Resolution 3399 - Laserfiche WebLink

DRS462 effect on said effective date and that the premiums therefor have been paid. ARTICLE IX: FIRE AND EXTENDED COVERAGE INSURANCE Following the Payment Obligation Commencement Date, City will carry or cause to be carried fire and extended coverage insurance covering the Improvements in such amounts and covering such risks as the City Council may require from time to time. Such insurance shall be carried with financially responsible insurance companies authorized to do business in the State of Washington, and may be carried under a policy or policies covering other property owned or controlled by City. City shall furnish to Lessor, on or before the effective date of any such policy, certificates of insurance evidencing that the insurance required by this Article 9 are in force and effect on the specified date and that the premiums therefor have been paid. City agrees that such policies shall contain a provision that the same may not be cancelled without at least thirty (30) days' prior written notice being given by the insurer to Lessor. The amount of insurance maintained by City shall be in such amounts as may be established by the City Council from time to time, or the City may be self-insured. ARTICLE X: LIENS The City shall not create, incur, assume or suffer to exist any mortgage, pledge, lien, charge, encumbrance or claim on or with respect to the Leased Premises. The City shall promptly, at its own expense, take such action as may be necessary to duly discharge or remove any such mortgage, pledge, lien, charge, encumbrance or claim if the same shall arise at any time. The City shall reimburse the Lessor for any expense incurred by Lessor to discharge or remove any such mortgage, pledge, lien, charge, encumbrance or claim. ARTICLE XI: OPTIONS TO PREPAY LEASE AND PURCHASE IMPROVEMENTS 11. 1 Option to Purchase. Provided City is not in default under this Lease, the City shall have the option to purchase the Improvements and thereby terminate this Lease on any Lease Payment Date on or after such date as the City, in its sole discretion, shall determine at or prior to the Payment Obligation Commencement Date. Such date shall be set forth by the City in Exhibit B-l. The purchase price of the Improvements shall be an amount equal to the total principal amount of Lease Payments set forth on Exhibit B-1, plus interest accrued thereon to the date of prepayment at the applicable rate(s) set forth on Exhibit B-1 less a credit of all Lease Payments paid by the City prior to the date of prepayment. B-11