Common use of Building and Property Insurance Clause in Contracts

Building and Property Insurance. Lessor shall at all times throughout the Term maintain fire, casualty, and extended coverage insurance covering the Buildings in an amount not less than the full replacement cost of the Buildings, which policies shall list Lessor (and Lender[s] of the Lessor, as Lessor may direct) as the insured. Such coverage shall be provided by insurance companies chosen by Lessor and reasonably satisfactory to Lessee and licensed to issue insurance in the state in which the property is located. Every such policy of insurance shall contain provisions for thirty (30) days written notice to Lessor of any cancellation, non-renewal or modification to the policy. All such insurance policies shall be issued by a properly licensed insurer acceptable to Lessor and having the standard New York long form mortgagee clause favoring Lessor in an amount equal to at least the value of the improvements and sufficient to compensate Lessor up to the full replacement cost of the improvements. Such coverage shall be on a cost replacement basis. All costs of insurance with respect to the Leased Premises (including casualty and liability insurance) shall be paid by Lessee, and the Lessor shall have no obligation or liability in this regard. Lessee shall pay the premiums for all such policies required by this Lease in a timely manner. Lessee shall pay the costs of such insurance through escrows, as provided in Section 11.6 of this Lease, unless Lessor suspends Lessee’s obligation to escrow the costs of insurance.

Building and Property Insurance. Lessor shall at all times throughout the Term maintain fire, casualty, and extended coverage insurance covering the Buildings in an amount not less than the full replacement cost of the Buildings, which policies shall list Lessor (and Lender[s] 1.ender[si of the Lessor, as Lessor 1.essor may direct) as the insured. Such coverage shall be provided by insurance companies chosen by Lessor and reasonably satisfactory to Lessee and licensed to issue insurance in the state in which the property is located. Every such policy of insurance shall contain provisions for thirty (30) days written notice to Lessor of any cancellation, non-renewal or modification to the policy. All such insurance policies shall be issued by a properly licensed insurer acceptable to Lessor and having the standard New York long form mortgagee clause favoring Lessor in an amount equal to at least the value of the improvements and sufficient to compensate Lessor up to the full replacement cost of the improvements. Such coverage shall be on a cost replacement basis. All costs of insurance with respect to the Leased Premises (including casualty and liability insurance) shall be paid by LesseeXxxxxx, and the Lessor shall have no obligation or liability in this regard. Lessee shall pay the premiums for all such policies required by this Lease in a timely manner. Lessee shall pay the costs of such insurance through escrows, . as provided in Section 11.6 of this Lease, . unless Lessor Xxxxxx suspends LesseeXxxxxx’s obligation to escrow the costs of insurance.

Building and Property Insurance. Lessor shall at all times throughout the Term maintain fire, casualty, and extended coverage insurance covering the Buildings in an amount not less than the full replacement cost of the Buildings, which policies shall list Lessor (and Lender[s] Lender{s} of the Lessor, as Lessor may direct) as the insured. Such coverage shall be provided by insurance companies chosen by Lessor and reasonably satisfactory to Lessee and licensed to issue insurance in the state in which the property is located. Every such policy of insurance shall contain provisions for thirty (30) days written notice to Lessor of any cancellation, non-renewal or modification to the policy. All such insurance policies shall be issued by a properly licensed insurer acceptable to Lessor and having the standard New York long form mortgagee clause favoring Lessor in an amount equal to at least the value of the improvements and sufficient to compensate Lessor up to the full replacement cost of the improvements. Such coverage shall be on a cost replacement basis. All costs of insurance with respect to the Leased Premises (including casualty and liability insurance) shall be paid by LesseeXxxxxx, and the Lessor shall have no obligation or liability in this regard. Lessee shall pay the premiums for all such policies required by this Lease in a timely manner. Lessee shall pay the costs of such insurance through escrows, as provided in Section 11.6 of this Lease, unless Lessor suspends Lessee’s obligation to escrow the costs of insurance.