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214 <br /> <br /> Further, BITCO agrees to keep and maintain, in full force and effect, a policy or policies <br /> of insurance covering the actual cash value of any improvements owned by PEDC, and shall pay <br /> all premiums due thereon when due. It is expressly provided that such insurance policy or <br /> <br /> 4 <br /> <br /> policies shall and must be written and issued by a reputable insurance company or companies, <br /> with PEDC and the CITY OF PARIS as loss payees, subject to approval by the City Attorney <br /> of the City of Paris, and BITCO or its insurance carrier or carriers shall deliver a copy of any <br /> such policies to the City Clerk of the City of Paris, 150 1st Street S.E., Paris, Texas 75460, or <br /> furnish to said City Clerk a current letter or certificate from such company or companies, <br /> evidencing the fact that such insurance is in full force and effect at all times during this Lease, <br /> and specifically noting thereon that PEDC and the CITY OF PARIS are loss payees. All such <br /> policies shall be written so that the PEDC-will be notified of cancellation or of any restrictive <br /> amendment of the policies at least thirty (30) days prior to the effective date of such cancellation <br /> or amendment. Notice shall be by certified mail, return receipt requested, addressed to the <br /> PEDC at the following address: City Clerk, City of Paris, P. O. Box 9037, Paris, Texas 75461- <br /> 9037. <br /> <br /> 8. That BITCO will not use, or permit the use of, said premises, or any part thereof, <br /> for any purpose which is determined dangerous or hazardous. <br /> <br /> 9. Should BITCO default in, or fail or refuse to keep any of the covenants, conditions, <br /> stipulations and/or provisions herein contained, notice hereof shall be given in writing to <br /> BITCO, giving BITCO thirty (30) days to correct such discrepancy, and, in the event such <br /> default, failure or refusal is not corrected within said thirty (30) day period, then, in any such <br /> event, PEDC may elect, BITCO expressly waiving demand and notice, to declare this Contract <br /> canceled and of no further effect, all monies that have been paid to or deposited with PEDC <br /> hereunder shall be forfeited and belong to PEDC as liquidated damages to compensate PEDC <br /> for breach of this Contract. Immediately upon this Contract being declared canceled and of no <br /> <br /> 5 <br /> <br /> <br />