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<br /> -5- <br /> destruct.ion of property. Said insurance policy shall name <br /> Cit.y as co-insured. Said insurance shall contain the <br /> endorsement that such insurance may not be cancelled or <br /> amended with respect to Flight Operations without thirty (30) <br /> days' written notice by certified mail, return receipt <br /> requested, to City by the insurance company. City shall not <br /> be required to pay any of the premiums for said policy. Any <br /> insurance policy herein required or procured by Flight <br /> Operat.ions shall contain an express waiver of any rights of <br /> subrogation by the insurance company against Cit.y. A <br /> certificate evidencing such insurance coverage shall be <br /> delivered by Flight Operations to City immediately upon the <br /> execution of this agreement and, thereafter, within ten (10) <br /> days of the inception of any policy by the insurance <br /> company. The minimum limits of any insurance coverage herein <br /> required shall not limit Flight Operations' liability under <br /> Part XV of this agreement. <br /> XVII. <br /> All covenants, terrns and conditions of this lease must <br /> be approved by the Federal Aviation Administration before the <br /> effective date of this lease agreement and Flight Operations' <br /> enjoyment of this lease shall be subject i:o and in <br /> conformance with all applicable local, s.tat.e and federal <br /> laws, rules and regulations. <br /> xx. <br /> In the event. that Flight Operations fails to operate the <br /> FBO during the term of this agreement according to its terms <br /> and condi.tions, or otherwise defaults in the performance <br /> and/or observance of any of the terms of this agreement, and <br /> shall continue to remain in default after thirty (30) days' <br /> notice from City, then this leas(~ shall terminate in its <br /> entirety. <br /> xxv. <br /> Both parties hereto agree that time is of the ess(~nce of <br /> this lease agreement. <br />