6.3. SR 05-07-2007 - Laserfiche WebLink

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(i) All alterations to the Building shall be located within the boundary lines of the Land; (ii) Alterations to the Building shall not substantially impair the structural strength or utility of the Building or significantly alter the character or purpose or detract from the value or operating efficiency ofthe Project, and Lessee shall have delivered to the Authority and the City a Certificate of the Authorized Lessee Representative to such effect; (iii) The alterations shall not significantly impair the revenue-producing capacity of the Project, and Lessee shall have delivered to Lessor a Certificate of the Authorized Lessee Representative to such effect; (iv) Lessee shall construct any Structural Improvements or Programming Improvements with a cost exceeding the minimums specified in Minnesota Statutes, Section 471.345 in accordance with the bidding procedures set forth in that statute. Lessor shall provide guidance and consultation to Lessee regarding such procedures. Lessee shall provide to Lessor timely copies of all notices, specifications, bids and contracts to evidence compliance with this clause; (v) All work in connection with any alterations of the Building shall be done promptly and in good workmanlike manner and in compliance with the building and zoning laws of the City, and with all laws, ordinances, orders, rules, regulations and requirements of all other applicable federal, state and municipal governments and the appropriate departments, commissions, boards and officers thereof, and shall not violate the provisions of any policy of insurance covering the Project; and the work shall be prosecuted with reasonable dispatch, unavoidable delays excepted. Any work involving more than $100,000 of cost shall be insured by a policy of builders risk insurance in conformance with the requirements of Article VII or similar insurance. During the construction or installation of such alterations, Lessee shall maintain the Project free of all mechanics liens or other encumbrances, and no disbursement of funds held by Lessor shall be made for the payment of costs that may be the subject of a mechanic's lien unless prior to the payment of such costs mechanic lien waivers applicable to the costs shall be delivered to Lessor; and (vi) The alterations shall not affect the tax-exempt status of interest on the Bonds. Section 4.07. Damage to and Destruction of Building. (a) If the Facilities are damaged by fire or other insured casualty, Lessor shall, to the extent of available insurance proceeds, cause such damage or destruction to be repaired. If insurance proceeds are not sufficient to restore the Facilities to substantially the condition they were in prior to the damage, Lessee shall pay all costs in excess of insurance proceeds available. If such damage occurs at a time that is during the last year of the Lease Term and after the Maturity Date, and renders more than square feet of the Building unusable by Lessee for a YMCA facility, Lessor and Lessee each shall have the right to terminate this Lease as of the date of such damage by delivery of notice of termination to the other party within sixty (60) days after the date such damage occurred. Such termination shall be effective sixty (60) days after receipt of the termination notice. (b) In the event the Building becomes damaged to any extent by any casualty, act, or occurrence not covered by Lessor's insurance, Lessor may elect not to repair the damage and to terminate this Lease, in which event Lessor shall upon electing to terminate, notify Lessee within sixty (60) days following the date such damage occurred, of Lessor's election to terminate; provided, however, that 15