CLP and State of Texas Coastal Easement Agreement

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.. .J ~... . .... .... . .. .. . .... . .... . ...... . . . . .. " . ..,.' .., . e If Lessee is engaged in any way in the sale of alcoholic beverages, either for consumption of alcoholic beverages on the Leased Premises or off the Leased premises, Lessee will also maintain liquor lia~ility insurance with the limits of not less than One Killion and NO/l00 Dollars ($1,000,000.00) each common cause and One Killion and NO/l00 Dollars ($1,000,000.00) aggregate. If written on a separate policy from the comprehensive general liability policy, such policy shall name Lessor (and any of its successors and assigns designated by Lessor) as an additional insured. ! section 10.03. The phrase "Required Policy" shall mean the policy of insurance required to be maintained by Lessee under the terms of this Lease. Each Required POlicy shall be written by a company satisfactory to Lessor, but in all events by a company with an A.M. Best Company financial rating of not less than AXIl (or a similar rating by a comparable service selected by Lessor should A.M. Best Company cease providing such ratings) and be licensed to do business in Texas or, if the aforesaid is not available, by a company qualified to do business as a non-admitted insurer in Texas under current Texas surplus lines requirements. Such policy may contain a deductible of not more than Ten Thousand and NO/100 Dollars ($10,000.00). All Required Policies shall be endorsed so as to require thirty (30) days prior written notice to Lessor, given in the same manner set forth in Article XV hereof, in the event of cancellation, material change or intent not to renew. Lessee agrees to deliver to Lessor and/or Lessor's designee a certificate of insurance for any Required Policy within ten (10) days of execution of this Lease. At all times during the Lease term, Lessee shall cause the required evidence of coverage to be deposited with Lessor. If Lessee fails to do so, such failure may be treated by Lessor as a default by Lessee and Lessor, in addition to any other remedy under this Lease, shall have the right (but not the obligation) to purchase and maintain such Required Policy for the account of Lessee, and if Lessor does so and gives notice thereof to Lessee, then Lessee shall be obligated to pay Lessor the amount of the premium applicable to such Required Policy within five (5) days following any such notice from Lessor. Any failure of Lessee to make such payment to Lessor may be treated by Lessor as a default by Lessee in the payment of Rent required to be paid by Lessee hereunder. XI. Damage or Destruction of Premises section 11.01. No damage to the Leased Premises or damage to or destruction of any improvements erected or placed at the Leased Premises shall in any way alter, affect or modify Lessee's obligations hereunder, including specifically Lessee's obligations to pay Rent, Taxes and other financial obligations hereunder. In the event of any damage to the Leased Premises which will exceed the cost of Five Thousand and NO/IOO Dollars ($5,000.00) per event to repair, Lessee shall (i) give written notice to Lessor within seven (7) calendar days of the damage or destruction, which notice