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5.3 Ownership
<br />Any part of the Cultural Project paid for with proceeds of the Facility Bonds shall be
<br />owned by the Project Sponsor.
<br />5.4 Convevance of Right to Use and Occupy
<br />As security for the performance of the Project Sponsor's obligations under this
<br />Agreement, the Project Sponsor hereby conveys to the Commission the right to use and
<br />occupy the Facility upon an Event of Default, as described in Section 9.1 of this
<br />Agreement. The Project Sponsor acknowledges and consents to the conveyance by
<br />the Commission to the OPFC of such right hereby conveyed to the Commission and
<br />acknowledges that the OPFC will lease the Facility to the Commission pursuant to the
<br />OPFC Lease. The Commission acknowledges that, absent an Event of Default, it has
<br />no right to use or occupy the Facility.
<br />6. Risk Management
<br />6.1 Liability and Indemnification
<br />The Project Sponsor shall either:
<br />(a) Require that private entities that enter into contracts with the Project Sponsor for
<br />the operation or management of the Facility hold harmless and indemnify the Commission,
<br />the OPFC, the Treasurer, and the State from any and all damages, costs, fees, penalties,
<br />and expenses, of any nature whatsoever, incurred by the Commission, the OPFC, the
<br />Treasurer, or the State from any claim of any third party claim arising out of or related to
<br />the operation or management of the Project, including, but not limited to, the costs of
<br />defense of any related action, suit or proceeding; or
<br />(b) Purchase and maintain insurance in an amount determined by a qualified risk
<br />assessor to insure the OPFC, the Commission, the Treasurer and the State against
<br />liabilities, claims, costs, losses, and expenses, joint or several, imposed upon or asserted
<br />against the OPFC, the Commission, the Treasurer, and the State resulting from any claim
<br />of any third party arising out of or related to the Project and shall name the OPFC, the
<br />Commission, the Treasurer, and the State as additional insureds under such policy; or
<br />(c) Name the OPFC, the Commission, the Treasurer and the State as additional
<br />insureds under a self-insurance program or joint self-insurance pool created under Section
<br />2744.08 or Section 2744.081, respectively, of the ORC, and operated by or on behalf of
<br />the Project Sponsor.
<br />6.2 Property and Liability Insurance
<br />Unless otherwise stated, the Project Sponsor shall maintain, or cause to be maintained,
<br />at no cost to the Commission, commercial general liability insurance and property
<br />insurance to insure the OPFC, the Commission, the Treasurer and the State in an
<br />amount and type determined by a qualified risk assessor to be sufficient to cover the full
<br />replacement costs of improvements funded, in whole or in part, by the State, and the
<br />bodily injury, property damage, personal injury, advertising injury and employer's liability
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