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Res 2024-245 approving a five-year Ground Lease Agreement with Ted Breihan Electric Co, LLC to lease the city-owned property located at 118 South Edward Gary Street
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Res 2024-245 approving a five-year Ground Lease Agreement with Ted Breihan Electric Co, LLC to lease the city-owned property located at 118 South Edward Gary Street
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Resolutions
City Clerk - Type
Approving
Number
2024-245
Date
12/17/2024
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3. Insurance. Tenant and Landlord will maintain the respective insurance coverages <br /> described in the attached Exhibit B "Insurance Addendum". <br /> 4. Release of ClahnslSubrogation. LANDLORD AND TENANT RELEASE EACH <br /> OTHER AND LIE,NTIOLDER, AND THEIR RESPECTIVE AGENTS,NTS, FROM ALL <br /> CLAIMS OR LIABILITIES FOR DAMAGE TO THE PREMISES,DAMAGE TO OR <br /> LOSS OF, PERSONAL PROPERTY WITHIN THE PREMISES, AND LOSS OF <br /> BUSINESS OR REVENUES THAT ARE COVERED BY THE RELEASING <br /> PARTY'S PROPERTYINSURANCE OR THAT WOULD HAVE BEEN COVERED <br /> BY THE REQUIRED INSURANCE IF THE PARTY FAILS TO MAINTAIN THE <br /> PROPERTY COVERAGES REQUIRED BY THIS LEASE. THE PARTY <br /> INCURRING THE DAMAGE OR LOSS WILL BE RESPONSIBLE FOR ANY <br /> DEDUCTIBLE, OR SELF-INSURED RETENTION UNDER ITS PROPERTY <br /> INSURANCE LANDLORD AND TENANT WILL NOTIFY THE ISSUING <br /> PROPERTYINSURANCE COMPANIES OF THE RELEASE SET FORTHIN THIS <br /> PARAGRAPH AND WILL HAVE THE PROPERTY INSURANCE POLICIES <br /> ENDORSED, IF NECESSARY, TO PREVENT INVALIDATION OF COVERAGE. <br /> THIS RELEASE WILL NOT APPLY IF IT INVALIDATES THE PROPERTY <br /> INSURANCE COVERAGE OF THE RELEASING PARTY THE RELEASE IN <br /> THIS PARAGRAPH WILL APPLY EVEN IF THE, DA MA GE OR LOSS IS <br /> CAUSED D IN WHOLE OR IN PART BY THE ORDINA R Y NE GLIGENCE OR <br /> STRICT LIABILITY OF THE RELEASED PARTY OR ITS AGENTS BUT <br /> WILL NOT APPLY TO THE EXTENT THE DAMAGE OR LOSS IS CAUSED <br /> BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE <br /> RELEASED PARTY OR ITS AGENTS. <br /> S. Coiideii7iiatioiiIStibstatitialoi-Partial Talcii7g <br /> a. If the Premises cannot be used for the purposes contemplated by this lease <br /> because of condemnation or purchase in lieu of condemnation, this lease <br /> will terminate. <br /> b. If there is a condemnation or purchase in lieu of condemnation and this <br /> lease is not terminated, Landlord will, at Landlord's expense, restore the <br /> Premises, and the Rent payable during the unexpired portion of the Term <br /> will be adjusted as may be fair and reasonable. <br /> c. Tenant will have no claim to the condemnation award or proceeds in lieu <br /> of condemnation. <br /> 6. Uniform. Connnercial Code. Tenant grants Landlord a security interest in Tenant's <br /> personal property now or subsequently located on the Premises. This lease is a <br /> security agreement under the Uniform Commercial Code. <br />
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