Orange County NC Website
Browse       Search
4 <br />SECTION FIVE <br />APPORTIONMENT OF PAYMENTS ON TERMINATION <br />A. On any termination of this Agreement, Licensor shall apportion, on a <br />yearly basis, the Ten Dollar ($10.00) fee paid in advance from and including the first day <br />of the year during which the Agreement is terminated to and including the day on which <br />the Agreement is terminated, and the Licensor shall refund to the Licensee the unearned <br />portion of such fee; provided, however, that no refund shall be given if such refund due <br />under this Section is in an amount less than Five Dollars ($5.00). <br />B. On any termination of this Agreement Licensee, shall quit the Storage <br />Area, and shall remove from the Storage Area all properly installed in, on, or attached to <br />the above-described property. <br />C. Any termination of this Agreement, however caused, shall be entirely <br />without prejudice to the rights of Licensor that have accrued under this Agreement prior <br />to the date of such termination. <br />SECTION SIX <br />COMPENSATION FOR DAMAGE <br />Licensee further agrees that they will compensate Licensor for any and all damage <br />that may be done to the Storage Area or the Property in carrying out the purpose <br />described in Section Two of this Agreement. <br />SECTION SEVEN <br />INSURANCE <br />Licensee agrees at all times. to carry adequate liability insurance on the Storage <br />Area for the benefit of Licensor and Licensee as their interest may appear, in an amount <br />of not less than Three Hundred Thousand Dollars ($300,000); and to pay the premiums <br />for such insurance and furnish Licensor with certificates from the insurance companies <br />for the above policy, such insurance company to be acceptable to Licensor. <br />It is specifically agreed that, if Licensee fails to obtain the insurance specified <br />above, Licensor may terminate this Agreement. <br />SECTION EIGHT <br />INDEMNIFICATION OF LICENSOR <br />Licensee shall exercise their privileges under and pursuant to this Agreement at <br />their own risk, and irrespective of any negligence of Licensor, Licensee shall indemnify <br />and hold Licensor harmless from and against any and all liability for damages, costs, <br />4