Master Lease Purchase Agreement (Sample Only) Page 4
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with a company or companies reasonably acceptable to Owner, in an amount at least equal to the
full replacement cost of all buildings and improvements on the Premises with Purchaser named
as an additional insured and loss payee and any mortgagee named as an additional insured and
loss payee. Any insurance proceeds payable under any such policy relating to a loss which is not
a total loss shall be disbursed by the parties solely to repair or restore the Premises. In the event
of a total loss, the proceeds of said insurance shall be payable to Owner to the extent of the
unpaid balance due hereunder with the remaining proceeds payable to Purchaser. A certificate
evidencing such insurance or a copy of the policies shall be delivered to Owner upon request. If
Owner fails to maintain such insurance, Purchaser may insure the Premises at Purchaser's
expense.
All risks of loss with respect to the Premises shall be borne by Purchaser, and any
damage to or destruction of the Premises, or any part thereof, or the taking of any part of the
Premises by eminent domain proceedings or otherwise, shall not give rise to any right of
cancellation of this Master Lease by either party.
ARTICLE 7.
INDEMNIFICATION
Purchaser agrees to indemnify and hold Owner harmless from and against any and all
actions, causes of action, claims, demands, expenditures, expenses, judgments and proceedings
based upon any act of negligence of Purchaser in connection with the Property and the use or
occupancy thereof.
ARTICLE 8.
CONDEMNATION
In the event the Property, or any part thereof, shall be damaged or taken by reason of any
public improvement or condemnation proceeding (whether or not a suit is filed in connection
therewith), Purchaser agrees that such proceeds or awards shall be payable to Owner to be
applied in satisfaction of Purchaser’s obligations under this Master Lease. Should said proceeds
exceed the balance due under this Master Lease, any such excess shall be repaid to Purchaser.
ARTICLE 9.
MORTGAGE OF THE PROPERTY
Owner represents to Purchaser that the only mortgages on the Property are described on
Exhibit B attached hereto and incorporated herein. Owner agrees that during the operation of
this Master Lease that it will not encumber the Property by placing thereon any mortgage, lien,
or other encumbrance, without the prior written consent of Purchaser. Owner shall keep any
mortgage on the Property in good standing and, in the event Owner should default on any such
mortgage, Purchaser may, at his option, cure such default, and all sums so paid by Purchaser
shall be credited by Owner to the payment of principal and interest under this Master Lease.
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