|
to injury or death to any one person and with a limit of not less
<br />than $2,000,000.00 with respect to injury or death to any number of
<br />persons arising out of any one accident and such insurance against
<br />property damage to afford protection with a limit of not less than
<br />$500,000.00 and shall name as additional insureds thereon the other
<br />Owner. Each Owner may comply with the provisions of this Section by
<br />use of its blanket policy(ies) of insurance so long as said coverage
<br />meets or exceeds the requirements of this paragraph. Each Owner
<br />hereby indemnifies the other and shall save the other harmless from
<br />and against any and all loss, cost, claims, actions, damages,
<br />liability and expense, including reasonable attorneys' fees, in
<br />connection with loss of life, personal injury or damage to property,
<br />or any of them, occasioned wholly or in part by any act or omission
<br />of such Owner, its tenants, subtenants, licensees, agents,
<br />contractors, employees or invitees with respect to the Common Area.
<br />All insurance provided for in this paragraph shall be effected under
<br />valid and enforceable policies issued by insurers licensed to do
<br />business in the State of Minnesota. Certificates or other evidence
<br />of such liability insurance policies shall be delivered to the otrar
<br />Owner upon issuance thereof, and thereafter not less than the-ty
<br />(30) days prior to the expiration date of the expiring policies.
<br />The policies required in this paragraph shall provide that such
<br />policies shall not b cancelled, modified or decreased in coverage
<br />without at least thirty (30) days prior notice to the other Owner.
<br />8. Eminent Domain. In the event that all or any portion of a
<br />Parcel is condemned or taken by or conveyed under threat of any
<br />right of eminent domain, the Owner of each Parcel shall have no
<br />right to claim an award or payment for or an interest in any award
<br />given or price paid for all or any part of any Parcel other than
<br />that which it owns.
<br />9. j?ef au t .
<br />a. Moneys Due. If not otherwise specified herein, all moneys
<br />to be paid by any Owner to ,any other Owner shall be payable fifteen
<br />(15) days after notice from the Owner to whom it is owed to the
<br />owing Owner, specifying the amount due and the reason for the
<br />payment. Interest shall accrue on all moneys and other claims from
<br />the date the moneys are payable, or claim arises, at the greater of
<br />twelve percent (12%) per annum or the Interest Rate, as defined in
<br />paragraph 10.g hereof, but not, in any event, in excess of the
<br />highest rate then permitted by law.
<br />b. Pe au,U. If any Owner defaults in any obligation hereunder
<br />which can be cured by the payment of moneys, and such default is not
<br />cured within ten (10) days after written notice thereof is given to
<br />such defaulting Owner by the other Owner, or if any Owner defaults
<br />in any other obligation in this Agreement and such default continues
<br />for thirty (30) days after written notice thereof is giver to such
<br />defaulting Owner by the other Owner (or if such default is of a kind
<br />that cannot with reasonable diligence be cured in thirty (30) days
<br />but can be cured, then such thirty (30) day period shall be extended
<br />for the period reasonably necessary to cure the default as long as
<br />curing begins within said thirty (30) day period and reasonable
<br />efforts are thereafter continuously and diligently made to cure the
<br />default), then the non -defaulting Owner, without additional notice,
<br />may exercise any one or more of th" q-t out below.
<br />C. Remedies; waivQ1. Upon the occurrence of a default under
<br />paragraph 9.1 hereof, and the exlirationof any period to cure,
<br />without a curing of such default, the non -defaulting Owner, in
<br />addition to any other, remedy granted in this Agreement, may exercise
<br />one or more of the following remedies:
<br />G ) cure the default of any defaulting Owner and
<br />charge the cost thereof, including reasonable fees of
<br />experts and attorneys, to the defaulting Owner, and all
<br />Or -in
<br />
|