[§206M-44]  Special facility lease. 
(a)  In addition to the conditions and terms set forth in this part, any
special facility lease entered into by the development corporation shall at
least contain provisions obligating the other party to the special facility
lease:



(1)  To pay to the development corporation during the
initial term of the special facility lease, whether the special facility is
capable of being used or occupied or is being used or occupied by the other
party, a rental or rentals at the time or times and in the amount or amounts
that will be sufficient to:



(A)  Pay the principal and interest on all
special facility revenue bonds issued for the special facility;



(B)  Establish or maintain any reserves for
these payments; and



(C)  Pay all fees and expenses of the trustees,
paying agents, transfer agents, and other fiscal agents for the special
facility revenue bonds issued for the special facility;



(2)  To pay to the development corporation:



(A)  A ground rental, equal to the fair market
rental of the land, if the land on which the special facility is located was
not acquired from the proceeds of the special facility revenue bonds; or



(B)  A properly allocable share of the
administrative costs of the development corporation in carrying out the special
facility lease and administering the special facility revenue bonds issued for
the special facility if the land was acquired from the proceeds of the special
facility revenue bonds;



(3)  To either operate, maintain, and repair the
special facility and pay the costs thereof or to pay to the development
corporation all costs of operation, maintenance, and repair of the special
facility;



(4)  To:



(A)  Insure, or cause to be insured, the
special facility under builder's risk insurance (or similar insurance) in the
amount of the cost of construction of the special facility to be financed from
the proceeds of the special facility revenue bonds;



(B)  Procure and maintain, or cause to be
procured or maintained, to the extent commercially available, a comprehensive
insurance policy providing protection and insuring the development corporation
and its officers, agents, servants, and employees (and so long as special
facility revenue bonds are outstanding, the trustee) against all direct or
contingent loss or liability for damages for personal injury or death or damage
to property, including loss of use thereof, occurring on or in any way related
to the special facility or occasioned by reason of occupancy by and the
operations of the other person upon, in and around the special facility;



(C)  Provide all risk casualty insurance,
including insurance against loss or damage by fire, lightning, flood,
earthquake, typhoon, or hurricane, with standard extended coverage and standard
vandalism and other malicious mischief endorsements; and



(D)  Provide insurance for workers'
compensation and employers' liability for personal injury or death or damage to
property (the other party may self-insure for workers' compensation if
permitted by law); provided that all policies with respect to loss or damage of
property including fire or other casualty and extended coverage and builder's
risk shall provide for payments of the losses to the development corporation,
the other party or the trustee for the special facility revenue bonds as their
respective interests may appear; and provided further that the insurance may be
procured and maintained as part of or in conjunction with other policies
carried by the other party; and provided further that the insurance shall name
the development corporation, and so long as any special facility revenue bonds
are outstanding, the trustee, as additional insured; and



(5)  Indemnify, save, and hold the development
corporation, the trustee, and their respective agents, officers, members, and employees
harmless from and against all claims and actions and all costs and expenses
incidental to the investigation and defense thereof, by or on behalf of any
person, firm, or corporation, based upon or arising out of the special facility
or the other party's use and occupancy thereof, including, without limitation,
from and against all claims and actions based upon and arising from any:



(A)  Condition of the special facility;



(B)  Breach or default on the part of the other
party in the performance of any of the party's obligations under the special
facility lease;



(C)  Fault or act of negligence of the other
party or the party's agents, contractors, servants, employees, or licensees; or



(D)  Accident to or injury or death of any
person or loss of or damage to any property occurring in or about the special
facility, including any claims or actions based upon or arising by reason of
the negligence or any act of the other party.



Any moneys received by the development
corporation pursuant to paragraphs (2) and (3) shall be paid into the high
technology special fund and shall not be nor be deemed to be revenues of the
special facility.



(b)  The term and all renewals and extensions
of the term of any special facility lease (including any amendments or supplements
thereto) shall not extend beyond the lesser of the reasonable life of the
special facility that is the subject of the special facility lease, as
estimated by the development corporation at the time of the entering into
thereof, or thirty years.



(c)  Any special facility lease entered into by
the development corporation shall be subject to chapter 171 and shall contain
other terms and conditions that the development corporation deems advisable to
effectuate the purposes of this part. [L 2000, c 72, pt of §1]