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2005 Resolutions
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2005 Resolutions
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3/13/2006 11:18:03 AM
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3/31/2005 1:59:46 PM
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<br />. <br /> <br />misconduct of Manager or its employees, or (1) the performance by Manager of its duties hereunder, <br />except to the extent such Losses are caused by the negligence or intentional misconduct of Manager or its <br />employees. <br /> <br />Section 12.3 Conditions to Indemnification. With respect to each separate matter <br />brought by any third party against which a party hereto ("Indemnitee") is indemnified by the other party <br />("Indemnitor") under this Article 12, the Indemnitor shall be responsible, at its sole cost and expense, for <br />controlling, litigating, defending and/or otherwise attempting to resolve any proceeding, claim, or cause of <br />action underlying such matter, except that (a) the Indemnitee may, at its option, participate in such <br />defense or resolution at its expense and through counsel of its choice; (b) the Indemnitee may, at its <br />option, assume control of such defense or resolution if the Indemnitor does not promptly and diligently <br />pursue such defense or resolution, provided that the Indemnitor shall continue to be obligated to <br />indemnify the Indemnitee hereunder in connection therewith; and (c) neither Indemnitor nor Indemnitee <br />shall agree to any settlement without the other's prior written consent (which shall not be unreasonably <br />withheld or delayed). In any event, Indemnitor and Indemnitee shall in good faith cooperate with each <br />other and their respective counsel with respect to all such actions or proceedings, at the Indemnitor's <br />expense. With respect to each and every matter with respect to which any indemnification may be sought <br />hereunder, upon receiving notice pertaining to such matter, Indemnitee shall promptly (and in no event <br />more than ten (10) days after any third party litigation is commenced asserting such claim) give <br />reasonably detailed written notice to the Indemnitor of the nature of such matter and the amount <br />demanded or claimed in connection therewith. <br /> <br />. <br /> <br />Section 12.4 Survival. The obligations ofthe parties contained in this Article 12 shall <br />survive the termination or expiration of this Agreement and continue on for a period of two (2) years <br />thereafter. <br /> <br />ARTICLE 13 <br />INSURANCE <br /> <br />Section 13.1 Types and Amount of Coverage. Manager and Owner agree to obtain <br />insurance coverage in the manner and amounts as set forth in Exhibit D, attached hereto, and shall <br />provide to the other party promptly following the Effective Date a certificate or certificates of insurance <br />evidencing such coverage. Manager and Owner shall maintain such referenced insurance coverage at all <br />times during the Term, and will not make any material modification or change from these specifications <br />without the prior approval of the other party. Each insurance policy shall include a requirement that the <br />insurer provide Manager and the Owner at least thirty (30) days' written notice of cancellation or material <br />change in the terms and provisions of the applicable policy. <br /> <br />Section 13.2 Rating; Additional Insureds. All insurance policies shall be issued by <br />insurance companies rated no less than A VIII in the most recent "Bests" insurance guide, and licensed in <br />the State of Virginia or as otherwise agreed by the parties. All such policies shall be in such form and <br />contain such provisions as are generally considered standard for the type of insurance involved. The <br />commercial general liability policy, automobile liability insurance policy and umbrella or excess liability <br />policy to be obtained by the parties hereunder shall name the other party as an additional insured. The <br /> <br />. <br /> <br />12 <br /> <br />
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