1977-10-24 Regular Meeting - Laserfiche WebLink

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e . e e e . ..... e . XI. In the event Lessee shall hold over and remain in possession of ' the leased premises herein leased after the expiration of this agreement without a written renewal thereof, such . holding over shall not be deemed to operate as af'{enewal or. extension of this agreement but shall only create a . . tenancy from day to day at a rental of Thirty-three and 33/100 Dollars ($33.33) per day which may be terminated at any time by either the Lessor or Lessee. XII. \. Lessor covenants and agrees that it will, at its expense rraintain an owner's landlord's a,o tenant.s liability policy covering the leased premises ;.,-i"ri1 coverage in the aroc>unt of not less than One Hundred Tnousand Dollars (~lOO,OOO.OO) for injuries or death to anyone person, not less than Three Hl.ll1dred Thousand I)}llars .($300,000.00) for injUries or death to irore ... than one person and not less than Ten Thousand Dollars ($10,000.00) for any. injury to or destruction of property in anyone accident or occurrence. Said policy shall name the Lessee as the insured. Alternatively, the policy may name both the Lessee and the lessor as insured provided the above fX)licy limits are doubled. XIII. Notwithstanding anything hereto to the contrary or that may be con- strued to the contrary, it is understooo am agreed that if Lessor refuses or fails to perform anyone or more of its undertakings and obligations which are to be performed during the term of this lease, then and in that event Lessee shall have the right to terminate this lease upon ten (10) days' written notice given to Lessor by registered or certified United States Mail, postage prepaid, return receipt requested, addressed to N-77, Ltd., P. O. Pox 1277, laPorte, Texas 77571; am such right shall be considered exercised and completed upon Lessee's defX)sit of the notice in the United States Mail as aforesaid. It is further understood that Lessee's exercise of any of the rights or options under this paragraph shall not prejudice Lessee's right to recover damages which Lessee has sustained as a result of Lessor's refusal or failure to -5~