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2000_0828_packet
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2000_0828_packet
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9/29/2011 10:04:38 AM
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this Paragraph, Tenant, upon written notice from Lessor, shall at Tenant's sole cost and expense <br /> resist or defend the same through counsel approved by Lessor. <br /> 12. INSURANCE. Tenant agrees to keep all Improvements and the machinery <br /> contained therein constantly insured with an insurance company or companies licensed to do <br /> business in the State of Minnesota acceptable to Lessor for not less than the replacement cost of <br /> the improvements. Except as hereinafter provided, in the case of damage to or destruction of <br /> the Facilities by fire or other casualty, Tenant shall, at its sole cost and expense, whether or <br /> not the insurance proceeds, if any, shall be sufficient for the purpose, and irrespective of the <br /> amount of any loss, restore, repair, replace or rebuild the Facility and other improvements <br /> thereon, as nearly as possible, to its value, condition and character immediately prior to such <br /> damage or destruction in accordance with plans approved by the Lessor. Such restoration, <br /> repairs, replacements, rebuilding or alterations shall be commenced with due diligence, and in <br /> good faith, and prosecuted with due diligence and in good faith. All insurance money paid <br /> pursuant to this Agreement on account of such damage or destruction, less the actual cost, fees <br /> and expenses, if any, incurred in connection with the adjustment of the loss, shall be applied to <br /> the payment of the cost of the aforesaid demolition, restoration, repairs, replacement, <br /> rebuilding, including the cost of temporary repairs for the protection of the Facility pending the <br /> completion of permanent restoration, repairs, replacements, rebuilding (all of which temporary <br /> repairs, protection of property and permanent restoration, repairs, replacement, rebuilding are <br /> hereinafter collectively referred to as the "Restoration"). Insurance proceeds shall be paid out <br /> from time to time as Restoration progresses by a title company or other dispersing agent <br /> agreed to by the parties with normal lien waivers and other requirements. No destruction of or <br /> damage to the Facility, Improvements, or any part thereof by fire or any other casualty shall <br />
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