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ARTICLE 5. Capital Maintenance and Reserves 5.1. Ca[jtgt_Maintenance. PROJECT shall be responsible for the capital maintenance of all improvements, including all capital equipment maintenance and replacement. 5.2. , J, t ,,,,,, jj w e Reserve. Beginning on the third (3") anniversary of the opening of the Theater to Ca .rrtal Mamtenanc , , regular use, and to the extent there are net revenues remaining from the Theater's operations and all other funding following payment of operating costs and any annual debt service for the Grand Theater, PROJECT shall establish a capital maintenance reserve account in the amount of $50,000.00. In any year in which the balance of said capital maintenance reserve account drops below $50,000.00, PROJECT shall deposit, as soon as is practicable but in no event later than six (6) months after expenditures were made from the account, sufficient funds to bring the balance back up to $50,000.00. ARTICLE 6. Insurance and Indemnity 6.1. Property and Liability Insurance—CITY-owned Propgqy. CITY will maintain property (casualty) and general liability insurance on the Leased Premises and any CITY -owned personal property during the Term. In that connection, beginning no later than thirty (30) days prior to Commencement of Operations, CITY will invoice PROJECT on an annual basis for the pro rata portion of CITY's insurance premium attributable to the Leased Premises and PROJECT will remit payment for same within thirty (30) days after receipt of the invoice. 6.2 Pro pert f„and Liabili�y„plJlsuranpe—PROJECT-owned Property. PROJECT acknowledges that CITY will not have an insurable interest in PROJECT owned personal property but does have an interest in PROJECT's ability to maintain operation of the Theater. Consequently, PROJECT shall obtain and maintain property insurance coverage on property it owns in the amount of $100,000.00 and submit to the CITY through the office of the City Clerk a certificate of insurance evidencing said coverage. 6.3. Workers' Comf�ensa.... Insurance. PROJECT agrees, at its sole expense, to obtain and maintain workers' compensation insurance, as required by applicable law, for its employees during the Tenn. The policy will be endorsed to provide a waiver of subrogation as to CITY. 6.4 Contractor Insurance,Requirements. PROJECT shall require any person or business entity with whom it contracts for the provision of construction, environmental remediation, or other such services to carry the general liability insurance coverage in the amount of $1,000,000.00, automobile liability coverage in the amount of $500,000.00, and workers compensation coverage for the contractor's and liability coverage. PROJECT shall also require contractors providing engineering and/or architectural services to carry professional liability insurance coverage in an amount not less than $1,000,000.00 in addition to its obligation to carry workers compensation coverage. PROJECT further agrees that it will not limit the liability of any contractor to an amount less than the limits of its general or professional liability coverage. 6.5. Policies. All insurance policies required by this Article shall provide for at least thirty (30) days written notice to CITY before cancellation and certificates or copies of policies of insurance shall be delivered to