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The master lease agreement shall include provisions requiring the tenant to maintain during the life <br />of the lease general liability, casualty, fire, and loss insurance covering both the hangar and the <br />contents. All costs of such insurance shall be borne by the tenant. The level of coverage for the <br />hangar shall be in an amount sufficient to pay the cost of construction of the hangar should the <br />hangar be totally destroyed. The City shall be named as co-insured on all such insurance coverage. <br />During construction of the hangar, the tenant shall maintain appropriate construction insurance as <br />likewise specified in the master lease agreement. Failure to maintain proper insurance coverage at <br />any time during the term of the lease shall constitute a breach thereof and subject the tenant to all <br />appropriate remedies for said breach. In addition to being named as co-insured, each insurance <br />contract shall require the insurer to notify the City thirty (30) days in advance of any cancellation <br />or lapse of coverage. <br /> <br />mlv. MASTER LEASE A GREEMENT <br /> <br />The City's master lease agreement, a copy of which is attached hereto and for all purposes <br />incorporated herein, shall provide the framework for lease agreements between future private <br />hangar tenants and the City. The master lease agreement may be revised or amended only with the <br />approval of the City Council. <br /> <br />Cox Field Airport <br />Lease Policy <br /> <br />Page 4 <br /> <br /> <br />