Common use of All Risk Insurance Clause in Contracts

All Risk Insurance. (a) The Lessor shall procure and continue in force during the term hereof such amounts as in its judgment are adequate of All Risk Replacement Cost Insurance with Agreed Amount Endorsement (the latter to be adjusted annually) upon the facilities constructed, erected or installed on the Leased Premises at the beginning of the term hereof. The Lessee shall pay to the Lessor upon presentation of invoice therefor and as additional rent during the term hereof, an amount equal to the premiums for such All Risk Replacement Cost Insurance. During the term hereof the Lessee shall procure and continue in force All Risk Replacement Cost Insurance with Agreed Amount Endorsement (the latter to be adjusted annually) upon facilities, machinery, equipment and appurtenances constructed, erected or installed on or in the Leased Premises by the Lessee and which have or may become the property of the Lessor pursuant to Sections 7 and 8 hereof. The policies evidencing such insurance shall provide that loss, if any, payable thereunder shall be payable to the Lessor and/or the Lessee and/or any mortgagee of the Leased Premises as their respective interests may appear, and all such policies together with evidence of payment of the premiums thereon shall be delivered to the Lessor and/or any such mortgagee. All such policies shall be taken in such responsible companies authorized to do business in New Hampshire as the Lessor shall approve and shall be in form satisfactory to the Lessor. Upon receipt of a copy of notice of cancellation of any insurance which is the responsibility of the Lessee hereunder, the Lessor may pay the premiums necessary to reinstate the same. The amount so paid shall constitute additional rent payable by the Lessee at the next rental payment date. The payment of premiums by the Lessor shall not be deemed a waiver or release by the Lessor of default by the Lessee in failing to pay the same or of any action the Lessor may take hereunder as a result of such default. The Lessee shall not violate, nor permit any person, firm, association or corporation to violate any of the terms, conditions and provisions of such policies. In the event of loss the Lessor shall promptly initiate action to effect a settlement with the insurer, the Lessee shall cooperate with the Lessor and any mortgagee in connection with the processing and collection of claims and shall execute and deliver to the Lessor such proofs of loss, releases and other instruments as may be necessary to settle any such claims and obtain the proceeds thereof, and in the event the Lessee shall fail or neglect so to cooperate or to execute and deliver any such instrument, the Lessor may as the agent or attorney in fact of the Lessee, execute and deliver any such instrument, and the Lessee hereby nominates and appoints the Lessor the proper and legal attorney in fact of the Lessee for such purposes, hereby ratifying all that the Lessor may lawfully do as such attorney in fact. (b) If and to the extent permitted without prejudice to any rights of the Lessor under applicable insurance policies, the Lessee shall be held free and harmless from liability for loss or damage to the Leased Premises by fire, the extended coverage perils, sprinkler leakage, vandalism and malicious mischief if and to the extent actually insured against, whether or not such loss or damage be the result of the negligence of the Lessee, its employees or agents. This subsection does not impose any added obligation or expense upon the Lessor nor require that it carry insurance of any kind and is to be construed only as a limitation upon the rights of the insurance carriers to subrogation. (c) If and to the extent permitted without prejudice to any rights of the Lessee under the applicable insurance policies, the Lessor shall be held free and harmless from liability for loss or damage to personal property of the Lessee in the Leased Premises, by fire, the extended coverage perils, water leakage, sewer problems, sprinkler leakage, vandalism and malicious mischief if and to the extent actually insured against, whether or not such loss or damage be the result of the negligence of the Lessor, its employees or agents. This subsection does not impose any added obligation or expense upon the Lessee nor require that it carry any insurance of any kind and is to be construed only as a limitation upon the rights of the insurance carriers to subrogation.