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6 <br /> c. Liability insurance (with City as additional named insured)to be paid by <br /> Village Theatre. City to pay fire and extended coverage insurance on the premises; <br /> Village Theatre to cover its improvements and contents. Village Theatre will be <br /> responsible for pursuing such leasehold excise tax exemption as may be applicable. <br /> d. Other standard commercial leasehold terms shall be included, subject to <br /> negotiation. <br /> 3. Improvements <br /> a. After acquisition of the premises, City obtained an informal report and <br /> estimate regarding the need for and estimated cost of seismic upgrades. The City will <br /> share that information and any other information in the possession of the City regarding <br /> the condition of the premises. <br /> b. City and Village acknowledge the need for improvements to the premises' <br /> shell in addition to extensive tenant improvements for Village Theatre's particular uses. <br /> Accordingly, City agrees, upon execution of the lease, to commence a remodel project. <br /> Unless otherwise agreed, City improvements to building shell will be completed prior to <br /> occupancy at City's cost; tenant improvements will be done separately by tenant at <br /> tenant's costs. <br /> 4. Coordination with City—As further consideration for the City leasing the subject <br /> property to Village Theatre, the Village Theatre will work with the City to make the <br /> premises facility available to the City for community events including: <br /> a. Village Theatre agrees to equip, staff and operate a coffee shop with an <br /> opening to the City Plaza currently being planned and designed for the area between the <br /> Everett Performing Arts Center and the premises. Village Theatre may sublease the <br /> space to provide for the coffee shop. <br /> b. At no cost to the City, Village Theatre will allow City use of the premises for <br /> City functions of ten (10) events for each twelve month period following Village <br /> Theatre's taking occupancy. <br /> c. At no cost to the City, Village Theatre's KIDSTAGE program will provide at <br /> least one lunch performance per week during the period of the first of July to mid-August <br /> of each year on the performance dias of the City Plaza. <br /> d. Within one month following occupancy, the KIDSTAGE programs will be <br /> removed from revenue-producing spaces in the Everett Performing Arts Center except for <br /> Summerstock rehearsals and performances and contracted performances and classes. <br /> 7 71 <br /> Page 2 of 3 <br />