Res 2012-003 - Laserfiche WebLink

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City of San Marcos Airport 9.01. The LESSEE shall give immediate verbal notice, and prompt written notice to the LESSOR of any damage caused to the LEASED PREMISES by fire or other casualty. 9.02. In the event that any improvements on the LEASED PREMISES are damaged or destroyed by fire or other casualty covered under insurance, and the LESSEE does not elect to terminate the LEASE, the LESSEE shall proceed at its sole cost and expense to promptly and diligently rebuild and repair the improvements. If the FACILITIES are damaged or destroyed by fire or other casualty that renders more than Fifty Percent (50 %) of the floor area of the FACILITIES unusable, then the LESSEE may elect either to terminate this LEASE or to proceed to rebuild and repair the FACILITIES. The LESSEE shall give written notice to the LESSOR of this election within ninety (90) days after the occurrence of the casualty. If the LESSEE elects to rebuild and repair, it shall proceed to do so with diligence and at its sole cost and expense. 9.03. During any period of reconstruction or repair of FACILITIES on the LEASED PREMISES, this LEASE shall continue in full force and effect except that the rental shall be abated for the length of time necessary for the reconstruction or repairs in proportion to the amount of floor area of the LEASED PREMISES rendered unusable, but there shall be no abatement of any other amounts payable by the LESSEE under the terms of this LEASE. 9.04. LESSEE shall maintain insurance coverage to cover all improvements on the LEASED PREMISES against perils of fire, explosion, wind, and storms. The amount of coverage provided under such policy shall be reviewed and modified annually, so that the amount of such coverage is at all times 100% of replacement cost (without deduction for depreciation). At all times during the lease term, LESSEE shall cause evidence of such coverage to be deposited with CITY or Airport Manager which shall include a certificate of insurance stating that the policy will not cancelled without prior notice to CITY and Airport Manager. ARTICLE 10. ASSIGNMENT AND SUBLETTING 10.01. The LESSEE shall not assign or sublet all or part of its interest in this LEASE without the advance written consent of the LESSOR. Consent by the LESSOR to One (1) or more assignments or sublettings shall not operate as a waiver of the LESSOR's rights as to any subsequent assignments or sublettings. Notwithstanding subletting, the LESSEE shall remain fully responsible and liable for the payment of the rent and for compliance with all of its other obligations under this LEASE. 10.02. In the event of an assignment by the LESSOR of all of its interest in this LEASE to a person, firm or corporation that assumes all of the LESSOR's obligations, the LESSEE agrees to look solely to the responsibility of the successor -in- interest of Initials: Lessor Lessee