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98-037 Ordinance
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98-037 Ordinance
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1/16/2014 12:01:47 PM
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North Olmsted Legislation
Legislation Number
98-037
Legislation Date
6/16/1998
Year
1998
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equipment and appliances for use in supplying any such service to and upon the demised real <br />estate. Lessor, however, agrees to execute any easements, licenses or other documents as shall be <br />required to obtain the aforesaid utility services for use by Lessee. <br />8) Public Liability Insurance. Lessee shall, at Lessee's cost and expense, secure and <br />keep in force and effect during the term hereof, for the protection of Lessor, comprehensive <br />general liability insurance against ctaims for bodily injury or death occurring upon, in or under the <br />demised premises and the sidewalks adjacent thereto, to the extent of not less than One Million <br />Dollars ($1,000,000.00) in respect of bodily injury or death to any one person, to the extent of <br />not less than Three Million Dollars ($3,000,000.00) for bodily injuries or death to any number of <br />persons arising out of one accident or disaster, and property damage with limits of not less than <br />Five Hundred Thousand Dollars ($500,000.00). Said minimums may be satisfied by excess <br />liability or umbrella insurance. <br />9) Fire and Extended Coveraae Insurance and Waiver of Subragation. A. Said <br />Lessee further covenants that Lessee will, at Lessee's own cost, immediately insure, and keep <br />insured at all times, against fire and extended coverage risks and additional perils, all buildings <br />now or hereafter placed upon said demised real estate, in an amount at least equal to that required <br />to meet an 80 percent coinsurance reyuirement. <br />Said policy or policies of insurance shall be secured from any responsible and solvent <br />insurance company or companies admitted to do business in the State of Ohio, and the benefits <br />shall be made payable to the Lessee, Lessor, and, if required, to any mortgagee, as the interest of <br />each may appear. Said policy or policies shall contain an agreement by the insurer that such policy <br />shall not be cancelled without at least thirty (30) days' prior written notice to Lessor and to any <br />mortgagee to whom a loss thereunder may be payable. <br />Should Lessee fail to so insure, then said Lessor may, at Lessor's option, so insure and pay <br />the premiums, and the amounts so paid shall immediately be reimbursed by Lessee to Lessor, <br />together with interest thereon at the rate of twelve percent (12%) per annum, which amounts shall <br />constitute a lien upon the interest of said Lessee in the real estate. <br />B. Lessor agrees to, and does hereby, waive all rights or recovery and causes of action <br />against Lessee and all parties claiming through or under Lessee for any insured damage or <br />destruction to property of Lessor on or about or adjacent to the demised real estate, and Lessee <br />4 <br />
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