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insurance on One West Franklin Building (the "premium "). Lessee's <br />prorata share shall be computed by multiplying the total premium by <br />the number of days during the calendar year this lease is in effect <br />by 3.67 %. <br />Lessee's failure to make a prompt remittance of its prorata <br />share of such taxes on or before December 15 shall constitute a <br />material breach of this Agreement and an event of default <br />hereunder. <br />(2) Liability Insurance. Lessee shall maintain and keep <br />in force at its own and sole expense a contract of insurance <br />protecting Lessee and Lessor against any loss, claim or judgment <br />arising out of any event of public liability. Such contract of <br />insurance shall be purchased from an insurance company licensed by <br />the North Carolina Department of Insurance to do business in North <br />Carolina and shall have the following minimum limits: bodily <br />injury - $100,000.00/$300,000.00; property damage - $100,000.00. <br />Any such policy shall show Lessor as a co- insured. Upon reasonable <br />request, Lessee shall furnish Lessor satisfactory proof that such <br />a policy is in full force and effect. <br />(3) Fire and Miscellaneous Hazard Insurance• Waiver of <br />Subrogation Rights. Lessee shall carry fire and miscellaneous <br />hazard insurance on its improvements to the Premises as well as its <br />trade fixtures, betterments and contents, and it shall furnish a <br />policy which shall be satisfactory to Lessor in amount and <br />coverage, and written on a company acceptable to Lessor. Lessor <br />shall not withhold its consent unreasonably. Any such policy <br />-10- <br />