Orange County NC Website
Browse       Search
38 <br /> insurance under a blanket policy. Insurance required hereunder shall be <br /> maintained by insurance companies rated A or better by A.M. Best Rating <br /> Services. TENANT shall deliver to LANDLORD, upon request, certificates <br /> evidencing the existence and amounts of such insurance. The policy shall provide <br /> thirty (30) days prior written notice of cancellation when the insurer cancels for <br /> any reason other than non-payment of premium to LANDLORD. TENANT shall <br /> have the right to fulfill its insurance obligation under this paragraph pursuant to <br /> self-insurance, provided that TENANT shall have satisfied all requirements of <br /> any applicable law, regulation or direction relating to self-insurance. If TENANT <br /> elects self-insurance, TENANT shall provide LANDLORD with a letter of self- <br /> insurance at any time within thirty(30) days after LANDLORD's request thereof. <br /> The letter of self-insurance shall describe the program which TENANT proposes <br /> to institute, which program shall establish coverage protection for LANDLORD <br /> in amounts not less than the limits hereinabove set forth. LANDLORD shall have <br /> the right to review and approve any proposed self-insurance program, with such <br /> review and approval not to be unreasonably withheld. <br /> 10. As additional consideration for amending the Agreement in accordance with this <br /> Second Amendment, Tenant agrees to pay to Landlord Twenty-Five Thousand and 00/100 <br /> Dollars ($25,000.00) ("Signing Bonus") within sixty (60) days of full execution of this Second <br /> Amendment by the parties. Landlord acknowledges that the Signing Bonus may be paid by <br /> Crown Castle South LLC, a Delaware limited liability company("Crown"), on behalf of Tenant. <br /> By signing this Second Amendment, Landlord agrees to accept the Signing Bonus from Crown, <br /> and Landlord further agrees that the acceptance by Landlord of the Signing Bonus will be a <br /> complete accord and satisfaction of that said obligation. Upon payment of the Signing Bonus, <br /> Landlord waives and releases Tenant and Crown from any and all claims Landlord may have <br /> pursuant to the Agreement (or otherwise)related to or arising out of the Signing Bonus. <br /> 11. Upon expiration or termination of the Orange County Lease, the Agreement will <br /> continue in full force and effect notwithstanding such expiration or termination, and the party <br /> then in possession of the Property shall automatically assume all rights and obligations of <br /> Landlord under the Agreement without any interruption in the term or Tenant's possession under <br /> the Agreement. <br /> 12. Representations, Warranties and Covenants of Landlord. Landlord represents, <br /> warrants and covenants to Tenant as follows: <br /> (a) Landlord is duly authorized to and has the full power and authority to enter into <br /> this Second Amendment and to perform all of Landlord's obligations under the Agreement as <br /> amended hereby. <br /> (b) Tenant is not currently in default under the Agreement, and to Landlord's <br /> knowledge, no event or condition has occurred or presently exists which, with notice or the <br /> passage of time or both, would constitute a default by Tenant under the Agreement. <br /> Site Name: Chapel Hill 368-207 <br /> Crown BU: 813283 <br /> Cingular Site: 10017380 4 <br /> PPAB 4180506V3 <br />