Reso 1996-031 to 035 - Laserfiche WebLink

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event of Lessee's default, or (2) procure such insurance coverage at Lessee's expense and Lessee shall promptly reimburse City for such expense upon receipt of billing from City. C. Fire Insurance 1. Lessee shall carry builder's risk insurance, at its own cost and expense, at all times during the construction of improvements and until Lessee has filed with City a certificate of fire and extended insurance coverage on the completed improvements, and provide to City prior to commencement of construction a certificate evidencing the same. The certificate shall state that the insurance coverage shall not be canceled or excluded on account of completion, occupancy or use of the improvements unless and until: (1) City is given at least thirty (30) days prior written notice of cancellation after completion of construction; or (2) there is on file with City with respect to the same improvements the certificate required evidencing fire and extended insurance coverage. 2. Lessee shall and hereby agrees to maintain, at its own cost and expense, during the entire term of this lease commencing on the date of the termination or cancellation of builder's risk insurance coverage on account of completion of construction, a policy or policies of insurance against loss or damage by fire with extended coverage endorsements, including earthquake and flood coverages, covering all buildings and improvements placed or erected upon the demised premises in an amount equal to one hundred percent (100%) of the full replacement cost of all such buildings and improvements. City shall be named an insured and loss payee on all such policies. City shall make all proceeds of such insurance available to Lessee for repair and restoration of the premises. 3. Lessee shall carry such fire insurance on its equipment, furnishings and other personal property as it may deem appropriate. 4. A certificate evidencing fire and extended insurance coverage shall be filed with City upon termination or cancellation of the builder's risk insurance coverage, and said certificate shall provide that such insurance coverage will not be canceled or reduced without at least thirty (30) days prior written notice to City. At least thirty (30) days prior to the expiration of any such policy, a certificate showing that such insurance coverage has been renewed shall be filed with City. If such coverage is canceled or reduced, Lessee shall, within fifteen (15) days after receipt of written nonce from City of such cancellation or reduction in coverage, but in no event later than the effective date of cancellation or reduction, file with City a certificate showing that the required insurance has been reinstated or provided through another company or companies. On failure to so file such certificate, City may without further notice procure the required insurance at Lessee's expense and Lessee shall pay R]