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<br />Page 5 <br /> <br />7. INSUIU\NCE. 1\t ita own expenoe, Leooce ahall keep the Equipment covered againDt looa <br />due to fire and the rioko normally includeq in extended coverage, malicious mischief and <br />vandalinm, for not Ie 00 than the Full Inourable Value of the Equipment; and Lea ace ahall <br />aloo carry automobile inourance, including bodily injury liability and property damage <br />liability with a oingle limit of not leoo than $1,000,000 per occurrence, or ouch greater <br />or leaDer amount aD LeDDor may from time to time require on notice to Lecoce. 1\13 used <br />herein, "l~ull InDurable Value" meana the full replacement value of the.Equipment or the <br />then applicable Purchaoe Price dcoignated aD ouch on the Schedule of paymento, whichever <br />is greater. All inourance ohall be in form and amount and with companies reasonably <br />satisfactory to Leooor. nll inourance for 1000 or damage Dhall provide that looseD ahall <br />be payable to Leaoor and LeDoce, ao their intcrcoto may appear, and Lecoee ohall utilize <br />its best cfforto to have all clleekn to Duell loaaen delivered to LeoDor. LeaDor ahall be <br />named ao an additional inoured with reDpcct to ouch liability inourance4 Lesoee ahall <br />pay the premiumo and deliver to Leooor evidence oatiofactory to LeDGOr of ouch inaurance <br />coverage. Each incurer ohall agree, by cnctorocmcnt furniohect to LeGDOr, that (a) it will <br />give LeSDor 30 dayo prior written notice of the effective date of any material alteration <br />or cancellation of ouch policy; and (b) in Durance aD to the intereot of any named <br />additional inoured or 1000 payee other than Leooce ohall not be invalidated by any <br />actiono, inaction6, breach of warranty or eonditiono or negligence of Leaoce with reopect <br />to ouch policY4 If Lesoee inoureo oimilar propertieD againot caoualty 1008 by <br />Belf-insurance, Leooec may oatlofy ita obligationo with reopcct to caoualty inourance <br />hereunder by providing oelf-inourancc with reopcct to the Full Inourable Value of the <br />Equipment by meana of an adequate in Durance fund. LeoGce ohall carry workmen'a <br />compensation inGurance covering all employcco working on, in, near or about the <br />Equipment, or demonstrate to the oatiofaction of LeoDor that adequate self-inaurance io <br />provided, and shall require any other peroon or entity working on, in, or near or about <br />the Equipment to carry ouch coverage, and will furnish to LeoDor certificates evidencing <br />Buch coverage throughout the Leaoe Term. The Net Proceeds of the inaurance required <br />hereby shall be applied as provided in Section 8. lis used herein "Net Proceeds" meano <br />the a~ount remaining from the graDe procacdo of any inourancc claim or condemnation award <br />after deduction of all expeneen (including attorney's fcee) incurred in the. collection of <br />Buch claim or award. <br /> <br />If LC90ee i8 a governmental entity and doc9 not maintain liability inourance as <br />described above, Lessee agreeo that it will maintain a program of Gclf ineurance, either <br />alone, or in cooperation with other governmental entitieD, that provideo coverage to <br />Lessee in the form and amount otatcd above, but in any event, not leaD than the maximum <br />exposure to Leoaee under any applicable governmental immunity rule, regulation, statute <br />or law. Leaoee shall deliver to LeaDor evidence oatiafactory to Leaoor of ouch <br />oelf-inourance coverage. <br /> <br />6. DAMAGE, DESTRUCTION I\NO CONDEHNI\~'ION: USE OF NET PROCEEDS. If prior to the <br />termination of the Lease Term (a) the Equipment io damaged in whole or in part by <br />casualty; or (b) title to, or the temporary use of, the Equipment or the estate of Lessee <br />or Leosor in the Equipment shall be taken under the exercioc of the power of eminent <br />domain by any governmental body or by any peroon acting under governmental authority; <br />Leaaee and Leaoor will caUDa the Net Proceedo of any inourance claimo or condemnation <br />award to be applied to Lesoee'o obligations by this section. If the Equipment is not <br />deemed to be a total 1000, LeODce ohall, at ita expenoe (after the application of the Net <br />Proceedo of any inourance claimo or condemnation award), cauoe the repair or replacement <br />of the Equipment. In the event of total deotruction of the Equipment, Leooee shall pay <br />to Leooor on the next rent due date (ao oet forth on the Schedule of Payments) which <br />succeeds the date of ouch loos, an amount equal to the purchase price of the equipment <br /> <br />I <br />