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<br /> -10- <br /> Paragraph I (A) above. It is understood and agreed that any loss <br /> payable thereunder shall be made to LESSOR, and LESSOR further agrees <br /> that it will expend any funds recovered by it under the terms of any <br /> such insurance policy or policies for reconstruction and repair of the <br /> damaged portion of said demised premises. LESSEE shall promptly notify <br /> LESSOR of the occurrence of fire or accident upon said demi sed <br /> premises. <br /> B. Insurance--Premises Leased for Aircraft Storage, Parking, <br /> and Office, Maintenance, and Repair Space. <br /> <br /> LESSEE shall maintain at its own expense fire and extended coverage <br /> insurance on the permanent improvements located upon the demised <br /> premises described in Paragraph I(B) above and upon any aircraft <br /> stored, secured, placed, housed or located upon said demised premises. <br /> Should annual insurance premiums paid by LESSOR in connection with the <br /> ownership, maintenance or use of the San Marcos Municipal Airport or <br /> any operations at said Airport or elsewhere which are necessary or <br /> incidental to said ownership, maintenance or use ever be increased <br /> because of the securing by LESSEE of aircraft in the storage hangar or <br /> parking area herein provided for, LESSEE shall promptly pay to LESSOR <br /> the extra amount of the premium upon request by LESSOR. LESSOR shall <br /> not be liable to LESSEE for losses due to theft or burglary or for <br /> damage done by unauthorized persons on said Airport premises. <br /> VIII. <br /> LESSEE agrees to file with LESSOR a policy of general liability <br /> insurance issued by a casualty insurance company duly authorized to do <br /> business in the State of Texas with minimum limits of $300,000.00 per <br /> person and $500,000.00 for any single occurrence of bodily injury <br /> or death and $100,000.00 for any single occurrence of injury to or <br /> destruction of property. Said insurance policy shal1 name LESSOR as an <br /> additional insured. Said insurance shal1 contain the endorsement that <br /> such insurance may not be cancelled or amended with respect to LESSEE <br /> without thirty ( 30) days' written notice by certified mail, return <br />