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shall not be in default under the LEASE, then the remaining funds shall be paid to LESSOR for any unpaid rent and other sums due, with any remaining sum paid to the LT�COPY '� �`�'CATION ON LAST PAGE J.R. SMITH, CLERK (a) All insurance required by this Section shall be with a company licensed to do business in the state of Florida, and be otherwise satisfactory to the LESSOR. (b) Recognizing the extended term of the LEASE, LESSEE agrees that the LESSOR shall have the right to periodically review the adequacy of the required insurance and amend the insurance requirements of this section. Factors which may be considered include, but are not limited to, changes in generally accepted insurance industry standards and practices, changes in LESSEE'S use of the Premises, measurable changes in local and national economic indicators and changes in City policies and procedures. (c) The insurance policies shall name the LESSOR as an additional insured for liability insurance and as loss payee for property insurance and shall include provision for at least thirty (30) days advance notice to LESSOR by the insurer prior to any policy change, amendment, termination or expiration of coverage. LESSEE shall cause the insurer to provide proof of the required insurance to the LESSOR before LESSEE takes possession of the Premises and shall cause the insurer to continue to supply such proof to the LESSOR for each term of coverage. LESSEE'S insurance shall be primary and any other insurance maintained by the City shall be in excess of and shall not contribute with LESSEE'S insurance. (d) In the event that LESSEE should fail for any reason to procure or maintain insurance coverage at the minimum amounts required herein, or at the written request of LESSEE, LESSOR, at LESSOR's sole discretion, may secure insurance coverage at LESSEE's expense, or may declare LESSEE in default. LESSEE shall reimburse LESSOR for the cost of such insurance coverage secured by LESSOR within thirty (30) days of LESSEE's receipt of an invoice from LESSOR for Page 18 of 41