Agenda - 05-18-2004-9e - Laserfiche WebLink

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S TAX AND INSURANCE ESCALATION 9 Tenant shall pay upon demand as additional rental during the term of Otis Lease, and any extension or renewal thereof; ~. The amount by which all taxes (including but not limited [o, ad valorem taxes, special assessments and any other govemmentat charges) on the Premises for each tax year exceed all taxes on the Premises for [he tax yeaz N/A ; or C All taxes (including, but not limited to, ad valorem taxes, special assessments and any other governmental charges) on the Premises for each tax year. In the event the Premises are less than the entire propercy assessed for such taxes for any such tax year, then the tax for any such year applicable to the Premises shall be determined by proration on the basis that the rentable floor area of the Premises bears to the rentable floor area of the entire property assessed. If the final year of the Lease term fails to coincide with the tax year, then any excess for the tax year during which the teen ends shall be reduced by the pro rata part of such lax year beyond the Lease term. If such taxes for the year in which the Lease terminates are not ascertainable before payment of the last months rental, then the amount of such taxes assessed against the property for the previous tax year shall be used as a basis for determining the pro rata shaze, if uny, to be paid by Tenant for that portion of the last Lease year. Tenant shall further pay upon demand as additional rental during the term of this Lease, and any extension or renewal thereof: the excess cost of fire and extended coverage insurance including any and all public liability insurance on the building over the cost of the first year of the Lease term for each subsequent year during the term of this Lease; or ^ all fire and extended coverage insurance including any and all public liability insurance on the building. In the event the Premises are less than the entire property, then the insurance payable by Tenant for the Premises shall be determined by proration on [he basis that the rentable floor area of the Premises bears to the rentable floor area of the entire property. Tenant shall pay all taxes and insurance as provided herein within fifteen (15) days after receipt of notice from Landlord as to the amount due.. Tenant shall be solely responsible for insuring Tenant's personal and business property and for paying any taxes or governmental assessments levied thereon. 10. To the extent permitted by North Carolina law and the insurance policies owned by/ INDEMNITY, INSURANCE covering the Tenant, +9r Tenant agrees to and hereby does indemnify and save Landlord harmless against all claims for damages to persons or property by reason of Tenant's use or occupancy of the Premises, and all expenses incurred by Landlord because thereof, including attorney's fees and court costs. Supplementing the foregoing and in addition thereto, Tenant shall during the term of this Lease and any extension or renewal thereof, and a[ Tenant's expense, maintain in full force and effect comprehensive general liability insurance with limits of $ _- 1 000.000 per person and $ 1.000,000 per accident, and property damage limits of $ ~ included in pe! A2rson limit ,which insurance shall contain a special endorsement recognizing and insuring any liability accruing to Tenant under the first sentence of this paragraph and naming Landlord as addirional insured. Tenant shall provide evidence of such insurance to Landlord prior to the commencement of the term of this Lease. Landlord and Tenant each hereby release and relieve the other, and waive any right of recovery, for loss or damage arising out of or incident to the perils insured against which perils occur in, on or about the Premises, whether due to the negligence of Landlord or Tenant or their agents, employees, contractors and/or invitees, to the extent that such loss or damage is within the policy limits of said comprehensive general liability insurance Landlord and Tenant shall, upon obtaining the policies of insurance required, give notice [o the insurance carrier or carriers that the foregoing mutual warvcr of subrogation is contained in this Lease. REPAIRS BY LANDLORD t L. Landlord agrees to keep in good repair the roof, foundation and exterior walls of the Premises (exclusive of alt glass and exclusive of all exterior doors) and underground utility and sewer pipes outside the exterior walls of the building, except repairs rendered necessary by the negligence or intentional wrongful acts of Tenant, its agents, employees or invitees, If the Premises are part of a larger building or group of buildings, then to the extent that the grounds are common areas, Landlord shall maintain the grounds surrounding the building, including paving, the mowing of grass, care of shrubs and general landscaping. Tenant shalt promptly report in writing to Landlord any defective condition known to i[ 4vhich Landlord is required to repair and failure to report such conditions shall make Tenant responsible to Landlord for any liability incurred by Landlord by reason of such conditions. Page 3 of 8 STANDARD FORM 590-T O 7/2002 Tenant Initials L.undlord Initials TNSIam(uWUCatl Cy FOf'7II/1/HLOf°Fmms Sollxreie 800-33&7017