New Search
Amazon Transit Station Site Lease Page 3 <br />10. Insurance on Buildings and Improvements. The District covenants that it will, at all <br />times, at its own expense, keep all structures and implements, whether partially or whole <br />constructed or erected, situated on said demised premises, insured against loss or damage from <br />insurable risks as covered by a standard fire insurance policy with an extended coverage <br />endorsement, in an amount not less than the replacement cost insurable value of said structures <br />and improvements. All such insurance policies shall be placed insolvent, incorporated insurance <br />companies licensed to do business in the State of Oregon. The District covenants that it will not <br />do or permit to be done in, to or about the demised premises, any act or thing which will <br />invalidate any insurance; and further, the District will not permit any structure or improvement at <br />any time to be put, kept or maintained on said premises in such condition or so occupied that the <br />same will not be insurable. The District further covenants that it will carry such insurance in the <br />name of the City and District as their interests may appear, with the, City named on a Certificate <br />of Insurance as additional insured at this site. Insurance proceeds shall be paid to the District <br />unless and to the extent that the City was owner of the lost or damaged structures or <br />improvements at the time of the loss or damage under.the provisions of Paragraph 5 of this lease. <br />The District further agrees to provide the City with certificates of insuran ce issued by the <br />insurance carrier within seven days of each policy renewal showing the coverages required by <br />this agreement. Each such certificate shall bear an endorsement or statement waiving right of <br />cancellation or reduction in coverage without thirty (30) days notice in writing delivered by <br />registered mail to the City. If the District rebuilds following a loss or damage of buildings or <br />improvements, it shall obtain the City's approval as provided in Paragraph 15 which approval <br />shall not be unreasonably withheld by the City. <br />11. Liability Insurance. The District shall, so long as this agreement is in effect, provide and <br />keep in force general public liability insurance protecting the City and District against any and all <br />claims for personal injury, death or property damage occurring from the District's activities upon <br />or about the Property in an amount not less than $500,000 per occurrence, with an aggregate of <br />$1 million, for bodily injury, personal injury or property damage. The District agrees to provide <br />a Certificate of Insurance in the same manner as required by Paragraph 10 above at the times <br />stated. <br />12. Increase in Liability. The District agrees to seriously consider any reasonable request for <br />an increase or change in the limits or terms specific in Paragraphs 10 and 11 herein as may be <br />required. <br />13. Waiver of Subrogation. The parties shall obtain from their respective insurance carriers <br />waivers of subrogation again the other party, agents and employees. Neither party shall be liable <br />to the other for any loss nor damage caused by fire or any other risks enumerated in a standard <br />fire insurance policy with an extended coverage endorsement. <br />