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Agmt98 OMIX
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Agmt98 OMIX
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Last modified
7/5/2005 3:05:17 PM
Creation date
5/26/2005 4:01:15 PM
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Template:
Agreement
Contractor Name
OMIX
PROJECT NAME
702 Marshall Street sublease agreement
RMP File Number
304
Date
1/30/1998
Reso Ref
13269
Box
5933
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<br />1-30-19982:55PM <br /> <br />FROM ALTA BUSINESS SVCS 650 349 5862 <br /> <br />P. 10 <br /> <br />death of, more than one person in anyone accident or occurrence, <br />and against liability for property damage of a~ least Five <br />Hundred Thousand Dollars ($500,000.00) and shall be for a period <br />of not less than one year. The aforementioned minimum limits of <br />policies shall not, however, limit the liability of Sublessee <br />hereunder. The aforesaid insurance shall be with companies <br />having a rating of not less than Best's A+AAA rating and shall be <br />wri~ten with a company acceptable to the Sublessor and authorized <br />to engage in the business of general liability insurance in the <br />state in which ~he Premises are located. Duplicate originals of <br />such policies of insurance shall be delivered to Sublessor by the <br />insurance company accompanied with certiricates evidencing such <br />paid up insurance at least fifteen (lS} days prior to the time <br />such insurance is first required to be carried by Sublessee, and <br />thereafter at least thirty (30) days prior the expiration of any <br />such policy. No such policy shall be cancelable or subject to <br />reduction of coverage or other modification except after thirty <br />(30) days prior written notice to Sublessor. In the event <br />Sublessee fails a~ any time during the term of this sublease to <br />obtain insurance required to be carried by Sublessee hereunder or <br />to provide such evidence thereof, Sublessor shall have the right <br />to procure such insurance and Sublessee shall pay to Sublessor <br />the costs and expense thereof when the next payment of Base Rent <br />is required to be made. Should Sublessor's insurance cost <br />insurance due to Subles.see' s use of the Premises, then Sublessee <br />shall pay the amount of such increase. <br /> <br />lS. D~STRUCTION OF THE PR~MISES. If during the term of <br />this sublease, the Premises or the 8uilding of which the same are <br />a part, shall be totally or partially destroyed or damaged by <br />fire, earthquake, act of God or by other elements or by ocher <br />causes, so as to render the same unfit for occupancy, Sublessor <br />shall have the right td re¡:;tore the Building and/or Premises <br />and/or to terminate this sublease. Sublessor shall notify <br />Sublessee in writing of Sublessor' s decision~ether to restore <br />/. d ~h ;v:t~ . ~d' f <br />and or termJ.nate on the ate l.rt} frve . ays a ter the <br />settlement of insurance loss adjustment Wi~ ¡;.efe~ence.:1,.f°A. ~e <br />event of destruction or damage, or the date a ot~~ve ~~ys <br />after the date of the destruction event, whichever is earlier. <br />If Sublessor elects not to terminate said sublease and to repair <br />or restore said Building and/or said Premises, Sublessor shall do <br />so arter receipt of the insurance loss proceeds. and should the <br />damage be so extensive as to render the Premises untenantable, <br />then the rent shall be adjusted until the Premises are <br />substantially restored. Provided, however, should Sublessor <br />establish that such damage was occasioned by the negligence of <br />Sublessee, . its agents or employees, then there shall be no <br />abatement or adjustment of rent whatsoever, and Sublessee shall <br />reimburse Sublessor for all costs and expenses of repair and <br /> <br />01/09/98 <br />01/15/9BR. <br />01/22/98R. <br /> <br />9 <br /> <br />r <br /> <br />-~- .._~.l-'-'--' r <br />
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