AG 1994 11 07 - Laserfiche WebLink

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2O8 September 6, 1994 - Board of Commissioners Approve Insurance Coverage for Historic Cabarrus and Modify Lease The Board received the written request from Mr. Dan McDonald, President of the Board of Trustees of Historic Cabarrus, that the County include the leased Historic Cabarrus Courthouse property under the Countyfs insurance plan for fire and theft coverage in the total amount of $1.5 million. The annual estimated cost of $2,640.00 for the insurance coverage will be reimbursed by Historic Cabarru$. By Memorandum dated August 30, 1994, Mr. Blair Bennett, Finance Director, recommended that the Board approve the request by Historic Cabarrus and that Sect£on$ 3 and 4 of the current lease dated February 7, 1994 between Historic Cabarrus and Cabarrus County be modified to provide for this insurance coverage. Motion was made by Chairman Barnhart and seconded by Commissioner Fennel to: (1) include the Historic Courthouse property leased by Historic Cabarrus, Inc. on the Countyfs insurance plan for fire and theft coverage with Historic Cabarrus to reimburse Cabarrus County the cost of the insurance; and (2) modify Sections 3 and 4 of the Lease between Cabarrus County and Historic Cabarrus, Inc. as follows: Section 3. Cabarrus County will purchase and keep in force liability insurance in such amounts and against such hazards as may be necessary or desirable and will insure said building against fire and windstorm for the use and benefit of Historic Cabarrus or its contributors as their interests appear. Historic Cabarrus will fully reimburse the County for the cost of this insurance. Section 4. If the building upon the demised premises shall be damaged by fire or other casualty, and such damages are of a minor nature, the same shall be repaired by Historic Cabarrus, or from the proceeds from insurance coverage, as quickly as is reasonably possible; but if said building shall be damaged to such an extent as to render the same unfit for uses or occupancy, this Lease shall terminate as of the date of such damage. Commissioner Casper asked the motion be amended to state that Cabarrus County will be identified as a named insured on the policy. Chairman Barnhart and Commissioner Fennel accepted this amendment and the motion was passed unanimously.