|
thirty (30) days prior to the effective date of such cancellation or amendment. Notice shall be by
<br />certified mail, return receipt requested, addressed to the LESSOR at the following address: City
<br />Clerk, City of Paris, P. O. Box 9037, Paris, Texas 75461-9037. That LESSEE agrees that if
<br />LESSEE does not keep all insurance required under this Lease in full force and effect, LESSOR
<br />may declare this Lease, and all rights and interest created by it, to be terminated.
<br />27. That, in case of any damage to or destruction of the buildings, structures, and
<br />equipment on the leased premises, ar any part thereof, LESSEE will promptly give written notice
<br />thereof to LESSOR, generally describing the nature and extent of such damage and/or destruction.
<br />In case of any damage to ar destruction of the buildings, structures, and equipment on the
<br />leased premises, or any part thereof, LESSEE, whether or not the insurance proceeds, if any,
<br />payable on account of such damage and/or destruction shall be sufficient for such purpose, at
<br />LESSEE's sole cost, risk, and expense, will promptly commence and complete the restoration,
<br />repair, and replacement of said buildings, structures and equipment as nearly as possible to their
<br />value, condition, and character immediately prior to such damage and/or destruction, with such
<br />alterations in and additions thereto as may be approved in writing by LESSOR (hereinafter
<br />sometimes referred to as the "Restoration")
<br />All insurance proceeds, if any, payable on account of such damage to or destruction of the
<br />buildings, structures, and equipment on the leased premises shall be held by LESSOR. LESSOR
<br />shall be protected in acting upon any certificate believed by LESSOR to be genuine and to have
<br />been executed by the proper party and shall receive such certificate as conclusive evidence of any
<br />fact or as to any matter therein set forth. Such certificate shall be full warranty, authority, and
<br />protection to LESSOR in acting thereon, and LESSOR shall be under no duty to take any action
<br />other than as set forth in this paragraph.
<br />Insurance proceeds received by LESSOR on account of any damage to or destruction of the
<br />buildings, structures, and equipment on the leased premises, or any part thereof (less the costs,
<br />fees, and expenses incurred by LESSOR and LESSEE in the collection thereof, including, without
<br />limitation, adjuster's and attorney's fees and expenses), shall be applied as follows:
<br />A. Net insurance proceeds as above defined shall be paid to LESSEE or as LESSEE
<br />may direct from time to time as Restoration progresses to pay (or reimburse
<br />LESSEE for) the cost of Restoration, upon written request of LESSEE to LESSOR
<br />Hanear Lease Agreement - page 13
<br />~ 0 C, 19
<br />
|