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MAINTI~¢E <br />REPAIRS <br />RESTORATION <br /> <br />PRESERVATION <br />OF HISTORI0 <br />STRUCTURE <br /> <br />of any such taxes, assessments, charges, expenses and costs in excess <br />of the rental income. Lessee shall provide Lessor with a written <br />quarterly accounting of the rental income and Lessee~s expenditures, and <br />Lessor shall reimburse.Lessee for.Lessor's share of any quarterly deficit <br />within fifteen (15) days after.receipt of such accounting. Lessee shall <br />retain any rental income in excess of expenses /un a reserve fund and shall <br />use such fund to pay expenses /n excess of income.befOre computing any <br />quarterly deficit'to whichLessor is.required to contribute. In addition, <br />if the reserve fund has a balance at the end of any quarter, the parties <br />shall .be .reimbursed equally for any past deficit contributions to the <br />extent of such balance. <br /> <br /> 6. The parties shall carry public liability insurance coverage <br /> in'the amount of atleast Three Hundred Thousand Dollars ($300,000) and <br /> fire and extended coverage insurance flor the Premises in the amount of <br /> at least One Hundred Thousand Dollars ($100,000) insuring each party <br /> against claims for injuries to.persorm and for property damage. Coverage <br /> shall be purchased by whichever party can obtain the most advantageous <br /> rates. Any premium cost which is clearly discernable as a cost of insuring <br /> the Premises shall.be considered a cost of operating the Premises to be <br /> shared equally by. the parties in accordance with the provisions of <br /> paragraph 5, <br /> <br /> ~. .Lessee shall maintain the interior and exterior of the building <br /> on the Premises in good repair and in a clean and sanitary condition to the <br /> satisfaction of the Director of Public Works of the City of Lakewood, in <br /> accordance with the rules and regulations adopted for the control and <br /> maintenance of parks and public buildings by the Council of the City of <br /> Lakewood or its Director of Public Works. If the Lessee shall find the <br /> buildin§ on the Premises is in.need of repairs, it shall report the need <br /> to the DireCtor of Public Works of the City of Lakewood for his'written <br /> approval, <br /> <br /> 8. The parties recognize the Premises have been acquired to <br /> preserve the oldestresidence in the City of Lakewood andto restore it <br /> as an authentic example of New Eh§land architecture in'NOrthern Ohio. <br /> <br /> The time schedule for restoration and the respective financial contributions <br /> <br />-2- <br /> <br /> <br />