Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 858]

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UNIVERSITY OF ILLINOIS

855

T h e Lessor and the Lessee have estimated that the date of completion of the Medical and Dental College Building will be January I, 1937, and have stipulated and agreed that the term of this lease shall commence on said date. In the event that said Building or any part thereof shall not be completed by January I, 1937, or shall not be constructed in the manner provided in said plans, drawings, specifications and construction contracts, the Rent, additional Rent and other sums payable by the Lessee hereunder and all other obligations of the Lessee hereunder shall in no event be abated on account of any such delay in completion or any such manner of construction, and all obligations of the Lessee hereunder, including the obligation to pay the Rent herein reserved, shall commence and continue without abatement or set-off. T h e Lessee hereby covenants and agrees that, upon the completion of the Medical and Dental College Building, it will accept same and the structures, improvements and fixtures on the demised premises in their condition and state of repair on said date, without any representations, statements or warranties, express or implied, in respect thereof, or in respect of their condition, or the use or occupation that may be made thereof, and the Lessor shall in no event be liable for any latent or other defects therein, whether structural or otherwise, or for any damage caused thereby. S E V E N T E E N T H : Throughout the life of this lease, the Lessee, at its own expense: (1) Shall keep all buildings, structures, improvements and fixtures in or appurtenant to, the demised premises and the improvements thereon insured for the benefit of the Lessor, against loss or damage from such hazards as the Lessor shall request, including (without limitation) fire, lightning, explosion, cyclone, tornado, and windstorm, to the full amount of the insurable value thereof, and (2) Shall provide and keep in force, for the benefit of the Lessor, general liability insurance protecting the Lessor against any and all liability occasioned by accident, or disaster, in the amount of $20,000 in respect of any one accident or disaster, and in the amount of $10,000 in respect of injuries to any one person in any one accident or disaster. All said policies shall be in form and with insurers satisfactory to the Lessor and shall be made payable to the Lessor, the Trustee and the Lessee as their respective interests may appear. Whenever, in this lease, policies of insurance are to be provided for the benefit of the Lessor, the same shall be assigned, delivered or made payable to and shall secure the Lessor and the Trustee as their respective interests appear. Twenty days prior to the expiration of any policy or policies of such insurance, the Lessee shall pay the premiums for renewal insurance, delivering to the Trustee, within said period of time, the original policies and duplicate receipts, evidencing the payment thereof, and if such premiums or any of them, shall not be paid, and the policy or policies shall not be so delivered, then the Lessor may procure or pay for the same, and any amounts so paid by the Lessor, with interest thereon at the rate of six per cent ( 6 % ) per annum from the time of payment, shall become due and payable forthwith by the Lessee, and the same may, at the option of the Lessor, be deemed to be additional Rent hereunder and be added to any Rent then due or thereafter falling due hereunder, and the Lessor shall have all the rights and remedies herein provided, or as may be granted by law, in respect of said sums as if the same were herein specifically reserved as rent for the demised premises; it being expressly covenanted, however, that any such payments by the Lessor hereunder shall not be deemed to waive or release the default in the payment thereof by the Lessee, or the right of the Lessor to take such action as may be permissible hereunder by reason of such default. T h e Lessee shall not violate, or permit to be violated, any of the conditions of any of said insurance policies; and the Lessee shall so perform and satisfy the requirements of the companies writing such policies that, at all times, companies of good standing, satisfactory to the Lessor, shall be willing to write and continue such insurance.