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8/15/18
<br />_ of Proceeds Prort�r,Insurance. All proceeds payable pursuant to the provision
<br />6.6. A kation
<br />of any policies of property insurance required to be carried under the terms of this LEASE (net of
<br />reasonable expenses of collection) shall be applied for the following purposes:
<br />(a) All such net proceeds shall first be used, subject to any other terms and conditions
<br />contained in this LEASE, as a fund for the rebuilding, restoration, and repair of the
<br />portion of the Leased Premises which become destroyed or damaged and for which such
<br />proceeds are payable; and
<br />(b) Following completion of all work under subsection (a) above, any proceeds not disbursed
<br />pursuant to subsection (a) above shall be applied to or as directed by CITY in its sole
<br />discretion.
<br />6.7 Indemnification. PROJECT does hereby agree to release, indemnify, and hold CITY and its
<br />officers and employees harmless from and against any and all demands, debts, liabilities, suits,
<br />claims, and causes of action of every land and character whatsoever including but not limited to
<br />demands, debts, liabilities, suits, claims and causes of action for damage or injury (including death)
<br />to persons and/or property occurring on the Leased Premises and resulting from PROJECT'S
<br />invitees, guests, agents, servants, or employees' presence upon, use, occupancy or enjoyment of the
<br />theater and/or from PROJECT's business dealings, of whatsoever character, with third parties.
<br />CITY shall not be liable to PROJECT invitees, guests, agents, servants, employees, or visitors due to
<br />the improvements located thereon, or hereafter constructed, or any other condition of the Theater
<br />facilities being improperly constructed, maintained, or being or becoming out of repair. PROJECT
<br />hereby waives any defects on the theater facilities and agrees to hold and save City harmless from
<br />all claims for any such damages or injuries. This indemnification by PROJECT includes, but is not
<br />limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or
<br />defending against any litigation commenced or threatened or any claim whatsoever, including, but
<br />not limited to, attorneys' fees.
<br />ARTICLE 7. Assignment and Subletting
<br />7.1. Assignment. During the Term, PROJECT shall continuously own and operate the theater and
<br />shall not sell, convey or assign any of the leasehold estate created hereby without the express written
<br />consent of CITY; provided, however, PROJECT may, with the consent of CITY, assign or
<br />transfer this LEASE, or any interest herein to a financially qualified third party subject to the
<br />reasonable approval of City. Upon any such assignment, the assignee shall execute and deliver to
<br />CITY a Written Assumption in a form and substance reasonably satisfactory to CITY, of all of the
<br />obligations of PROJECT pertaining to the Grand Theater and accruing under this LEASE after such
<br />assignment. Upon the CITY's acceptance of such assignment, the PROJECT shall be released from
<br />all terms and conditions of this LEASE.
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