23-Construction of a hangar at Cox Field

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XII. TaXEs The tenant shall be responsible for all taxes, if any, including ad valorem taxes or other similar taxes, which may be assessed upon the hangar and other improvements, or any other equipment or property associated with the hangar. The lease shall require the tenant to accept full responsibility for payment of such taxes and to indemnify the City for any such payment. Xlll. INSURANCE The master lease agreement shall include provisions requiring the tenant to maintain during the life of the lease general liability, casualty, fire, and loss insurance covering both the hangar and the contents. All costs of such insurance shall be borne by the tenant. The level of coverage for the hangar shall be in an amount sufficient to pay the cost of construction of the hangar should the hangar be totally destroyed. The City shall be named a5 co-insured on all such insurance coverage. During construction of the hangar, the tenant shall maintain appropriate construction insurance as likewise specified in the master lease agreement. Failure to maintain proper insurance coverage at any time during the term of the lease shall constitute a breach thereof and subject the tenant to all appropriate remedies for said breach. In addition to being named as co-insured, each insurance contract shall require the insurer to notify the City thirty (30) days in advance of any cancellation or lapse of coverage. X/V. MASTER LEASEAGREEMENT The City's master lease agreement, a copy of which is attached hereto and for all purposes incorporated herein, shall provide the framework for lease agreements between future private hangar tenants and the City. The master lease agreement may be revised or amended only with the approval of the City Council. Cox Field Airport Lease Policy Page 4 . (A) C, 2 .t )