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Agmt04 cinema - closing docs
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Agmt04 cinema - closing docs
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Last modified
7/5/2005 2:27:38 PM
Creation date
12/6/2004 9:14:09 AM
Metadata
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Template:
Agreement
Contractor Name
numerous files
PROJECT NAME
Cinema - closing documents from escrow
RMP File Number
100 bin 24
Date
11/29/2004
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<br /> Section 6.9 Reassessment of Real Estate Taxes upon Sale or Financine::. If the <br /> Center (or any portion thereof containing the Premises) is sold more than two (2) times during <br /> 'the Initial Term or more than one (1) time during the Extension Terms and if, as a consequence <br /> of any such sale, the assessed valuation of the Tax Parcel or the Premises is increased by the <br /> taxing authority due to a sale of any portion of the Center, such increase in assessed valuation <br /> shall be disregarded for purposes of determining Real Estate Taxes; it being understood and <br /> agreed, however, that any increase in the assessed valuation of the Tax Parcel or the Premises (or <br /> any portion of either) resulting from the first sale during the Initial Term of each portion of the <br /> Center or the Premises or resulting from the first sale during the Extension Terms of each portion <br /> of the Center or the Premises shall not be disregarded for purposes of determining Real Estate <br /> Taxes. Also, each reference to a sale set forth in this Section 6.9 shall be deemed to exclude the <br /> creation of Tenant's leasehold interest hereunder and any sale or other transfer of Tenant's <br /> leasehold interest hereunder or Tenant's interest in the Premises or a sale at "cost" by BHV <br /> Innisfree Ventures I, LLC to an affiliate or to any joint venture equity partner with an equity <br /> " investment in the project. <br /> ARTICLE 7 <br /> INSURANCE AND INDEMNIFICATION <br /> Section 7.1 Insurance Policies. <br /> (a) Tenant's Insurance. Throughout the Term, Tenant shall procure and <br /> maintain, or cause to be maintained, all the following insurance: <br /> 1. Commercial General Liability Insurance. Commercial or <br /> comprehensive general liability insurance on an occurrence basis insuring against <br /> any and all claims for damages to person or property or loss of life or of property <br /> occurring on or about the Premises with limits of not less than $5,000,000 for <br /> bodily injury or death to anyone person and not less than $5,000,000 for bodily <br /> injury or death arising from anyone accident or occurrence, and not less than <br /> $500,000 for property damage, with such deductibles as Tenant may customarily <br /> carry in the conduct of its business. <br /> 2. All-Risk Insurance. A property insurance policy covering "all <br /> risks" for loss or damage, including fire, lightning, windstorm, hail, explosion, <br /> riot, strike, civil commotion, aircraft, vehicles, smoke, vandalism, malicious <br /> mischief, sprinkler damage, collapse, water damage (excluding earth movement, <br /> earthquake, landslides and floods), with "differences in condition" and "change in <br /> building code requirements" endorsements (if applicable), with respect to <br /> Tenant's FF&E and Tenant's other removable personal property in the Premises, <br /> in an amount not less than the full replacement cost thereof. It is understood that <br /> Landlord shall have no interest in such insurance and will execute all documents <br /> necessary or proper in connection with the settlement of any claim or loss by <br /> Tenant to confirm same. <br /> " <br /> 30 <br /> CHG02:3091375,v8 <br /> . ' , -" .- <br />
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