08 - Airport Ground Lease Agreement with Larry Ervin - Hangar P

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30. During the period of construction of any building or other improvement on the leased premises and at all times thereafter during the lease term, 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 amounts not less than 80% of the fair insurable value of the buildings and other improvements. 31. In the event any building or improvement constructed on the leased premises is damaged by fire or any other casualty, regardless of the extent of such damage or destruction, LESSEE shall within one year from the date of such damage or destruction commence the work of repair, reconstruction or replacement of damage or destroyed building or improvement and prosecute the same with reasonable diligence so that the building, to the extent originally constructed by LESSEE, shall be restored to substantially the condition it was in prior to the happening of the casualty, provided, however, that if the commencement, construction or completion of said repair, reconstruction or replacement work shall be prevented or delayed by reason or war, civil commotion, acts of God, strikes governmental restrictions or regulations, or interferences, fire or other casualty, or any other reason enumerated or not, the time for commencing or completing, or both, of the construction of said building, as the case may be, shall automatically be extended for the period of each such delay. 32. LESSEE shall maintain, during the life of AGREEMENT, general liability coverage with minimum limits for damages resulting from bodily injury or death of $250,000 per person and $500,000 per occurrence, and $100,000 per occurrence for property damage, or a combined single limit 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 favor 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. DEFAULT & 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 after receipt 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, AGREEMENT shall cease and come to an end 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 premises and release LESSEE of all liability or relet the same for the remainder of the term at the best rent LESSOR, its agent or attorney may obtain for the account of LESSEE, who shall make good any deficiency