2019-038 - Authorizing Assignment of Airport Ground Lease Agreement from Colin Marino to TEXBAMA2, LLC - Hangar M

Home Browse Search

30. During the period of construction of any building or other improver nent on the leased preaanis es and at all times thereafter during the a.astenn, LESSEE shall keep -the improvements , insured against loss or damage by fire, with extended coverage endorsement or its equivalent, in such responsible insurance companies as LESSEE shall select and LESSOR shall approve, and in ainounts not less than 80% of the fair insurable value of the buildings and other improvements. 32., LESSEE shall maintain:, dunng the life of.AGREEMENT, general liability coverage with mininium limits for damages resulting from bodfly ipjury or death of $250,000 per person and $500,000 per occurrence, and $100,000 per occurrence for property dmnage, or a combined single filuit of $500,000, or in such other amounts mutually agreed upon to fully and reasonably protect 'both LESSEE ad LESSOR. LESSOR shall be named as an additional insured with a waiver of subrogation in hvor of LESSOR. All costs of such insurance shall be borne by LESSEE. Such insurance policy or policies must be issued by a reputable provider licensed to write such policies in the State of Texas. DEFAULI& TERMINATION. - 33. Should LESSEE default in the performance of any covenant or condition in AGREEMENT, and such default is not corrected within thirty (30) days afterreceipt of written notice from LESSOR to LESSEE, LESSOR may declare AGREEMENT, and all rights and interest created by it, to be terminated. Upon LESSOR electing -to terminate, AGREEME?Irr shall cease and come to an. and as if that were the day originally fixed herein for the expiration of the term hereof LESSOR,its agent or attorney, may resume possession of the premise-, and release ,ESS EE of all liability or relet the sanie for the remainder of the to at the best renot 'LESSOR, its agent or attorney may obtain for the account of LESSEE, who shall make good any deficiency