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200403826
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Last modified
10/16/2011 3:00:55 PM
Creation date
10/21/2005 12:45:10 AM
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DEEDS
Inst Number
200403826
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20040382 -6 <br />or entity because of any defect or breach of warranty relating to the Project in the name of Vendor, as well as <br />in Purchaser's own name as the ultimate user of the Project. Purchaser hereby expressly acknowledges that <br />by this Contract for Purchase Purchaser has been given exclusive control of the Project and that Purchaser <br />shall be liable for and shall save Vendor and the Trustee harmless against any and all expense or liability for <br />any claim based upon any use of the Project by Purchaser. Purchaser shall not assign its rights under this <br />Contract for Purchase or sublet the Project or any part thereof during the term of this Contract for Purchase. <br />ARTICLE VIII <br />INSURANCE <br />Section 8.1. Throughout the term of this Contract for Purchase, Purchaser shall, at <br />Purchaser's expense, keep the Building, including the Project, insured or cause the Building, including the <br />Project, to be kept insured against loss or damage by fire and extended coverage perils in an amount not less <br />than the full replacement value thereof with such insurance to be under policies issued by responsible insurers <br />authorized to do business in the State of Nebraska; provided, however, that such insurance policy or policies <br />may provide that no payment shall be made thereon for any claims thereunder of less than $10,000. Such <br />insurance policies shall name Vendor, the Trustee and Purchaser as insureds as their respective interests may <br />appear, but so long as the Purchaser is not in default hereunder, any loss shall be adjusted by and be paid to <br />the Purchaser. In addition, Purchaser shall maintain general liability insurance upon the Building, includig <br />the Project, in amounts not less than $1,000,000 for bodily injury for each occurrence, not less than $100,000 <br />for property damage for each occurrence and with an annual aggregate limitation of not less than $1,000,000. <br />Section 8.2. Upon occurrence of any damage to the Project covered by the insurance <br />required by Section 8.1 hereof, the proceeds of such insurance shall be used to repair and replace the Project. <br />Purchaser agrees that if the available proceeds are insufficient to fully repair and replace the Project to the <br />condition existing prior to the loss, such insufficiency shall not constitute any default of Vendor and Vendor <br />shall have no responsibility to provide funds for such purpose beyond the funds available from such <br />insurance, and further that such insufficiency shall not relieve Purchaser of the responsibility for making all <br />basic and additional payments as provided herein. <br />ARTICLE IX <br />INSPECTION OF PROJECT BY VENDOR <br />Purchaser shall permit Vendor or the Trustee to inspect the Project during usual business <br />hours for purposes of inspections which may be reasonably necessary for the protection of the Vendor's <br />interest in the Project. Purchaser shall permit Vendor or an authorized representative of Vendor or the <br />Trustee to enter the Building at any time for the performance of any work upon the Project made necessary <br />by reason of Purchaser's default under any of the provisions of this Contract for Purchase. <br />Vendor or the Trustee may, during the course of any work which either is authorized to <br />perform on the Project keep and store in the Building or on the Site all necessary materials, supplies and <br />equipment, and shall not be liable for reasonable inconvenience, annoyance, disturbance, loss of use or other <br />damage to Purchaser suffered by reason of the performance of such work or the storage of materials, supplies <br />and equipment. <br />W <br />
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