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ICA8A~USCQUN~I <br /> <br />MEMORANDUM <br /> <br />To: <br /> <br />From: <br /> <br />Date: <br /> <br />Subject: <br /> <br />Board of Commissioners <br /> <br />Blair Bennett ~ ~ <br /> <br />August 30, 1994 <br /> <br />Insurance coverage for Historic Cabarrus <br /> <br />Our insurance carrier has agreed to cover Historic Cabarms since we own the property but lease <br />it to them. Enclosed are letters giving more details about this matter. Historic Cabarms will fully <br />reimburse the County for the cost of the insurance coverage. I have also included a copy of the <br />lease agreement with Historic Cabarrus. Sections 3 and 4 would need to be modified as follows: <br /> <br />Section 3. Cabarms County will purchase and keep in force liability insurance in such <br /> amounts and against such hazards as may be necessary or desirable and will insure <br /> said building against fire and windstmm for the use and benefit of Historic <br /> Cabarms or its contributors as their interests appear. Historic Cabarrus will fully <br /> reimburse the County for the cost of this insurance. <br /> <br />Section 4. If the building upon the demised premises shall be damaged by fire or other <br /> casualty, and such damages are of a minor nature, the same shall be repaired by <br /> Historic Cabarrus, or from the proceeds from insurance coverage, as quickly as is <br /> reasonably possible; but if said building shall be damaged to such an extent as to <br /> render the same unfit for uses or occupancy, this Lease shall terminate as of the <br /> date of such damage. <br /> <br />I would recommend approval of the transaction which saves Historic Cabarrus approximately <br />$2400 in insurance premiums and also provides the County with improved insurance coverage on <br />this building. <br /> <br /> Finance Department <br /> <br />P O 8ox 707 * Concord, NC 28026-0707 · (704) 788.8104 <br /> <br /> I <br /> <br /> <br />