lease Termterm of this Sublease, insurance against loss or damage to any structures constituting any part of the Leased Premises caused Facilities by firefire and lightning, lightningwith extended coverage insurance, vandalism and malicious mischiefmischief insurance and sprinkler system leakage insurance and earthquake insurance, such perils as are typically covered under an if available on the open market from reputable insurance companies. Said extended coverage endorsement insurance, and earthquake and flood insurance (but, with respect to such earthquake and flood insurance, only if such insurance is commercially available under reasonable terms), which may be maintained in conjunction with any other fire, extended coverage and earthquake and flood insurance maintained by the City. In the event such earthquake or flood insurance shall at any time during the Lease Term not be commercially available under reasonable terms, the City shall not be obligated to maintain earthquake or flood insurance during the period of such unavailability; provided, however, that in the event of any uninsured loss to the Leased Premises resulting from earthquake or flood, the City shall apply for and use its best efforts to obtain financial assistance from the United States of America and the State of California to be used for the repair, reconstruction or replacement of the Leased Premises. Said property insurance shall, as nearly as practicable, cover loss or damage by explosion, windstorm, riotflood, riot and riot attending a strike, aircraft, vehicle damage, hail, smoke and such other perils hazards as are normally covered by such insurance. Such insurance shall be in an amount equal to the greater of replacement cost (a) the aggregate principal amount of the Outstanding Bonds (to the extent obtainable), or (b) one hundred percent (100%without deduction for depreciation) of the replacement cost of any all structures constituting any part of the Leased Premises. Such Facilities, excluding the cost of excavations, of grading and filling, and of the land (except that such insurance may be subject to a deductible clauses for any one loss of not to exceed $250,000 [250,000] or comparable amount adjusted for inflation or more in the case of earthquake insurance), or, in the alternative, shall be in an amount and in a form sufficient (together with moneys held under the Trust Agreement), in the event of total or partial loss, to enable the County to prepay all or any one loss except thatpart of the Base Rental Payments then unpaid, as respects the above-referenced earthquake coverage, such coverage may be subject pursuant to deductible of not Section 7.02 hereof and to exceed ten percent of said replacement cost for any one lossredeem outstanding Bonds. In the event of any insured earthquake loss to the Leased Premises, the City shall apply for and use its best efforts to obtain financial assistance from the United States of America and the State of California to be used for the payment of such deductible. The coverage required to be provided by the City under this Section shall be written on a deductible basis and not on a self- insured retention basis. Subject to the applicable provisions of the Prior Lease while the same is in effect, the Net Proceeds of any insurance award resulting from any damage to or destruction of any structures constituting any part of the Leased Premises Facilities, caused by any of the perils covered by such insurance, the Authority, except as hereinafter provided, shall cause the proceeds of such insurance shall to be paid to utilized for the repair, reconstruction or replacement of the damaged or destroyed portion of the Facilities, and the Trustee by the City shall hold said proceeds separate and deposited by the Trustee promptly upon receipt thereof apart from all other funds, in a special fund to be designated the “Insurance and Condemnation Fund,” and established pursuant to Section 6.02 of the Indenture. The application of any end that such Net Proceeds proceeds shall be determined in accordance with this Section, Section 6.07(A) of the Indenture and the insurance policy or policies. If the City determines and notifies the Trustee in writing of its determination, within ninety (90) days of such deposit, that the replacement, repair, restoration, modification or improvement of the Leased Premises is not economically feasible or in the best interest of the City; then such Net Proceeds shall be, to the extent permitted by the insurance policies themselves, considered a prepayment of rent pursuant to Section 10.03, transferred to the Redemption Fund and promptly applied to the redemption of Bondsrepair, pursuant to Section 4.01(D)(ii)(a) and Section 4.03(D)(iii)(a) reconstruction or replacement of the Indenture Facilities to at least the same good order, repair and condition as they were in prior to the damage or destruction, insofar as the same may be accomplished by the use of said proceeds. The Trustee shall permit withdrawals of said proceeds from time to time upon receiving the Written Request of the Authority, stating that the Authority has expended moneys or incurred liabilities in an amount equal to the amount therein requested to be paid over to it for the purpose of repair, reconstruction or replacement, and specifying the items for which such moneys were expended, or such liabilities were incurred. Any balance of said proceeds not required for such repair, reconstruction or replacement shall be treated by the Trustee as Base Rental Payments and applied in the priority established pursuant to manner provided by Section 6.07(A) 5.02 of the Indenture and the insurance policy or policies; Trust Agreement, provided, however, that if the insurance proceeds were paid to cover damage to property of the County that does not constitute part of the Facilities, as defined herein, including, but not limited to furniture and office equipment, then such determination would result in proceeds shall be paid to the County. Alternatively, the Authority, at its option, and if the proceeds of such insurance together with any other moneys then available for the purpose are at least sufficient to redeem an abatement aggregate principal amount of outstanding Bonds, equal to the amount of Base Rental Payments attributable to the portion of the Facilities so destroyed or damaged (determined by reference to the proportion which the cost of such portion of the Facilities bears to the cost of the Facilities), may elect not to repair, reconstruct or replace the damaged or destroyed portion of the Facilities and thereupon shall cause said proceeds to be used for the redemption of outstanding Bonds pursuant to Section 4.4(e), then, except as otherwise provided the provisions of the Trust Agreement. The Authority and the County shall promptly apply for Federal disaster aid or State of California disaster aid in the Indenture, event that the Facilities are damaged or destroyed as a result of an earthquake occurring at any time. Any proceeds received as a result of such Net Proceeds disaster aid shall nevertheless be applied used to the prompt replacement, repair, restoration reconstruct, restore or modification of the Leased Premises, to the extent of such Net Proceeds. All Net Proceeds deposited in the Insurance and Condemnation Fund and not so transferred to the Redemption Fund shall be applied by the City to the prompt replacement, repair, restoration, modification or improvement of replace the damaged or destroyed portions of any the Facilities, or, at the option of the structures constituting County and the Authority, to enable the County to prepay all or any part of the Leased PremisesBase Rental Payments then unpaid, upon receipt pursuant to Section 7.02 hereof, and to redeem outstanding Bonds if such use of requisitions signed such disaster aid is permitted. As an alternative to providing the insurance required by an Authorized City Representative stating with respect the first paragraph of this Section, or any portion thereof, the County may provide a self insurance method or plan of protection if and to each payment the extent such self insurance method or plan of protection shall afford reasonable coverage for the risks required to be made insured against, in light of all circumstances, giving consideration to cost, availability and similar plans or methods of protection adopted by public entities in the State of California other than the County. So long as such method or plan is being provided to satisfy the requirements of this Sublease, there shall be filed annually with the Trustee a statement of an actuary, insurance consultant or other qualified person (i) which may be the requisition number, (ii) the name and address Risk Manager of the personCounty), firm stating that, in the opinion of the signer, the substitute method or corporation to whom payment plan of protection is duein accordance with the requirements of this Section and, (iii) when effective, would afford reasonable coverage for the amount risks required to be paid and (iv) that each obligation mentioned therein has been properly incurred, is insured against. There shall also be filed a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature Certificate of the obligationCounty setting forth the details of such substitute method or plan. In the event of loss covered by any such self insurance method, accompanied by a xxxx the liability of the County hereunder shall be limited to the amounts in the self insurance reserve fund or statement of account for funds created under such obligationmethod.

Fire and Extended Coverage Insurance. The City County shall procure and maintain, or cause to be procured and maintain or cause to be maintained, throughout the Lease Termterm of this Facilities Lease, insurance against loss or damage to any structures constituting any part of the Leased Premises caused Facilities by firefire and lightning, lightningwith extended coverage insurance, vandalism and malicious mischief, such perils as are typically covered under an mischief insurance and sprinkler system leakage insurance. Said extended coverage endorsement insurance, and earthquake and flood insurance (but, with respect to such earthquake and flood insurance, only if such insurance is commercially available under reasonable terms), which may be maintained in conjunction with any other fire, extended coverage and earthquake and flood insurance maintained by the City. In the event such earthquake or flood insurance shall at any time during the Lease Term not be commercially available under reasonable terms, the City shall not be obligated to maintain earthquake or flood insurance during the period of such unavailability; provided, however, that in the event of any uninsured loss to the Leased Premises resulting from earthquake or flood, the City shall apply for and use its best efforts to obtain financial assistance from the United States of America and the State of California to be used for the repair, reconstruction or replacement of the Leased Premises. Said property insurance shall, as nearly as practicable, cover loss or damage by explosion, windstorm, riot, aircraft, vehicle damage, smoke and such other perils hazards as are normally covered by such insurance. Such insurance shall be in an amount equal to the greater of replacement cost (a) the aggregate principal amount of the Outstanding Bonds (to the extent obtainable), or (b) one hundred percent (100%without deduction for depreciation) of the replacement cost of any all structures constituting any part of the Leased PremisesFacilities, excluding the cost of excavations, of grading and filling, and of the land (except that such insurance may be subject to deductible clauses for any one loss of not to exceed $5,000). Such insurance may be subject to a deductible blanket or umbrella policy or part of not to exceed $250,000 for any one loss except that, as respects the abovea joint-referenced earthquake coverage, such coverage may be subject to deductible of not to exceed ten percent of said replacement cost for any one losspurchase insurance program. In the event of any insured earthquake loss to the Leased Premises, the City shall apply for and use its best efforts to obtain financial assistance from the United States of America and the State of California to be used for the payment of such deductible. The coverage required to be provided by the City under this Section shall be written on a deductible basis and not on a self- insured retention basis. Subject to the applicable provisions of the Prior Lease while the same is in effect, the Net Proceeds of any insurance award resulting from any damage to or destruction of any structures constituting any part of the Leased Premises Facilities, caused by any of the perils covered by such insurance, the County, except as hereinafter provided, shall cause the proceeds of such insurance shall to be paid to utilized for the repair, reconstruction or replacement of the damaged or destroyed portion of the Facilities, and the Trustee by the City shall hold said proceeds separate and deposited by the Trustee promptly upon receipt thereof apart from all other funds, in a special fund to be designated the “Insurance and Condemnation Fund,” and established pursuant to Section 6.02 of the Indenture. The application of any such Net Proceeds shall be determined in accordance with this Section, Section 6.07(A) of the Indenture and the insurance policy or policies. If the City determines and notifies the Trustee in writing of its determination, within ninety (90) days of such deposit, that the replacement, repair, restoration, modification or improvement of the Leased Premises is not economically feasible or in the best interest of the City; then such Net Proceeds shall be, to the extent permitted by the insurance policies themselves, considered a prepayment of rent pursuant to Section 10.03, transferred to the Redemption Fund and promptly applied to the redemption of Bonds, pursuant to Section 4.01(D)(ii)(a) and Section 4.03(D)(iii)(a) of the Indenture in the priority established pursuant to Section 6.07(A) of the Indenture and the insurance policy or policies; provided, however, end that if such determination would result in an abatement of Rental Payments pursuant to Section 4.4(e), then, except as otherwise provided in the Indenture, such Net Proceeds proceeds shall nevertheless be applied to the prompt repair, reconstruction or replacement of the Facilities to at least the same good order, repair and condition as they were in prior to the damage or destruction, insofar as the same may be accomplished by the use of said proceeds. The Trustee shall permit withdrawals of said proceeds from time to time upon receiving the Written Request of the County, stating that the County has expended moneys or incurred liabilities in an amount equal to the amount therein requested to be paid over to it for the purpose of repair, reconstruction or replacement, and specifying the items for which such moneys were expended, or such liabilities were incurred. Each such Written Request of the County shall be sufficient evidence to the Trustee of the facts stated therein and the Trustee shall have no duty to confirm the accuracy of such facts. Any balance of said proceeds not required for such repair, restoration reconstruction or modification replacement shall be treated by the Trustee as Base Rental Payments and applied in the manner provided by Section 5.02 of the Leased PremisesTrust Agreement. Alternatively, the County, at its option, with the written consent of the Corporation, and if the proceeds of such insurance together with any other moneys then available for the purpose are at least sufficient to prepay an aggregate principal amount represented by Outstanding Certificates, equal to the extent amount of Outstanding Certificates attributable to the portion of the Facilities so destroyed or damaged (determined by reference to the proportion which the construction cost of such Net Proceedsportion of the Facilities bears to the construction cost of the Facilities), may elect not to repair, reconstruct or replace the damaged or destroyed portion of the Facilities and thereupon shall cause said proceeds to be used for the prepayment of Outstanding Certificates pursuant to the provisions of the Trust Agreement. All Net Proceeds deposited The Corporation and the County shall promptly apply for Federal disaster aid or State of California disaster aid in the Insurance and Condemnation Fund and not so transferred to event that the Redemption Fund Facilities are damaged or destroyed as a result of an earthquake occurring at any time. Any proceeds received as a result of such disaster aid shall be applied by the City used to the prompt replacement, repair, restorationreconstruct, modification restore or improvement of replace the damaged or destroyed portions of any the Facilities, or, at the option of the structures constituting County and the Corporation, to prepay Outstanding Certificates if such use of such disaster aid is permitted. As an alternative to providing the insurance required by the first paragraph of this Section, or any part portion thereof, the County may, with the written consent of the Leased PremisesCertificate Insurer, upon receipt provide a self-insurance method or plan of requisitions signed by an Authorized City Representative stating with respect protection if and to each payment the extent such self- insurance method or plan of protection shall afford reasonable coverage for the risks required to be made insured against, in light of all circumstances, giving consideration to cost, availability and similar plans or methods of protection adopted by public entities in the State of California other than the County. Before such other method or plan may be provided by the County, and annually thereafter so long as such method or plan is being provided to satisfy the requirements of this Facilities Lease, there shall be filed with the Trustee a certificate of an actuary, insurance consultant or other qualified person (i) the requisition numberwho may, (ii) the name and address but need not be, an employee of the personCounty), firm stating that, in the opinion of the signer, the substitute method or corporation to whom payment plan of protection is duein accordance with the requirements of this Section and, (iii) when effective, would afford reasonable coverage for the amount risks required to be paid and (iv) that each obligation mentioned therein has been properly incurred, is insured against. There shall also be filed a proper charge against the Insurance and Condemnation Fund, has not been the basis of any previous withdrawal, and specifying in reasonable detail the nature Certificate of the obligationCounty setting forth the details of such substitute method or plan. In the event of loss covered by any such self-insurance method, accompanied by a xxxx the liability of the County hereunder shall be limited to the amounts in the self-insurance reserve fund or statement of account for funds created under such obligationmethod.