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8 . INDEMNITY OF LESSOR FOR LOSS OR DAMAGE <br /> In event of loss of or damage to the Premises , Lessee at the option of Lessor shall pay <br /> Lessor therefore in cash, the cost of such of loss or damage , including all costs necessary <br /> to place the public property in the same condition as it was before the Festival . <br /> 9 . INDEMNIFICATION AND INSURANCE <br /> It is recognized that the Lessor will have very limited control over the Premises during the <br /> term of this Lease , accordingly , the Lessee agrees to hold harmless and indemnify the <br /> Lessor from and against all loss , liability , or expense for personal injury or property <br /> damage which might arise through the presence , operation, use or maintenance of the <br /> Premises and to maintain liability and property damage insurance coverage in the amounts <br /> shown in the Contract to protect the interest of the Lessor . <br /> Should any person, natural or otherwise , bring suit or commence any legal proceeding, <br /> judicial or otherwise , against the Lessor for personal injury or any other personal liability <br /> or for any property damage or for any other matter whatsoever, arising from Lessee ' s use <br /> of the leased Property, the Lessee hereby agrees to defend Lessor in said matter or <br /> proceeding and Lessee agrees to pay all legal fees and costs Lessor may incur as a result <br /> of said proceeding or suit . <br /> 10 . TAXES AND FEES <br /> Lessee shall pay all taxes , assessments , licenses and registration fees on said Property , if <br /> any , during the term of this Lease , and furnish to Lessor satisfactory proof that such <br /> payment has been made before such taxes , assessments or fees become delinquent . <br /> 11 . EVENTS CONSTITUTING DEFAULTS <br /> The following events constitute defaults : <br /> a. The nonpayment by Lessee , for a period of twenty (20) days , of any sum <br /> required hereunder to be paid by Lessee . <br /> b . The nonperformance by Lessee of any other covenant or condition of this <br /> Lease which is not cured within twenty (20) days after notice thereof from <br /> Lessor. <br /> C . An affirmative act of insolvency by Lessee , or the filing by Lessee of any <br /> petition under any bankruptcy, reorganization, insolvency or moratorium <br /> law, or any law for relief of, or relating to , debtors . <br /> d . The filing of any involuntary petition under any bankruptcy statute against <br /> Lessee , or the appointment of any receiver or trustee to take possession of <br /> the property of Lessee , unless such petition or appointment is set aside or <br /> withdrawn or ceases to be in effect within thirty ( 30) days of the date of the <br /> filing or appointment . <br /> e . The subjection of any of Lessor ' s Property to any levy, seizure, <br /> assignment, application or sale for or by any creditor of Lessee or <br /> governmental agency. <br /> 12 . LESSOR' S RIGHT TO PREVENT DEFAULT <br /> Should Lessee fail to make any payment or do any act as herein provided, then Lessor <br /> shall have the right, but not the obligation, without notice to or demand on Lessee, and <br /> without releasing Lessee from any obligation hereunder, to make or do the same , and to <br /> pay , purchase , contest or compromise any encumbrance , charge or lien which in the <br /> judgment of Lessor appears to affect the Property , and in exercising any such rights , incur <br /> 2 <br />