200510853 - Laserfiche WebLink

Browse

200510853 all rental obligations under this Agreement, shall become the property of Lessee pursuant to the provisions of Article XVIII of this Agreement. Section 7.03. It is the intention of the parties that Lessor shall have no obligation for any cost in connection with the Project beyond the monies in the Construction Fund as described in Article IV hereof and that the Payments shall be net to the Lessor and this Agreement shall be construed accordingly. Section 7.04. LESSEE HEREBY EXPRESSLY AGREES THAT LESSOR AND THE TRUSTEE HA VE MADE NO WARRANTIES WITH RESPECT TO THE PROJECT OR AS TO ITS SUITABILITY OR USEFULNESS FOR LESSEE'S PURPOSES AND LESSEE HEREBY EXPRESSLY AGREES THAT NEITHER THE LESSOR NOR THE TRUSTEE SHALL BE LIABLE TO IT FOR ANY DEFECT IN THE PROJECT. Lessor hereby agrees that Lessee shall be entitled to all warranties, express and implied, made by any other person with respect to the Project and that Lessee shall have full power to pursue any remedies which Lessor may have against any vendor, supplier or other person or entity because of any defect or breach of warranty relating to the Project in the name of Lessor, as well as in Lessee's own name as the ultimate user of the Project. Lessee hereby expressly acknowledges that by this Agreement Lessee has been given exclusive control of the Project and that it shall be liable for and shall save Lessor and the Trustee harmless against any and all expense or liability for any claim based upon any use of the Project which is determined upon by Lessee. Lessee shall not assign its rights under this Agreement or sublet the Project or any part thereof during the term of this Agreement. ARTICLE VIII INSURANCE Section 8.01. Throughout the term of this Agreement, Lessee shall, at Lessee's expense, keep the Project insured or cause the Project to be kept insured against loss or damage by fire and extended coverage perils in an amount not less than the full replacement value thereof with such insurance to be under policies issued by responsible insurers authorized to do business in the State of Nebraska; provided, however, that such insurance policy or policies may provide that no payment shall be made thereon for any claims thereunder of less than $50,000. Such insurance policies shall name Lessor, the Trustee and Lessee as insureds as their respective interests may appear, but so long as the Lessee is not in default hereunder, any loss shall be adjusted by and be paid to the Lessee. In addition, Lessee shall maintain general liability insurance upon the Project in amounts not less than $1,000,000 per occurrence, $2,000,000 annual aggregate, for bodily injury, and not less than $100,000 per occurrence, $500,000 annual aggregate, for property damage. Section 8.02. Upon occurrence of any damage covered by the insurance required by Section 8.01 hereof, the proceeds of such insurance shall be used to repair and replace the Project. Lessee agrees that if the available proceeds are insufficient to fully repair and replace the Project to the condition existing prior to the loss, such insufficiency shall not constitute any default of Lessor and Lessor shall have no responsibility to provide funds for such purpose beyond the funds available from such insurance, and further that such insufficiency shall not relieve Lessee of the responsibility for making the Payments and paying additional rent provided hereunder. ARTICLE IX 10