Fire and Extended Coverage. Upon completion of construction of the Project, Contractor at its costs shall maintain on the Project a policy of standard fire and extended coverage during the life of the Notes and Deeds of Trust securing this Agreement, or any subsequently executed document which replaces the Notes and Deeds of Trust, with vandalism and malicious mischief endorsements, to the extent of at least the full replacement value of the improvements which are part of the premises. The insurance policy shall be issued in the names of Contractor and the County as their interests appear. The insurance policy shall contain a lender's loss payable endorsement, providing that any proceeds shall be payable to the County as its interests appear. In the event that Contractor shall undertake to restore the damaged improvements or to reconstruct the destroyed improvements within a period of sixty (60) days of receipt of insurance proceeds, such insurance proceeds received by the County shall be released to Contractor as payments are required for said purposes, and upon completion of such restoration or reconstruction, any balance thereof remaining shall be paid to Contractor forthwith. In the event that Contractor shall fail to undertake the restoration or reconstruction of such improvements within sixty (60) days after receipt of insurance proceeds following any such damage or destruction, there shall be paid and released to the County from such insurance proceeds a sum equal to the cost of clearing the premises in the event Contractor does not at its own expense clear the premises within said period. The balance shall be held to compensate the parties to this Agreement as if the premises were sold. Contractor shall also sell the vacant land on the open market and the proceeds of said land sale shall be distributed among the parties to this Agreement.
Fire and Extended Coverage. Landlord shall, at Landlord’s expense, procure and maintain at all times during the term of this Lease, a policy or policies of insurance covering loss or damage to the Leased Premises in the amount of the full replacement value thereof (exclusive of Tenant’s trade fixtures, personal property and equipment), providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, sprinkler leakage and special extended peril (all-risk), and such other risks as Landlord may determine should be insured against. During the term of this Lease, Tenant shall pay the amount of any increase in premium for the insurance required under this Section over and above the premium paid by Landlord during the first full year of the term of the Lease in which Landlord shall have maintained such insurance, irrespective of whether such increase results from acts or omissions of Tenant, Landlord, or from any other source including without limitation a lender’s requirements or the increased valuation of the Project. Tenant shall pay such premium increases to Landlord within five (5) days after receipt by Tenant of a statement of the amount due, which shall include the method of calculation of Tenant’s share thereof if the insurance covers other improvements than the Leased Premises. If the term of this Lease does not expire concurrently with the expiration of the period covered by the insurance, Tenant’s liability for premium increases shall be prorated on an annual basis. Tenant shall not do or permit anything to be done in or about the Leased Premises which will increase the existing rate of insurance upon the Leased Premises or the Project or cause the cancellation of any insurance policy covering said Leased Premises or the Project, nor shall Tenant sell or permit to be kept, used, or sold in or about said Leased Premises any articles which may be prohibited by Landlord’s policy of fire insurance. If Tenant’s conduct or use of the Leased Premises causes any increase in the premium for such insurance policies, then Tenant shall pay as additional rent hereunder, on demand from Landlord, all of such increase. Tenant shall, at Tenant’s expense, comply with all insurance company requirements pertaining to the use of the Leased Premises so that the Leased Premises shall at all times be insurable for fire, extended coverage and the risks specified above.
Fire and Extended Coverage. Fire, hazard and extended coverage, all-risks insurance protecting against, but not limited to, fire, theft, malicious mischief, vandalism, and such other hazards as Lender may require Borrower to carry for the Premises for the full insurable value thereof on a replacement cost claim recovery basis, containing standard non-contributing mortgagee loss payable clauses and subrogation clauses, and an agreement to notify Lender in writing at least thirty (30) days prior to any cancellation or amendment of any such policy. Copies of such policy, together with appropriate endorsements thereto, and evidence of the payment of the premiums thereon, shall be promptly delivered to Lender upon request. Said insurance shall be carried in full force and effect for the duration of the Loan.
Fire and Extended Coverage. Beginning with the commencement of this Lease, the City shall at all times during the term or any renewal or continuation hereof maintain in full force and effect, Fire and Extended Coverage policy or policies of insurance in an amount not less than one hundred percent (100%) of the full replacement cost of the leased Building as updated from time to time during the entire term, renewal or continuation of the Lease.
Fire and Extended Coverage. Tenant, at Tenant’s sole cost and expense, shall provide and maintain insurance covering the Buildings and the Improvements, including without limitation, all buildings, structures, and improvements now situated or which hereafter may be erected or placed on the Land, against loss or damage by fire, vandalism, malicious mischief, windstorm, hall, smoke, explosion, riot, civil commotion, vehicles, aircraft, flood or earthquake (if Landlord and Tenant mutually agree in writing) including, without limitation, endorsements for increased cost of construction due to changes in laws, agreed amount or demolition. All such insurance shall be in a sum not less than 90 percent of the replacement cost (the “Replacement Cost”) exclusive of foundations and below ground improvements and shall contain a “Replacement Cost Endorsement.” Such insurance shall be in forms and with companies satisfactory to Landlord in its reasonable discretion. If any dispute as to whether the amount or coverage of insurance obtained by Tenant complies with the requirements of this Paragraph cannot be resolved by agreement, Landlord may, not more often than once every twenty four (24) months, request that the Replacement Cost be determined, at Tenant’s option, by either (a) the carrier of the insurance then in force, or (b) such other carrier of insurance as is reasonably acceptable to Landlord, and the resulting determination shall be conclusive between the parties for the purpose of this Paragraph.
Fire and Extended Coverage. LICENSOR agrees to insure and keep insured each Store, including the Licensed Premises, including OPERATOR’s Gaming Devices, Incidental Equipment, and all other personal property that is maintained within any of the Leased Premises as part of its gaming operations, against loss or damage by fire, theft, vandalism, or other hazards normally covered by standard fire and extended coverage policies for not less than 100% of their replacement value.
Fire and Extended Coverage. Tenant shall keep each Facility insured against loss or damage from all causes under standard "all risk" property insurance coverage, without exclusion for fire, lightning, windstorm, explosion, smoke damage, vehicle damage, sprinkler leakage, flood, vandalism, earthquake (if in an earthquake zone), malicious mischief or any other risks as are normally covered under an extended coverage endorsement, in the amounts that are not less than the full insurable value of the applicable Facility including all equipment and personal property (whether or not Landlord Personal Property) used in the operation of such Facility. The term "full insurable value" as used in this Lease shall mean the actual replacement value of the applicable Facility (including all improvements, but excluding the value of the Land) and every portion thereof, including the cost of compliance with changes in zoning and building codes and other laws and regulations, demolition and debris removal and increased cost of construction. In addition, the casualty insurance required under this Section 4.2 will include an agreed amount endorsement such that the insurance carrier has accepted the amount of coverage and deductible and has agreed that there will be no co-insurance penalty.
Fire and Extended Coverage. Fire and extended coverage insurance covering the Building and the Property and any alterations, improvements, additions or changes made by Landlord thereto in an amount not less than one hundred percent (100%) of their full replacement cost from time to time during the Lease term, providing protection against special causes of loss as defined within the property insurance form promulgated by the Insurance Services Office, Inc. Such insurance shall be on an agreed value (no coinsurance) basis and shall have a deductible of not more than Twenty-Five Thousand Dollars ($25,000.00).
Fire and Extended Coverage. Landlord shall procure and maintain in full -------------------------- force and effect with respect to the Buildings, including the Tenant Improvements constructed by Landlord pursuant to Exhibit B (excluding, at --------- Landlord's option, such of the Tenant Improvements which are unusual or extraordinary for use of the Premises as permitted hereunder, as reasonably determined by Landlord and noticed to Tenant at the time Landlord approves the Final Plans pursuant to Exhibit B (the "Above Standard Tenant Improvements"), a --------- policy or policies of all risk insurance (including sprinkler, vandalism and malicious mischief coverage, and any other endorsements desired by the Landlord or required by the holder of any fee or leasehold mortgage on the Real Property, but excluding, at Landlord's option, the insurance described in Section 13.i. below) in such amount as Landlord shall determine, but in an amount at least equal to eighty percent (80%) (or such greater percentage as shall be required to preclude Landlord from being deemed a coinsurer) ) of the full replacement cost (including debris removal, and demolition, but excluding the land and the footings, foundations and installations below the basement level) thereof. Such insurance, and all other insurance maintained by Landlord under this Lease, shall be for the sole benefit of Landlord, and the proceeds therefrom shall be under Xxxxxxxx's sole control.
Fire and Extended Coverage. Lessee shall obtain and carry course-of-construction insurance and shall insure the Facilities to one hundred percent (100%) of their replacement cost, using a standard form fire insurance policy containing the “Extended Coverage” endorsement.
