Casualty and Insurance. (a) In the event of partial or total destruction of the Building or the Demised Premises by reason of fire or any other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of same and Landlord shall promptly restore and rebuild the Building or the Demised Premises at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph 10(a), and provided that Tenant is not in default under this Lease at the time of such cancellation, Landlord shall return the Security Deposit to Tenant subject to the terms of Paragraph 20 of this Lease. (b) Tenant shall, at Tenant’s sole cost and expense, but, except to the extent prohibited by law with respect to workmen’s compensation insurance, for the mutual benefit of Landlord and Tenant and any Additional Insured (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) comprehensive general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages for any and all or injury resulted from any act or omission on the part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the Limit of not less than Five Million Dollars ($5,000,000.00) in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence; (b) workmen’s compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the Demised Premises and (c) “all risk” coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the Property, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, any mortgagees and ground lessors of the Land and the Building and their successors and assigns as additional insureds (the “Additional Insureds”) and shall be written by a good and solvent insurance carrier authorized to do business in the State of New Jersey. (c) Prior to the Commencement Date, and at least thirty (30) days prior to the expiration date of any policy, Tenant shall furnish evidence of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured. (d) During the term of this Lease, Landlord and Tenant shall each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of the other and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to the other at the address, specified in Paragraph 18 of this Lease. (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full replacement cost of the Building.

Appears in 3 contracts

Samples: Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.)

Casualty and Insurance. (a) In the event of partial or total destruction of the ~~Building or the Demised~~ improvements to Premises by reason of fire or any other cause Tenant shall immediately ~~after it becomes aware of such destruction~~ notify Landlord of ~~same and Landlord shall promptly restore and rebuild the Building or the Demised Premises at Landlord’s expense (but only to the extent~~ same, assign all of its rights under the insurance ~~proceeds covering such damage)~~policies insuring the Premises to Landlord, ~~unless Landlord elects by notice~~ as its interest may appear, and pay to ~~Tenant within ninety (90) days~~ Landlord, as its interest may appear, following the final settlement of said destruction not to restore and rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinionall insurance claims, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months amount of any ~~extensions~~ deductible provided by such insurance policy or ~~renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that~~ policies and this Lease, ~~including only irrevocably exercised renewals, has a remaining Term~~ excluding any insurance for Tenant’s property. The provisions of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph ~~10(a), and provided that Tenant is not in default under this Lease at~~ shall survive the ~~time of such cancellation, Landlord shall return the Security Deposit to Tenant subject to the terms of Paragraph 20~~ expiration or sooner termination of this Lease. (b) ~~Tenant~~ If the Premises is damaged or destroyed by fire, explosion, the elements or otherwise so as to render the Premises wholly untenantable or unfit for occupancy and same cannot be restored to substantially the same condition they were in prior to such event of casualty within one hundred eighty (180) days from the happening of such injury, by the reasonable estimate of an independent architect or engineer mutually acceptable to Landlord and Tenant, then, and in such case, the Term hereby created shall, at the option of either the Landlord or Tenant, terminate upon the giving of written notice to the other party. If a notice of termination is given, the Term of this Lease shall terminate effective as of the date of such damage or destruction, and the Tenant shall immediately surrender the Premises and all the Tenant’s ~~sole cost and expense, but, except~~ interest therein to the ~~extent prohibited by law with respect~~ Landlord, and pay Rent to ~~workmen’s compensation insurance~~the time of such damage or destruction, ~~for~~ and the ~~mutual benefit~~ Landlord may re-enter and repossess the Premises discharged from this Lease and may remove all parties therefrom. Notwithstanding the foregoing, if damage to the Premises occurs during the last two years of ~~Landlord and Tenant and any Additional Insured (as hereinafter defined)~~ the Term or any Extension Term, which renders more than twenty-five percent (25%) of the Premises untenantable, Landlord or Tenant may elect to terminate this Lease by a thirty (30) day notice to the other ~~additional insured as Landlord may from time to time determine including~~ party given within ninety (90) days after the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) comprehensive general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages for any and all or injury resulted from any act or omission occurrence of such damage. In such case this Lease shall terminate on the ~~part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about the Demised Premises including~~ date specified in such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the Limit of not less than Five Million Dollars ($5,000,000.00) in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence; (b) workmen’s compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the Demised Premises and (c) “all risk” coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the Property, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, any mortgagees and ground lessors of the Land and the Building and their successors and assigns as additional insureds (the “Additional Insureds”) and shall be written by a good and solvent insurance carrier authorized to do business in the State of New Jerseynotice. (c) ~~Prior~~ Should the Premises be rendered untenantable and unfit for occupancy, but yet be repairable within one hundred eighty (180) days from the happening of said injury or in a longer period, but neither party exercised its right to terminate this Lease as aforesaid, the ~~Commencement Date~~Landlord shall enter and repair the same in accordance with subparagraph (e) below, and ~~at least thirty (30) days prior~~ the Rent shall xxxxx until such time as the Landlord makes such repairs so as to render the expiration date of any policy, Tenant shall furnish evidence of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insuredPremises wholly tenantable. (d) ~~During~~ If the ~~term of this Lease~~Premises shall be so slightly injured as not to be rendered untenantable and unfit for occupancy in whole or in part, the Landlord ~~and Tenant~~ shall ~~each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor~~ repair the same, upon receipt of the ~~other and~~ insurance proceeds, with reasonable promptness, so as to restore the ~~Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver~~ Premises to the ~~other. Such waiver shall be~~ condition in ~~a form reasonably satisfactory~~ which they were immediately prior to ~~the other and without limitation, shall provide that no cancellation~~ such damage or ~~lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to the other at the address, specified in Paragraph 18 of this Lease~~destruction. (e) ~~Each insurance policy required to be maintained under this Lease shall state that with respect~~ Notwithstanding anything contained herein to the ~~interest of~~ contrary, Landlord ~~and the Additional Insureds the insurance maintained pursuant to each such policy~~ shall not be ~~invalidated by~~ required to expend any ~~action or inaction~~ funds for the restoration of ~~Tenant and shall insure Landlord and~~ the ~~Additional Insureds regardless~~ Premises which are in excess of the insurance proceeds recovered as a result of any ~~breach or violation of any warranties, declarations, conditions or exclusions by Tenant~~such casualty. (f) ~~Each insurance policy required~~ This Paragraph 10 constitutes an express agreement between the parties and shall govern in place of any statutory provisions relating to ~~be maintained under this Lease shall state that all provisions~~ the damage or destruction of ~~each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder~~leased improvements. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full replacement cost of the Building.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Courier Corp)

Casualty and Insurance. (a) ~~In the event of partial or total destruction of~~ If the Building or ~~the Demised~~ Premises is totally destroyed by ~~reason of fire~~ fire, tornado or ~~any~~ other ~~cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of same and Landlord shall promptly restore and rebuild~~ casualty, event or terrorist action or if the Building or ~~the Demised~~ Premises ~~at Landlord’s expense~~ (~~but only to the extent of the insurance proceeds covering such damage), unless~~ including access thereto) is so damaged that Landlord ~~elects by notice to Tenant within ninety (90) days of said destruction~~ determines that rebuilding or repairs cannot to restore and rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be ~~restored to its original condition~~ completed within one hundred eighty (180) ~~days~~days after the date of such damage (a “Major Casualty”), Landlord or Tenant may at its option terminate this Lease by written notice to the other within thirty (30) days following Landlord’s determination, in which event rent shall be apportioned effective from the date of such damage. If the Building or Premises (including access thereto) is damaged by fire, tornado or other casualty, event or terrorist action which is not a Major Casualty or in ~~Landlord’s reasonable opinion~~the event of a Major Casualty but neither Landlord nor Tenant elects to terminate this Lease, ~~as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition~~ Landlord shall within one hundred ~~eighty~~ twenty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30120) days after the date of such ~~notice~~damage commence the process of rebuilding or repairing the Building and/or Premises (including access thereto) and proceed with reasonable diligence to restore the Building and/or Premises (including access thereto) to not less than substantially the same condition in which it was immediately prior to the casualty, ~~provided~~except Landlord shall not be required to rebuild, ~~however~~repair or replace any part of the furniture, ~~that~~ equipment or fixtures and any other improvements which may have been placed by Tenant in the Premises. Tenant agrees to reasonably cooperate with Landlord ~~may nullify~~ in connection with any ~~such notice by completing~~ such restoration and ~~rebuilding within such thirty (30) day period~~repair, including but not limited to the approval or execution of plans and specifications if required. In Provided this Lease is not terminated pursuant to this Section, Tenant will repair, restore and refixture the Premises to a substantially similar condition as existed prior to the casualty, and otherwise in accordance with the terms and conditions of this Lease. Landlord shall have no obligation to restore in the event ~~the Demised Premises are totally or materially destroyed~~ of a casualty which is not a Major Casualty occurring during the last ~~twelve (12) months~~ Lease Year of the Term ~~or last twelve (12) months~~ of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease ~~by providing written notice to the other of such cancellation~~ or any extension thereof that Landlord determines that rebuilding or repairs cannot be completed within ~~ten~~ ninety (~~10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30~~90) days after the date of such ~~notice. If~~ damage or if the proceeds of Landlord’s insurance recovered or recoverable as a result of the casualty and retained by Landlord are insufficient to fully pay for the cost of repairs or if Landlord is ~~obligated~~ unable to ~~restore~~ secure required permits and ~~rebuild~~ approvals, and in such event, Landlord shall elect by written notice to Tenant to terminate this Lease rent shall be apportioned effective from the ~~Demised Premises or, if it~~ date of such damage. Provided this Lease is not ~~obligated~~terminated pursuant to this Section, ~~Landlord elects to restore~~ Fixed Rent and ~~rebuild the Demised Premises, then~~ Additional Rent shall equitably axxxx during the period of any repairs and restorations from the date of damage until the earlier to occur of (i) sixty (60) days after the date Landlord substantially completes its repair and restoration obligations under this Section or (ii) the date Tenant resumes use of the damaged portion(s) of the Premises for the normal conduct of its business. If any ~~such area~~mortgagee under a deed to secure debt, ~~and~~security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, ~~if any portion of Demised Premises are rendered untenantable by said damage~~Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant, ~~Tenant~~ in which event rent shall be ~~relieved~~ apportioned effective from the date of ~~the obligation to pay~~ such damage. Except as otherwise provided herein, any insurance that ~~portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled~~ may be carried by ~~either~~ Landlord or Tenant ~~pursuant to this Paragraph 10(a), and provided that Tenant is not in default under this Lease at the time of such cancellation, Landlord shall return the Security Deposit to Tenant subject~~ against loss or damage to the ~~terms~~ Building or to the Premises shall be for the sole benefit of ~~Paragraph 20 of this Lease~~the party carrying such insurance and under its sole control. (b) At all times commencing on and after the earlier of the Commencement Date or the date Tenant ~~shall~~enters the Premises for any purpose, Tenant shall carry and maintain, at ~~Tenant’s~~ its sole cost and expense, ~~but~~the following insurance coverages: (i) commercial general liability insurance with a broad form endorsement, ~~except~~ or then comparable equivalent ISO forms and coverage, applicable to the ~~extent prohibited by law with respect to workmen’s compensation insurance~~Premises and its appurtenances including, ~~for~~ without limitation, the ~~mutual benefit~~ Common Areas, providing, on an occurrence basis, a minimum combined single limit of ~~Landlord and Tenant and any Additional Insured~~ Two Million Dollars (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) comprehensive general liability insurance$2,000,000.00), including but not limited to, ~~premises,~~ coverages for bodily injury, ~~personal injury~~ property damage, and contractual liability, and coverages for any and all or injury ~~resulted~~ resulting from any act or omission on the part of Tenant or Tenant~~’s contractors~~'s contractor's, licensees, agents, visitors or employees, on or about the ~~Demised~~ Premises including such claims arising out of the construction of improvements on the ~~Demised~~ Premises, ~~such insurance to afford protection to the Limit~~ with no deductible in excess of ~~not less than Five Million~~ Ten Thousand Dollars ($~~5,000,000.00~~10,000.00); (ii) ~~in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence; (b) workmen’s~~ workers compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the ~~Demised~~ Premises in statutory limits and with employer’s liability coverage limits not less than Five Hundred Thousand Dollars (c$500,000.00) ~~“all risk” coverage on~~ per accident, Five Hundred Thousand Dollars ($500,000.00) for disease policy limit and Five Hundred Thousand Dollars ($500,000.00) for disease limit for each employee; and (iii) special form (or its then-comparable equivalent ISO form) property insurance written at replacement cost value and with an agreed amount endorsement sufficient to avoid coinsurance covering all of Tenant’s ~~personal property, including, but not limited to, standard fire~~ property in the Premises and ~~extended coverage~~ Alterations installed in the Premises. No deductible shall be in excess of Ten Thousand Dollars ($10,000.00). This insurance ~~with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in~~ policy shall also insure direct or ~~about the Demised Premises,~~ indirect loss of Tenant’s earnings attributable to Tenant’s inability to use fully or obtain access to the ~~extent of their full replacement value.~~ Premises or the Building. (iv) In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s 's insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the ~~Property~~Building, Landlord shall have the right to require Tenant to increase its insurance ~~coverage~~coverage to levels which Landlord reasonably determines to be comparable to what is then being required by landlords of comparable buildings in the general geographic area of the Building. ~~All such~~ The insurance required under subsection (b)(i) above shall, to the extent permitted by law, name Landlord, ~~any~~ Landlord’s property manager, mortgagees and ground lessors of the Land and the Building designated by Landlord in writing to Tenant and their successors and assigns as additional insureds (~~the~~ “Additional Insureds”) ~~and~~ as their interests may appear. All insurance policies required to be maintained by Tenant shall be written by ~~a good and solvent~~ insurance ~~carrier authorized~~ carriers licensed to do business in the ~~State~~ state in which the Building is located reasonably acceptable to Landlord. With Landlord’s prior written approval, any insurance required of ~~New Jersey~~Tenant under this Lease may be furnished by Tenant under a blanket policy so long as and provided such policy: (i) strictly complies with all other terms and conditions contained in this Lease; and (ii) contains an endorsement that: (A) identifies with specificity the particular address of the Premises as being covered under the blanket policy; and (B) expressly waives any pro rata distribution requirement contained in Tenant’s blanket policy covering the Premises. (c) Prior to the Commencement Date, and ~~at least thirty (30) days~~ prior to the expiration date of any policy, Tenant shall furnish to Landlord evidence of Tenant’s purchase of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured. (d) ~~During the term of this Lease,~~ Landlord and Tenant shall each ~~maintain~~ have included in ~~effect in each~~ all policies of property insurance ~~policy required under this Lease that relates~~ respectively obtained by them with respect to ~~property damage~~ the Building or Premises a waiver by the insurer of all right of subrogation against the other (and, with respect to Tenant's insurance, against the Additional Insureds) in ~~favor~~ connection with any loss or damage to real or personal property insured against even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. However, this release shall apply only if the releasor’s insurance policy contains a clause or endorsement providing that any such release shall not adversely affect or impair such policy or prejudice the right or the releaser to recover thereunder. Landlord and Tenant each agree that any property insurance policies carried by each of them respectively and covering the ~~Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of~~ Premises or their contents will include such ~~currently effective waiver to~~ clauses or endorsements as long as the ~~other. Such waiver~~ same shall be ~~in a form reasonably satisfactory to~~ obtainable and, if extra cost shall be charged therefore, so long as the other party pays such extra cost. To the fullest extent permitted by law, Landlord and Tenant each waives all right of recovery against the other and ~~without limitation~~each of their respective agents, ~~shall provide that no cancellation~~ servants, employees, partners, shareholders, and members, and, with respect to Tenant, against Landlord's property manager, and releases the other from liability for loss or ~~lapse thereof or change therein shall be effective until after thirty (30) days’ written notice~~ damage to the extent such loss or damage is covered or is required by this Lease to be covered, by insurance even if such loss or damage shall have been caused by the fault or negligence of the other ~~at the address, specified in Paragraph 18 of this Lease~~party or anyone for whom such party may be responsible. (e) Each insurance policy required to be maintained by Tenant under this Lease shall state that (i) with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. , (fii) ~~Each insurance policy required to be maintained under this Lease shall state that~~ all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full replacement cost of the Building.,

Appears in 1 contract

Samples: Lease Agreement (REGENXBIO Inc.)

Casualty and Insurance. (a) In the event of partial or total ~~destruction of the Building or the Demised Premises~~ destruction, by reason of fire or any other ~~cause Tenant shall immediately after it becomes aware~~ cause, of ~~such destruction notify Landlord of same and~~ (i) the Demised Premises or (ii) the Building or any portion thereof which renders the Demised Premises untenantable, Landlord shall promptly restore and rebuild (i) the Demised Premises to the standard set forth in the work letter specifications contained in Exhibit B-1 or (ii) the Building or such portion thereof as needed to make the Demised Premises tenantable to the standard existing immediately prior to the occurrence of such fire or other casualty, at Landlord~~’s expense (but only~~ 's expense, unless, subject to the ~~extent of the insurance proceeds covering such damage)~~immediately following sentence, ~~unless~~ Landlord elects by notice to Tenant within ~~ninety~~ sixty (9060) days of said destruction not to restore and rebuild the ~~Building or~~ Demised Premises and/or the ~~Demised Premises~~Building, and, in such case, upon a date specified in said notice by Landlord, this Lease shall terminate. ~~Notwithstanding the foregoing,~~ Landlord ~~shall not have the right~~ may elect to terminate this Lease only if (i) Landlord is electing to terminate the ~~destruction is limited to the Common Areas~~ leases of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after all tenants similarly situated and affected by such ~~destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days~~casualty, or (ii) if ~~the Demised Premises are not restored within two hundred seventy (270) days of the~~ such casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed occurs during the last twelve (12) months of the Term or (or, if Tenant has exercised its option to renew this Lease, if such casualty occurs during the last twelve (12) months of ~~any extensions or renewals thereof, unless Tenant shall have exercised any further~~ the final renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such noticeTerm). If ~~Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated,~~ Landlord elects to restore and rebuild the ~~Demised Premises~~damage, then during the period of restoration, Landlord shall notify Tenant of the estimated time period for completing such restoration ~~of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage,~~ and Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to ~~said untenantable area~~the area of the Demised premises which has been rendered untenantable. If the ~~Lease~~ damage to the Demised Premises is ~~canceled by either~~ such that Landlord or reasonably estimates that the restoration of the Demised Premises would require a period of time in excess of eight (8) months after the date of Landlord's notice, then Tenant ~~pursuant~~ shall have the right to ~~this Paragraph 10(a), and provided that Tenant is not in default under~~ terminate this Lease at upon notice to Landlord given within twenty (20) days after the date that Landlord notifies Tenant of the estimated time period required for the restoration of ~~such cancellation~~the Demised Premises. If for any reason (including force majeure) Landlord fails to complete the restoration of the Demised Premises within twelve (12) months of the date on which the casualty occurs, Tenant may terminate this Lease by giving Landlord written notice of Termination prior to the completion of the restoration of the Demised Premises. In the event of a casualty which renders the entire Demised Premises untenantable which is restored and rebuilt by Landlord, Landlord shall ~~return the Security Deposit to~~ give Tenant ~~subject~~ fifteen (15) days notice prior to the ~~terms~~ completion of ~~Paragraph 20~~ the restoration and re-commencement of ~~this Lease~~the obligation to pay rent hereunder. (b) Tenant shall, at Tenant’s 's sole cost and expense~~, but~~, except to the extent prohibited by law with respect to workmen’s 's compensation insurance, for the mutual benefit of Landlord and Tenant and any Additional Insured (as hereinafter defined) or any other additional insured as Landlord may from time to time ~~determine~~ determine, including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be ~~maintained~~ maintained; (ai) comprehensive general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual ~~liability,~~ liability coverages (provided that contractual liability coverage shall be required only if available at commercially reasonable rates) for any and all damage or injury ~~resulted~~ resulting from any act or omission on the part of Tenant or Tenant’s 's contractors, licensees, agents, visitors or ~~employees,~~ employees on or about the Demised ~~Premises~~ Premises, including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to in the ~~Limit~~ amount of ~~not less than Five~~ Three Million Dollars ($~~5,000,000.00~~3,000,000) in with respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence, subject to customary exclusions and to customary and reasonable deductibles; (bii) workmen’s 's compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the Demised Premises and (c) “all risk” coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in or about the Demised Premises~~, to the extent of their full replacement value~~. In the event that Landlord, at any time but not more often than twice during the ~~term of the Lease~~Term, reasonably ~~determines~~ deter- mines that Tenant’s 's insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the ~~Property~~Building, Landlord shall have the right to require Tenant to increase its insurance coverage; provided, however, that such determination shall not be made arbitrarily or discriminatorily as to Tenant in the context of Landlord's treatment of other tenants in the Building. All such insurance shall, to the extent permitted by law, name ~~Landlord,~~ any mortgagees and ground lessors of the Land and the Building and their successors and ~~assigns~~ assigns, as additional insureds (the “"Additional Insureds”") and shall be written by ~~a good and solvent~~ an insurance carrier authorized to do business in the State of New Jersey, which shall be reasonably satisfactory to Landlord. (c) Prior to the Commencement Date, and at least thirty (30) days prior to the expiration date of any policy, Tenant shall furnish evidence of such insurance and of the payment of the premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord ~~and~~ and, without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ ' written notice to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature ~~whatsoever to property or persons~~ for which ~~the~~ Tenant is insured. (d) During the ~~term of this Lease~~Term, ~~Landlord and~~ Tenant shall ~~each~~ maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of ~~the other~~ Landlord and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to ~~the other~~Landlord. Such waiver shall be in a form reasonably satisfactory to ~~the other and~~ Landlord and, without limitation, shall provide that no cancellation or lapse thereof or change therein with respect to any coverages or conditions required in this Paragraph 10 shall be effective until after thirty (30) days’ ' written notice to Landlord at the ~~other~~ address specified in Paragraph 18 of this Lease. During the term of this Lease, Landlord shall maintain in effect in each insurance policy insuring the Building, the Land or the Complex Land that relates to property damage a waiver of subrogation in favor of Tenant from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to Tenant. Such waiver shall be in a form reasonably satisfactory to Tenant and, without limitation, shall provide that no cancellation or lapse thereof shall be effective until after thirty (30) days' written notice to Tenant at the address, specified in Paragraph 18 of this Lease. (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. Lease: (gi) ~~Each insurance policy required to be maintained under this Lease~~ shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord ~~and~~ or the Additional Insureds. ; and (hii) ~~Each insurance policy required to be maintained under this Lease~~ shall recognize the indemnification set forth in Paragraph 11 of this Lease. (g) Landlord agrees to maintain (i) ~~Failure~~ comprehensive general liability insurance in the minimum amount of ~~Tenant to maintain any~~ One Million Dollars ($1,000,000) single limit coverage, and (ii) insurance against loss or damage by fire, and such other risks as may be included in the standard form of ~~the insurance required under this Lease or to cause to be provided~~ All Risk coverage, in ~~any insurance policy the material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being~~ amounts required by Landlord~~. (j)~~ 's first mortgagee or, if none, amounts suffi- cient to enable Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full to obtain physical replacement cost ~~of the Building~~coverage.

Appears in 1 contract

Samples: Lease Agreement (Danbury Pharmacal Puerto Rico Inc)

Casualty and Insurance. (a) In Landlord shall maintain property damage and civil liability insurance policies in scope and amounts over the Building as it deems prudent. (b) Notwithstanding any provisions of this Lease to the contrary, if the Premises or the Common Areas or any part thereof are damaged or destroyed by any peril insured by Landlord (the event of ~~partial~~ damage or ~~total~~ destruction caused by a peril insured by Landlord being herein called “Casualty”) during the Term of ~~the Building or the Demised Premises by reason of fire or any other cause~~ this Lease, then Tenant shall ~~immediately after it becomes aware of such destruction notify Landlord of same~~ give notice thereof to Landlord, and ~~Landlord shall promptly restore~~ subject to, and ~~rebuild the Building or the Demised Premises at Landlord’s expense (but only~~ to the extent provided for in item (a) of Article 11.1 hereof, Landlord shall, promptly thereafter, repair and restore the Premises or Common Areas excluding only Tenant’s property (which property shall include Tenant’s furniture, fixtures, inventory, equipment, improvements which are owned by Tenant and Tenant’s employees’ and visitors’ belongings), to substantially the same condition they were in immediately prior to the Casualty. All insurance proceeds recovered on account of the ~~insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days~~ Casualty shall be made available for the payment of ~~said destruction not to restore~~ the cost of the repairs and ~~rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate~~restoration described above. Notwithstanding the foregoing, ~~Landlord~~ in case of a Casualty making all the Premises unusable for a period of at least 30 (thirty) days (to be determined by a reasonable estimate of the Parties), payment of the Parking Fees, Base Rent, Maintenance Charge and Parking Fees by Tenant shall ~~not have~~ xxxxx (except for in cases when such Casualty was caused by acts or omissions of Tenant) as of the ~~right to terminate this Lease if~~ 7th day from the ~~destruction is limited to~~ start of such Casualty until restoration of the Premises and Common Areas (excluding only Tenant’s property), and any advance payments of ~~the Building or~~Parking Fees, ~~if in Landlord’s reasonable opinion, the Demised Premises can~~ Base Rent and Maintenance Charge shall be ~~restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice~~ returned to Tenant ~~given~~ on a pro-rata basis within ~~forty-five~~ 90 (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270ninety) days of the ~~casualty (subject to Force Majeure), or if more than fifty percent (50%)~~ start of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph 10(a), and Casualty provided that Tenant is does not continue to occupy the Premises in ~~default under this Lease at~~ which case there shall be no such abatement of Parking Fees, Base Rent and Maintenance Charge. Upon the ~~time~~ restoration and repair of ~~such cancellation~~the Premises, ~~Landlord~~ Base Rent shall return the Security Deposit to Tenant subject to the terms of Paragraph 20 of this Lease. (b) Tenant shall, at Tenant’s sole cost and expense, but, except to the extent prohibited by law with respect to workmen’s compensation insurance, for the mutual benefit of Landlord and Tenant and any Additional Insured (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause continue to be ~~maintained (a) comprehensive general liability insurance, including but not limited to, premises, bodily injury, personal injury~~ paid in accordance with Article III hereof and ~~contractual liability, coverages for any~~ Parking Fees shall continue to be paid in accordance with Article I and all or injury resulted from any act or omission on the part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the Limit of not less than Five Million Dollars ($5,000,000.00) Maintenance Charge in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence; (b) workmen’s compensation insurance covering all persons employed in connection accordance with the construction of any improvements by Tenant and the operation of its business upon the Demised Premises and (c) “all risk” coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the Property, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, any mortgagees and ground lessors of the Land and the Building and their successors and assigns as additional insureds (the “Additional Insureds”) and shall be written by a good and solvent insurance carrier authorized to do business in the State of New JerseyArticle IV hereof. (c) ~~Prior~~ If insurance money under any of Landlord’s insurance policies is wholly or partly irrecoverable by reason of any act or omission of Tenant or other occupier or where the sum insured is inadequate as a result of a breach by Tenant of any of its respective obligations in this Lease, and Tenant was notified by Landlord in writing on impossibility of insurance money receipt (in whole or in part) or on its insufficiency due to the ~~Commencement Date~~reasons stated above, and ~~at least thirty (30) days prior~~ failed to take reasonable actions for remediation of the ~~expiration date of any policy~~situation within the term specified in such notice, then Tenant shall ~~furnish evidence~~ forthwith pay to Landlord upon written demand the irrecoverable amount or the amount of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to Landlord at shortfall as the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insuredcase may be. (d) ~~During the term of this Lease, Landlord and~~ Tenant shall each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of the other and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to the other at the address, specified in Paragraph 18 of this Lease. (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expenseshall, during the Term of this Lease, ~~fire~~ procure and maintain, at its sole cost and expense, all property damage insurance ~~with standard “~~covering all ~~risk” coverage for~~ Tenant’s property, including furniture, fixtures, inventory, equipment, improvements which are owned by Tenant under this Lease and Tenant’s employees’ and visitors’ belongings in the ~~Building. Such coverage shall equal one hundred percent (100%)~~ amount of ~~the~~ their full replacement cost and shall indemnify Landlord from any liability for the specified property. (e) Tenant shall, during the Term or renewed Term of this Lease, procure and maintain, at its sole cost and expense Third Party Liability Insurance covering bodily injury and/or property damage to Third Parties and/or Landlord caused by the ~~Building~~acts or omissions of Tenant in their full replacement cost. Tenant shall provide Landlord with a copy of such insurance policy within 15 (fifteen) days of Landlord’s request therefore.

Appears in 1 contract

Samples: Office Lease Agreement (Ozon Holdings PLC)

Casualty and Insurance. (a) In the event of partial or total destruction of the Building or of the Demised Premises by reason of fire or any other ~~cause~~ cause, Tenant shall immediately ~~after it becomes aware of such destruction~~ notify Landlord of ~~same~~ the same, and Landlord shall promptly restore and rebuild the Building or and/or the Demised Premises (excluding the Tenant Improvements constructed by Landlord pursuant to Exhibit B and Tenant’s trade fixtures, equipment, and personal property) at Landlord’s expense (but only to the extent of the insurance proceeds covering such ~~damage~~damage actually received by Landlord), unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Building ~~or the~~ and/or Demised Premises, and, in such case, upon a date specified in said notice by Landlord, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, ~~and,~~ if any portion of the Demised Premises ~~are~~ is rendered untenantable by said damage, Tenant ~~shall~~ waives the benefit of N.J.S.A. 46:8-6 and 46:8-7 and agrees that Tenant will not be relieved of ~~the~~ its obligation to pay ~~that~~ Fixed and Additional Rent in case of damage to or destruction of the Demised Premises or the Building, except with respect to the portion of the ~~rent~~ Fixed and Additional Rent herein reserved ~~which~~ that relates to said untenantable ~~area~~portion only. ~~If the Lease is canceled by either~~ Tenant acknowledges that Landlord or will not carry insurance on Tenant’s furniture, furnishings, fixtures, equipment, personal property, Tenant ~~pursuant to this Paragraph 10(a)~~Improvements, and ~~provided~~ other Alterations; therefore, Tenant agrees that ~~Tenant is not in default under this Lease at the time of such cancellation,~~ Landlord shall ~~return the Security Deposit~~ have no obligation to ~~Tenant subject~~ repair any damage to the ~~terms of Paragraph 20 of this Lease~~same. (b) Tenant shall, at Tenant’s sole cost and expense, ~~but,~~ except to the extent prohibited by law with respect to ~~workmen~~worker’s compensation insurance, for the ~~mutual~~ benefit of ~~Landlord and Tenant~~ Tenant, Landlord, and any Additional Insured (as hereinafter defined) or and/or any other additional insured as Landlord ~~may~~ shall from time to time ~~determine including the lessors under any ground leases or underlying leases and any mortgagees~~reasonably determine, maintain or cause to be maintained (ai) ~~comprehensive~~ commercial general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages for any and all or injury resulted from any act or omission on the part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance ~~to afford protection to the Limit~~ coverage with a limit of not less than Five Million and 00/100 Dollars ($5,000,000.00) ~~in respect~~ per each occurrence (the “CGL”), to ~~injury~~ include commercial excess liability coverage, if necessary [If the CGL contains a general aggregate, it shall apply separately to the Demised Premises. The CGL shall be written on ISO occurrence form CG00011093 or ~~death to any one person or to any number of persons or property damage~~ a substitute providing equivalent coverage and shall cover liability arising ~~out of a single occurrence~~from the Demised Premises, operations, independent contractors, products-completed operations, personal injury, advertising liability, and liability under an insured contract. The commercial excess liability coverage shall be consistent with the primary coverage.]; (bii) ~~workmen~~worker’s compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the Demised ~~Premises~~ Premises, although Tenant may self insure worker’s compensation claims if approved to do so by the regulatory authorities in New Jersey; and (ciii) Special Form (“all risk” ”) coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all ~~Tenants improvements~~ of the Tenant Improvements and ~~alterations~~ Alterations in or about the Demised Premises, to the extent of their full replacement value. In If, in the ~~event Landlord, at~~ opinion of any ~~time during the term~~ mortgagees or ground lessors of the ~~Lease~~Land and/or the Building, ~~reasonably determines~~ the foregoing coverages and/or limits shall become inadequate or less than that ~~Tenant’s insurance coverage is inadequate, based upon the coverages being required~~ commonly maintained by ~~landlords of comparable~~ prudent tenants in similar buildings in the ~~general geographic~~ area ~~of the Property~~by tenants making similar uses, Landlord shall have the right to require Tenant to increase its insurance ~~coverage~~coverage and/or limits. All such insurance shall, to the extent permitted by law, name ~~Landlord,~~ any mortgagees and ground lessors of the Land and the ~~Building~~ Building, and their successors and assigns ~~as additional insureds~~ (the “Additional Insureds”) and Landlord, as additional insureds and shall be written by ~~a good and solvent~~ an insurance carrier authorized to do business in the State of New Jersey and that is rated at least A+ XII by A.M. Best Company, Oldwick, New Jersey. (c) Prior to the Commencement Date, ~~and at least thirty (30) days prior to the expiration date of any policy,~~ Tenant shall ~~furnish evidence~~ deliver to Landlord a certificate of ~~such insurance and payment of premiums thereon to Landlord. Such insurance~~ each policy required under this Lease, which certificate shall be in a form reasonably satisfactory to Landlord and ~~without limitation~~shall, ~~shall~~ at a minimum: (i) specify the additional insured status of Landlord and of the Additional Insureds, (ii) evidence the waiver of subrogation required pursuant to Paragraph 10(d), and (iii) provide that ~~no cancellation~~ said policy shall not be otherwise materially changed or canceled or lapse ~~thereof or change therein shall be effective until after thirty (30) days’ written notice~~ without providing to Landlord at the address specified in Paragraph 18 of this ~~Lease~~Lease at least thirty (30) days’ written notice of such other material change, cancellation, or lapse. Tenant ~~waives~~ agrees to provide to Landlord timely renewal certificates as the coverage renews. Notwithstanding anything herein to the contrary, all policies required to be effected by Tenant under this Lease shall be maintained in force throughout the Term or any Renewal Term. (d) Landlord and Tenant waive all rights of recovery against ~~Landlord~~ each other and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property ~~or persons~~ for which the ~~Tenant~~ waiving party is required to be insured~~. (d) During~~ . In addition, during the ~~term of this Lease~~Term, Landlord and Tenant shall each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of the other party and the Additional Insureds from its then-current insurance ~~carriers,~~ carriers and shall ~~at all~~ upon written request of the other party (made not more frequently than two (2) times each Lease Year) furnish evidence of such currently effective waiver ~~to the other. Such waiver~~ which shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to the other at the address, specified in Paragraph 18 of this Leasecustomary form. (e) Each insurance policy required to be maintained under this Lease shall state ~~that~~ that, with respect to the interest of Landlord and of the Additional ~~Insureds~~ Insureds, the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, ~~conditions~~ conditions, or exclusions by Tenant. (f) Each insurance policy (if separate policies are issued) required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained by Tenant under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord ~~and~~ or the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) ~~Failure~~ The failure of Tenant to maintain any of the insurance required under this ~~Lease~~ Lease, or to cause to be provided in any insurance policy the ~~material~~ requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice ~~being required by Landlord~~of any such default. (j) Landlord shall ~~maintain~~maintain or cause to be maintained: (i) commercial general liability insurance on an occurrence basis, ~~at Landlord’s sole cost~~ on ISO form CG0001 or its equivalent in respect of the Building and ~~expense~~the conduct and operation of its business therein, ~~during~~ with combined base and umbrella coverage limits of not less than Ten Million and 00/100 Dollars ($10,000,000.00) for bodily injury or death and property damage in any one occurrence, including water damage and sprinkler leakage legal liability; and (ii) Special Form (“All Risk”) property insurance (including, without limitation, rent insurance) in respect of the ~~Term~~ Building and the buildings and other improvements (including, without limitation, the Common Areas) (except for the property Tenant is required to cover with insurance under Paragraph 10(b) and similar property of other tenants and occupants in the Building) for the benefit of the Additional Insureds, as their interests may appear. The property insurance with respect to the Building shall be in the amount of full replacement value with coinsurance waived or in an amount sufficient to avoid the effect of the co-insurance provisions of the applicable policy or policies. Landlord shall have the right to provide any insurance maintained or caused to be maintained by it under blanket policies provided that such policies shall in all other respects comply with the requirements of this ~~Lease, fire insurance with standard “all risk” coverage for the Building~~Paragraph 10(j). ~~Such coverage shall equal one hundred percent (100%) of the full replacement~~ The cost of maintaining the ~~Building~~insurance required of Landlord under this Subparagraph (j) shall be an Operating Expense under Paragraph 3 hereof. Landlord shall also comply with New Jersey Workers’ Compensation laws with respect to all employees and contractors engaged by Landlord who may perform services in connection with operations at the Premises, and shall maintain Auto Liability insurance at a limit not less than $1,000,000.00 per occurrence for bodily injury and property damage combined, for claims arising from the use of owned, non-owned, hired or borrowed autos in connection with operations at the Premises.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Casualty and Insurance. (a) In Landlord shall maintain property damage and civil liability insurance policies in scope and amounts over the Building as it deems prudent. (b) Notwithstanding any provisions of this Lease to the contrary, if Premises or the Common Areas or any part thereof are damaged or destroyed by any peril insured by Landlord (the event of ~~partial~~ damage or ~~total~~ destruction caused by a peril insured by Landlord being herein called “Casualty”) during the Term of ~~the Building or the Demised Premises by reason of fire or any other cause~~ this Lease, then Tenant shall ~~immediately after it becomes aware of such destruction notify Landlord of same~~ give notice thereof to Landlord, and ~~Landlord shall promptly restore~~ subject to, and ~~rebuild the Building or the Demised Premises at Landlord’s expense (but only~~ to the extent provided for in item (a) of Article 11.1 hereof, Landlord shall, promptly thereafter, repair and restore Premises or Common Areas, excluding only Tenant’s property (which property shall include Tenant’s furniture, fixtures, inventory, equipment, improvements which are owned by Tenant and Tenant’s employees’ and visitors’ belongings), to substantially the same condition they were in immediately prior to the Casualty. All insurance proceeds recovered on account of the ~~insurance proceeds covering such damage), unless Landlord elects by notice to Tenant within ninety (90) days~~ Casualty shall be made available for the payment of ~~said destruction not to restore~~ the cost of the repairs and ~~rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate~~restoration described above. Notwithstanding the foregoing, ~~Landlord~~ in case of a Casualty making all Premises unusable for a period of at least 30 (thirty) days (to be determined by a reasonable estimate of the Parties), payment of Base Rent, Maintenance Charge by Tenant shall ~~not have~~ xxxxx (except for in cases when such Casualty was caused by acts or omissions of Tenant) as of the ~~right to terminate this Lease if~~ 7th day from the ~~destruction is limited to the~~ start of such Casualty until restoration of Premises and Common Areas ~~of the Building or~~(excluding only Tenant’s property), ~~if in Landlord’s reasonable opinion, the Demised Premises can~~ and any advance payments Base Rent and Maintenance Charge shall be ~~restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice~~ returned to Tenant ~~given~~ on a pro-rata basis within ~~forty-five~~ 90 (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270ninety) days of the ~~casualty (subject to Force Majeure), or if more than fifty percent (50%)~~ start of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph 10(a), and Casualty provided that Tenant is does not continue to occupy Premises in ~~default under this Lease at~~ which case there shall be no such abatement of Base Rent and Maintenance Charge. Upon the ~~time~~ restoration and repair of ~~such cancellation~~Premises, ~~Landlord~~ Base Rent shall return the Security Deposit to Tenant subject to the terms of Paragraph 20 of this Lease. (b) Tenant shall, at Tenant’s sole cost and expense, but, except to the extent prohibited by law with respect to workmen’s compensation insurance, for the mutual benefit of Landlord and Tenant and any Additional Insured (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause continue to be ~~maintained (a) comprehensive general liability insurance, including but not limited to, premises, bodily injury, personal injury~~ paid in accordance with Article III hereof shall continue to be paid in accordance with Article I and contractual liability, coverages for any and all or injury resulted from any act or omission on the part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the Limit of not less than Five Million Dollars ($5,000,000.00) Maintenance Charge in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence; (b) workmen’s compensation insurance covering all persons employed in connection accordance with the construction of any improvements by Tenant and the operation of its business upon the Demised Premises and (c) “all risk” coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the Property, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, any mortgagees and ground lessors of the Land and the Building and their successors and assigns as additional insureds (the “Additional Insureds”) and shall be written by a good and solvent insurance carrier authorized to do business in the State of New JerseyArticle IV hereof. (c) ~~Prior~~ If insurance money under any of Landlord’s insurance policies is wholly or partly irrecoverable by reason of any act or omission of Tenant or other occupier or where the sum insured is inadequate as a result of a breach by Tenant of any of its respective obligations in this Lease, and Tenant was notified by Landlord in writing on impossibility of insurance money receipt (in whole or in part) or on its insufficiency due to the ~~Commencement Date~~reasons stated above, and ~~at least thirty (30) days prior~~ failed to take reasonable actions for remediation of the ~~expiration date of any policy~~situation within the term specified in such notice, then Tenant shall ~~furnish evidence~~ forthwith pay to Landlord upon written demand the irrecoverable amount or the amount of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to Landlord at shortfall as the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insuredcase may be. (d) ~~During the term of this Lease, Landlord and~~ Tenant shall each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of the other and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to the other at the address, specified in Paragraph 18 of this Lease. (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expenseshall, during the Term of this Lease, ~~fire~~ procure and maintain, at its sole cost and expense, all property damage insurance ~~with standard “~~covering all ~~risk” coverage for~~ Tenant’s property, including furniture, fixtures, inventory, equipment, improvements which are owned by Tenant under this Lease and Tenant’s employees’ and visitors’ belongings in the ~~Building. Such coverage shall equal one hundred percent (100%)~~ amount of ~~the~~ their full replacement cost and shall indemnify Landlord from any liability for the specified property. (e) Tenant shall, during the Term or renewed Term of this Lease, procure and maintain, at its sole cost and expense Third Party Liability Insurance covering bodily injury and/or property damage to Third Parties and/or Landlord caused by the ~~Building~~acts or omissions of Tenant in their full replacement cost. Tenant shall provide Landlord with a copy of such insurance policy within 15 (fifteen) days of Landlord’s request therefore.

Appears in 1 contract

Samples: Office Lease Agreement (Ozon Holdings PLC)

Casualty and Insurance. (a) In the event of partial or total destruction of the Building or of the Demised Premises by reason of fire or any other ~~cause~~ cause, Tenant shall immediately ~~after it becomes aware of such destruction~~ notify Landlord of ~~same and Landlord shall promptly restore and rebuild~~ the ~~Building or the Demised Premises at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless~~ same. Unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Building ~~or the~~ and/or Demised Premises, ~~and~~Landlord shall promptly perform such restoration (excluding those items Tenant is required under this Lease to insure, by way of example and not limitation, Tenant’s Alterations, trade fixtures, furniture, equipment, and personal property), but only to the extent of the insurance proceeds covering such damage actually received by Landlord and subject to the terms and conditions contained in ~~such case~~this Paragraph 10. If Landlord elects to terminate this Lease, this Lease shall ~~terminate. Notwithstanding~~ terminate upon the ~~foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if~~ date specified in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. ~~If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during~~ During the period of ~~restoration of~~ any ~~such area, and~~restoration, if any portion of the Demised Premises ~~are~~ is rendered untenantable by said damage, Tenant ~~shall~~ waives the benefit of N.J.S.A. 46:8-6 and 46:8-7 and agrees Tenant will not be relieved of ~~the~~ its obligation to pay ~~that~~ Fixed and Additional Rent in case of damage to or destruction of the Demised Premises or the Building, except with respect to the portion of the ~~rent~~ Fixed and Additional Rent herein reserved ~~which relates~~ relating to ~~said~~ the untenantable ~~area~~portion of the Demised Premises. ~~If the Lease is canceled by either~~ Tenant acknowledges Landlord ~~or Tenant pursuant to this Paragraph 10(a)~~will not carry insurance on Tenant’s Alterations, trade fixtures, furniture, equipment, and ~~provided that~~ personal property; therefore, Tenant ~~is not in default under this Lease at the time of such cancellation,~~ agrees Landlord shall ~~return the Security Deposit~~ have no obligation to ~~Tenant subject~~ repair any damage to the ~~terms~~ same regardless of ~~Paragraph 20~~ cause of ~~this Lease~~loss whatsoever, and Tenant shall be responsible for the prompt restoration of the same upon delivery of the restored area by Landlord to Tenant. (b) Tenant shall, at Tenant’s sole cost and expense, ~~but,~~ except to the extent prohibited by law with respect to ~~workmen~~worker’s compensation insurance, for the ~~mutual~~ benefit of ~~Landlord and Tenant~~ Tenant, Landlord, and any Additional Insured (as hereinafter defined) or and/or any other additional insured as Landlord ~~may~~ shall from time to time ~~determine including the lessors under any ground leases or underlying leases and any mortgagees~~reasonably determine, maintain or cause to be maintained (ai) ~~comprehensive~~ commercial general liability ~~insurance~~insurance coverage with a limit of not less than One Million and 00/100 Dollars ($1,000,000.00) per each occurrence and Two Million and 00/100 Dollars ($2,000,000.00) in the aggregate (the “CGL”). If the CGL contains a general aggregate, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages for any and all or injury resulted from any act or omission on the part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about it shall apply separately to the Demised ~~Premises including such claims~~ Premises. The CGL shall be written on ISO occurrence form CG00011093 or a substitute providing equivalent coverage and shall cover liability arising ~~out of the construction of improvements on~~ from the Demised Premises, ~~such insurance to afford protection to the Limit of not less than Five Million Dollars~~ operations, independent contractors, personal injury (~~$5,000,000.00) in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence~~including death), advertising liability, and contractual liability.; (bii) ~~workmen~~worker’s compensation ~~insurance~~ insurance, in minimum limits as required by the State of New Jersey (as the same may be amended from time to time), covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the Demised ~~Premises and~~ Premises; (ciii) Special Causes of Loss (“all risk” ”) property coverage on all of Tenant’s Alterations, trade fixtures, furniture, equipment, and personal property, including, but not limited to, rent loss coverage in an amount not less than twelve (12) months’ rental income, standard fire and ~~extended coverage~~ theft insurance ~~with vandalism and malicious mischief endorsements on all Tenants improvements and alterations~~ in or ~~about~~ to the Demised Premises, to the extent of their full replacement value; (iv) terrorism insurance covering against physical damage or loss to property resulting from acts of terrorism; (v) employer’s liability insurance, in an amount not less than One Million and 00/100 Dollars ($1,000,000.00) for each accident, One Million and 00/100 Dollars ($1,000,000.00) disease-policy limit, and One Million and 00/100 Dollars ($1,000,000.00) disease-each employee, (or such greater amount as may be mandated by legal requirements), for all employees of Tenant engaged in any work in or about the Demised Premises; (vi) comprehensive automobile liability insurance (covering all owned, non-owned and hired vehicles), in an amount of not less than One Million and 00/100 Dollars ($1,000,000.00) for each accident and One Million and 00/100 Dollars ($1,000,000.00) annual aggregate; (vii) commercial umbrella liability coverage, in an amount not less than Two Million and 00/100 Dollars ($2,000,000.00) per occurrence and Two Million and 00/100 Dollars ($2,000,000.00) annual aggregate (including general liability insurance, auto liability insurance and employer’s liability insurance as underlying coverages); and (viii) products/completed operation liability coverage, in an amount not less than Five Million and 00/100 Dollars ($5,000,000.00) per each occurrence, and Five Million and 00/100 Dollars ($5,000,000) annual aggregate. In The commercial umbrella liability coverage shall be consistent and follow form with the ~~event Landlord~~primary coverage. If, at in the opinion of any ~~time during the term~~ mortgagees or ground lessors of the ~~Lease~~Land and/or the Building, ~~reasonably determines~~ the foregoing coverages and/or limits shall become inadequate or less than that ~~Tenant’s insurance coverage is inadequate, based upon the coverages being required~~ commonly maintained by ~~landlords of comparable~~ prudent tenants in similar buildings in the ~~general geographic~~ area ~~of the Property~~by tenants making similar uses, Landlord shall have the right to require Tenant to increase its insurance ~~coverage~~coverage and/or limits. Any deductibles or self-insured retention applicable to the above insurance shall be subject to Landlord’s prior approval. All such insurance (except worker’s compensation and employer’s liability insurance) shall, to the extent permitted by law, name ~~Landlord~~any management agents, ~~any~~ mortgagees and ground lessors of the Land and the Building and any owners, management agents, mortgagees, and ground lessors of other portions of the Complex, and their successors and assigns ~~as additional insureds~~ (the “Additional Insureds”) and Landlord, as additional insureds, on a primary non-contributory basis, and shall be written by ~~a good and solvent~~ an insurance carrier authorized to do business in the State of New Jersey and that is rated at least A- XII by A.M. Best Company, Oldwick, New Jersey. (c) Prior to the Commencement ~~Date,~~ Date and ~~at least thirty (30) days~~ prior to the expiration ~~date~~ of any insurance policy, Tenant shall ~~furnish evidence~~ deliver to Landlord a certificate of ~~such insurance and payment of premiums thereon to Landlord. Such insurance~~ each policy required under this Lease, which certificate shall be in a form reasonably satisfactory to Landlord and ~~without limitation~~shall, ~~shall~~ at a minimum: (i) specify the additional insured status of Landlord and of the Additional Insureds, (ii) evidence the waiver of subrogation required pursuant to Paragraph 10(d), and (iii) provide that ~~no cancellation~~ said policy shall not be reduced in amount (or otherwise materially changed) or canceled or lapse ~~thereof or change therein shall be effective until after thirty (30) days’ written notice~~ without providing to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured. (d) During the term of this Lease, Landlord and Tenant shall each maintain in effect in each insurance policy required under this Lease ~~that relates to property damage a waiver of subrogation in favor of the other and the Additional Insureds from its then-current insurance carriers, and shall~~ at all times furnish evidence of such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after least thirty (30) days’ written notice of such reduction (or other material change), cancellation, or lapse. Tenant agrees to provide to Landlord timely renewal certificates as the coverage renews. Notwithstanding anything herein to the contrary, all policies required to be effected by Tenant under this Lease shall be maintained in force throughout the Term or any Renewal Term. (d) Landlord and Tenant waive all rights against each other at and any of their respective contractors, agents, employees, and the ~~address~~Additional Insureds for any damages caused by fire or any other perils covered by any insurance policy which the waiving party is required to carry under this Paragraph 10. In addition, ~~specified~~ during the Term, all insurance policies shall contain a waiver of subrogation, to the extent permitted under applicable law. Landlord and Tenant agree that their respective insurance policies represent the sole recourse for loss or damage insured by such policies up to the limits of such policies, and each waive all rights to recover from the other for any loss or damage. Landlord and Tenant shall, upon written request of the other party (made not more frequently than two (2) times each twelve (12) month period during the Term), furnish evidence of such currently effective waiver which shall be in ~~Paragraph 18 of this Lease~~customary form. (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant[Intentionally Omitted.] (f) ~~Each~~ Except with regards to Tenant’s property, worker’s compensation and employer’s liability policies, each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained by Tenant under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord ~~and~~ or the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease, to the extent that such indemnification is insurable. (i) ~~Failure~~ The failure of Tenant to maintain any of the insurance required under this ~~Lease~~ Lease, or to cause to be provided in any insurance policy the ~~material~~ requirements set forth in this Paragraph 10, shall constitute a default under this ~~Lease without any notice being required by Landlord~~Lease. (j) Landlord shall ~~maintain~~maintain or cause to be maintained, at a minimum: (i) commercial general liability insurance with respect of the Building and the conduct and operation of its business therein, with combined base and umbrella coverage limits of not less than Ten Million and 00/100 Dollars ($10,000,000.00) for bodily injury or death and property damage in any one occurrence, including water damage and sprinkler leakage legal liability; and (ii) special causes of loss insurance (including, without limitation, rent insurance) with respect to the Building, including, without limitation, the Common Areas, (but not including the property Tenant is required to insure under Paragraph 10(b) and similar property of other tenants and occupants in the Building) for the benefit of the Additional Insureds, as their interests may appear. Landlord’s ~~sole cost~~ property coverage insurance with respect to the Building shall be in the amount of full replacement value (exclusive of foundation and ~~expense, during~~ excavation). Landlord shall have the ~~Term~~ right to provide any insurance maintained or caused to be maintained by it under blanket policies provided that such policies shall in all other respects comply with the requirements of this ~~Lease, fire insurance with standard “all risk” coverage for the Building~~Paragraph 10(j). ~~Such coverage shall equal one hundred percent (100%) of the full replacement~~ The cost of maintaining the ~~Building~~insurance required of Landlord under this subparagraph (j) shall be an Operating Expense under Paragraph 3 hereof.

Appears in 1 contract

Samples: Lease Agreement (Cellectar Biosciences, Inc.)

Casualty and Insurance. (a) ~~In the event of partial or total destruction of~~ If the Building or Premises is totally destroyed by fire, tornado or other casualty, event or terrorist action (any of the ~~Demised Premises by reason of fire~~ foregoing, a “Casualty”) or ~~any other cause Tenant shall immediately after it becomes aware of such destruction notify Landlord of same and Landlord shall promptly restore and rebuild~~ if the Building or ~~the Demised~~ Premises ~~at Landlord’s expense (but only to the extent of the insurance proceeds covering such damage), unless~~ is so damaged that Landlord ~~elects by notice to Tenant within ninety (90) days of said destruction~~ determines that rebuilding or repairs cannot to restore and rebuild the Building or the Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be ~~restored to its original condition~~ completed within one hundred eighty (180) ~~days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45)~~ days after the date of such ~~destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty~~ damage (~~180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure~~a “Major Casualty”), ~~or if more than fifty percent (50%) of the Demised Premises are destroyed,~~ Landlord shall notify Tenant ~~shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation~~ within ~~ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective~~ thirty (30) days after the date of ~~such notice~~damage, ~~provided, however, that Landlord may nullify any such notice by completing such restoration~~ and ~~rebuilding within such thirty~~ during the fifteen (3015) day ~~period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof~~period after Landlord notifies Tenant, ~~unless~~ both Landlord and Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel each may at its respective option terminate this Lease by ~~providing~~ written notice to the other, in which event this Lease shall terminate and neither party shall have any further obligations hereunder except those obligations which expressly survive a termination of this Lease. If the Building or Premises is damaged by fire, tornado or other casualty, event or terrorist action which is not a Major Casualty or in the event of ~~such cancellation~~ a Major Casualty but neither Landlord nor Tenant elects to terminate this Lease within ~~ten~~ fifteen (1015) days after the date of ~~such fire or destruction~~Landlord’s notice to Tenant in accordance with the previous sentence, ~~time being of the essence with respect to such notice, and such termination~~ Landlord shall ~~be effective thirty~~ within ninety (3090) days after the date of such ~~notice~~damage commence the process of rebuilding or repairing the Building and/or Premises and proceed with reasonable diligence to restore the Building and/or Premises to not less than substantially the same condition in which it was immediately prior to the Casualty, except Landlord shall not be required to rebuild, repair or replace any part of the furniture, equipment and any other improvements which may have been placed by Tenant in the Premises. Tenant agrees to cooperate with Landlord in connection with any such restoration and repair, including but not limited to the approval or execution of plans and specifications if required. Landlord shall have no obligation to restore in the event of a Casualty occurring during the last Lease Year of the Term of this Lease or if the proceeds of Landlord’s insurance recovered or recoverable as a result of the Casualty are insufficient to fully pay for the cost of repairs or if Landlord is unable to secure required permits and approvals. Fixed Rent and Additional Rent shall equitably xxxxx from the later of the date of damage or the date Tenant ceases operating its business from the Premises (or part thereof) until the date Landlord has completed the repairs and restoration of the Building and Premises. If any mortgagee under a deed to secure debt, security agreement or mortgage requires the insurance proceeds be applied against the mortgage debt, Landlord shall have no obligation to rebuild and this Lease shall terminate upon notice to Tenant. Notwithstanding anything to the contrary herein, (i) in the event of a Casualty that is ~~obligated to restore and rebuild the Demised Premises or~~not a Major Casualty, if ~~it is~~ Landlord has not ~~obligated~~completed the repair and restoration of the Building and Premises within two hundred ten (210) days after the date of such damage, then Tenant may, at any time after such two hundred tenth (210th) day but before Landlord ~~elects to restore~~ completes the repair and ~~rebuild~~ restoration of the ~~Demised~~ Building and Premises, ~~then during~~ terminate this Lease by delivering written notice of termination to Landlord and (ii) in the ~~period~~ event of a Casualty that is a Major Casualty, if Landlord has not completed the repair and restoration of ~~any~~ the Building and Premises within three hundred (300) days after the date of such ~~area, and, if any portion of Demised Premises are rendered untenantable by said~~ damage, then Tenant ~~shall be relieved~~ may, at any time after such three hundredth (300th) day but before Landlord completes the repair and restoration of the ~~obligation~~ Building and Premises, terminate this Lease by delivering written notice of termination to ~~pay~~ Landlord. In the event that ~~portion~~ Tenant delivers written notice of termination to Landlord in accordance the ~~rent herein reserved~~ preceding sentence, such notice shall include the date of termination and this Lease shall terminate on such date and neither party shall have any further obligations hereunder except those obligations which ~~relates to said untenantable area~~expressly survive a termination of this Lease. ~~If the Lease is canceled~~ Except as otherwise provided herein, any insurance which may be carried by ~~either~~ Landlord or Tenant ~~pursuant to this Paragraph 10(a), and provided that Tenant is not in default under this Lease at the time of such cancellation, Landlord shall return the Security Deposit to Tenant subject~~ against loss or damage to the ~~terms~~ Building or to the Premises shall be for the sole benefit of ~~Paragraph 20 of this Lease~~the party carrying such insurance and under its sole control. (b) At all times commencing on and after the earlier of the Commencement Date or the date Tenant ~~shall~~enters the Premises for any purpose, Tenant shall carry and maintain, at ~~Tenant’s~~ its sole cost and expense, ~~but~~the following insurance coverages: (i) commercial general liability insurance with a broad form endorsement, ~~except~~ or then comparable equivalent ISO forms and coverage, applicable to the ~~extent prohibited by law with respect to workmen’s compensation insurance~~Premises and its appurtenances including, ~~for~~ without limitation, the ~~mutual benefit~~ Common Areas, providing, on an occurrence and per location aggregate basis, a minimum combined single limit of ~~Landlord and Tenant and any Additional Insured~~ Two Million Dollars (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) comprehensive general liability insurance$2,000,000.00), including but not limited to, ~~premises,~~ coverages for bodily injury, personal ~~injury~~ and advertising injury, property damage, and contractual liability, and coverages for ~~any and all~~ negligent acts or ~~injury resulted from any act or omission~~ omissions on the part of Tenant or Tenant’s ~~contractors~~contractor’s, licensees, agents, visitors or employees, on or about the ~~Demised~~ Premises including such claims arising out of the construction of improvements on the ~~Demised~~ Premises, ~~such insurance to afford protection to the Limit~~ with no deductible in excess of ~~not less than Five Million~~ Ten Thousand Dollars ($~~5,000,000.00~~10,000.00) ~~in respect to injury or death to any one person or to any number~~ unless approved by Landlord (such limits may be met by the combination of ~~persons or property damage arising out of a single occurrence;~~ primary and excess liability policies); (bii) ~~workmen’s~~ [intentionally omitted] (iii) workers compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the ~~Demised~~ Premises in statutory limits and with employer’s liability coverage limits not less than Five Hundred Thousand Dollars (c$500,000.00) ~~“all risk” coverage on~~ per accident, Five Hundred Thousand Dollars ($500,000.00) for disease policy limit and Five Hundred Thousand Dollars ($500,000.00) for disease limit for each employee; and (iv) special form (or its then-comparable equivalent ISO form) property insurance written at replacement cost value and with an agreed amount endorsement sufficient to avoid coinsurance covering all of Tenant’s ~~personal property, including, but not limited to, standard fire~~ property in the Premises and ~~extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations~~ Alterations installed in ~~or about~~ the ~~Demised~~ Premises, . No deductible shall be in excess of Ten Thousand Dollars ($10,000.00) unless approved by Landlord. All deductibles shall be to the ~~extent~~ account of ~~their full replacement value~~Tenant. This insurance policy shall also insure direct or indirect loss of Tenant’s earnings or extra expense attributable to Tenant’s inability to use fully or obtain access to the Premises or the Building. (v) In the event Landlord, at any time during the term of the ~~Lease~~Lease but no more than once during the Term, reasonably determines that Tenant’s insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the ~~Property~~Building, Landlord shall have the right to require Tenant to increase its insurance ~~coverage~~coverage to levels which Landlord reasonably determines to be comparable to what is then being required by landlords of comparable buildings in the general geographic area of the Building. ~~All such~~ The insurance required under subsection (b)(i) and (b)(ii) above shall, to the extent permitted by law, name Landlord, ~~any~~ Landlord’s property manager, mortgagees and ground lessors of the Land and the Building designated by Landlord in writing to Tenant and their successors and assigns as additional insureds (~~the~~ “Additional Insureds”) as their interests may appear, on a primary and noncontributory basis, and including defense and completed operations with respect to General Liability. All insurance policies required to be maintained by Tenant shall be written by ~~a good and solvent~~ insurance ~~carrier authorized~~ carriers licensed to do business in the ~~State~~ state in which the Building is located reasonably acceptable to Landlord. With Landlord’s prior written approval, any insurance required of ~~New Jersey.~~Tenant under this Lease may be furnished by Tenant under a blanket policy so long as and provided such policy: (i) strictly complies with all other terms and conditions contained in this Lease; and (ii) contains an endorsement that: (A) identifies with specificity the particular address of the Premises as being covered under the blanket policy; and (B) expressly waives any pro rata distribution requirement contained in Tenant’s blanket policy covering the Premises; and (C) provides liability coverage with a per location aggregate and property coverage with a blanket replacement cost limit sufficient for all location scheduled on the policy; and (c) Prior to the Commencement Date, and at least thirty (30) days prior to the expiration date of any policy, Tenant shall furnish to Landlord evidence of Tenant’s purchase of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form reasonably satisfactory to Landlord and ~~without limitation,~~ shall provide that no cancellation or ~~lapse~~ non-renewal thereof ~~or change therein~~ shall be effective until after thirty (30) days’ written notice to Landlord at the address specified in ~~Paragraph~~ Section 18 of this Lease~~. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured~~. (d) ~~During the term of this Lease,~~ Landlord and Tenant shall each ~~maintain~~ have included in ~~effect in each~~ all policies of property insurance ~~policy required under this Lease that relates~~ respectively obtained by them with respect to ~~property damage~~ the Building or Premises a waiver by the insurer of all right of subrogation against the other (and, with respect to Tenant’s insurance, against the Additional Insureds) in ~~favor~~ connection with any loss or damage to real or personal property insured against even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be responsible. To the fullest extent permitted by law, Landlord and ~~the Additional Insureds from its then-current insurance carriers, and shall at~~ Tenant each waives all ~~times furnish evidence~~ right of ~~such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to~~ recovery against the other and ~~without limitation~~each of their respective agents, ~~shall provide that no cancellation~~ servants, employees, partners, shareholders, and members, and, with respect to Tenant, against Landlord’s property manager, and releases the other from liability for loss or ~~lapse thereof or change therein shall be effective until after thirty (30) days’ written notice~~ damage to the extent such loss or damage is covered or is required by this Lease to be covered, by insurance even if such loss or damage shall have been caused by the fault or negligence of the other ~~at the address, specified in Paragraph 18 of this Lease~~party or anyone for whom such party may be responsible. (e) Each insurance policy required to be maintained by Tenant under this Lease shall state that (i) with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. , (gii) ~~Each~~ neither Landlord nor any of the Additional Insureds shall be liable for the premiums therefor, and (iii) as to liability insurance ~~policy required to be maintained under this Lease shall state that~~ policies, the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds~~. (h) Each~~ . Landlord makes no representation that the limits or forms of coverage of insurance ~~policy required~~ specified in this Section 10 are adequate to ~~be maintained~~ cover Tenant’s property or obligations under ~~this Lease shall recognize the indemnification set forth in Paragraph 11 of~~ this Lease. (if) Failure of Tenant to maintain any of the insurance required to be maintained under this Lease or to cause to be provided in any insurance policy pursuant to the ~~material~~ requirements set forth in this ~~Paragraph 10,~~ Section 10 shall constitute a default under this Lease without any notice being required by Landlord. By requiring insurance herein, Landlord does not represent that coverage limits will necessarily be adequate to protect Tenant and such coverage and limits shall not be deemed as a limitation on Tenant’s liability under the indemnities granted to Landlord in this Lease. (jg) By requiring insurance herein, Landlord does not represent that coverage limits will necessarily be adequate to protect Tenant and such coverage and limits shall not be deemed as a limitation on Tenant’s liability under the indemnities granted to Landlord in this Lease. (h) Landlord shall ~~maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire~~ maintain commercial general liability insurance with ~~standard “all risk” coverage~~ respect to the Building and Land, including, without limitation, the Common Areas, and special form (or its then-comparable equivalent ISO form) property insurance for the ~~Building. Such coverage shall equal one hundred percent (100%) of~~ Building and Land, including, without limitation, the Common Areas, on a full replacement cost basis, together with such other types of insurance coverage as are customarily maintained by owners of comparable office buildings in the area in which the Building is located and such other insurance coverage as Landlord may elect in its reasonable discretion to carry. (i) Tenant shall give prompt notice to Landlord after Tenant becomes aware of fire or other casualty or accidents in the Premises or in the Building, or of defects therein or in the fixtures or equipment.

Appears in 1 contract

Samples: Lease Agreement (Biospecifics Technologies Corp)

Casualty and Insurance. (a) In the event of partial or total destruction of the Building or the Demised Premises by reason of fire or any other ~~cause~~ cause, Tenant shall immediately ~~after it becomes aware of such destruction~~ notify Landlord of same ~~and~~ and, subject to the provisions of this Paragraph 9(a), Landlord shall promptly restore and rebuild the Building or and/or the Demised Premises at Landlord’s 's expense (but only to the extent of the insurance proceeds covering such ~~damage),~~ damage actually received by Landlord) unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the Building ~~or the~~ and/or Demised Premises, and, in such case, upon a date specified in said notice by Landlord, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, ~~and,~~ if any portion of the Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph 10(a), and provided that Tenant is not in default under this Lease at the time of such cancellation, Landlord shall return the Security Deposit to Tenant subject to the terms of Paragraph 20 of this Lease. (b) Tenant ~~shall, at Tenant’s sole cost and expense, but, except to~~ may request copies of any insurance policies affecting the ~~extent prohibited by law with respect to workmen’s compensation insurance, for~~ Building and/or the ~~mutual benefit of~~ Demised Premises. Landlord shall provide such copies within ten (10) business days. Landlord and Tenant waive all rights of recovery against each other and ~~any Additional Insured (as hereinafter defined) or any other~~ the additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) comprehensive general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages insureds for any ~~and all~~ loss, damages, or injury resulted from any act or omission on the part of Tenant or Tenant’s contractors, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the Limit of not less than Five Million Dollars ($5,000,000.00) in respect to injury or death to any one person or to any number of persons or property damage arising out of a single occurrence; (b) workmen’s compensation insurance covering all persons employed in connection with the construction of any ~~improvements by Tenant and~~ nature whatsoever to property or persons for which the operation of its business upon the Demised Premises and (c) “all risk” coverage on all of Tenant’s personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all Tenants improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s insurance coverage waiving party is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the Property, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, any mortgagees and ground lessors of the Land and the Building and their successors and assigns as additional insureds (the “Additional Insureds”) and shall be written by a good and solvent insurance carrier authorized to do business in the State of New Jerseyinsured. (c) ~~Prior to~~ During the ~~Commencement Date~~Term, each party shall maintain in effect in each insurance policy required under this Lease a waiver of subrogation in favor of the other party and the additional insureds from its then-current insurance carriers, and ~~at least thirty~~ shall upon request of the other party (30made not more frequently than quarterly) ~~days prior to the expiration date of any policy, Tenant shall~~ furnish evidence of such ~~insurance and payment of premiums thereon to Landlord~~currently effective waiver. Such ~~insurance~~ waiver shall be in customary form ~~reasonably satisfactory to Landlord and~~ and, without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured. (d) During the term of this Lease, Landlord and Tenant shall each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of the other and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ ' written notice to the ~~other~~ parties at the ~~address,~~ addresses specified in Paragraph 18 17 of this Lease. (ed) ~~Each insurance policy required~~ Landlord shall maintain or cause to be ~~maintained under this Lease shall state that with~~ maintained: (i) commercial general public liability insurance in respect to of the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except Building(which for the purposes of this Paragraph 9(d) includes the Demised Premises) with limits of not less than _____ Million Dollars ($__,000,000) combined single limit for bodily injury or death and property damage in any one occurrence, including water damage and sprinkler leakage legal liability; and (ii) fire and extended coverage insurance (including, ~~shall operate~~ without limitation, rent insurance) in respect of the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or Building for the benefit of Landlord and Tenant. The fire and extended coverage insurance with respect to the ~~Additional Insureds~~Building shall be in the amount of full replacement value. Landlord shall have the right to provide any insurance maintained or caused to be maintained by it under blanket policies. All insurance premiums are hereby deemed to be included in the definition of "Expenses," and Tenant shall pay its pro rate shares of all such insurance premiums. (he) ~~Each~~ Tenant understands that Landlord will not carry insurance ~~policy required~~ of any kind on Tenant's personal property and that Tenant shall be obligated to ~~be maintained under this Lease~~ repair any damage thereto or replace same. Tenant shall ~~recognize~~ throughout the ~~indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease~~ Term hereof, at its own expense, provide or to cause to be provided and kept in force, commercial general liability insurance against claims of personal injury or death and property damage caused by an occurrence upon, in or about the Demised Premises, or the Parking Area, which shall afford protection to limits of not less than the amount of $3,000,000 in respect of personal injury or death to any one person and in respect of injury of death to any number of persons arising out of any one accident, and against property damage in respect of any instance of property damage. Tenant shall include Landlord as an additional insured under its liability insurance ~~policy~~ policies. Tenant shall furnish to Landlord as reasonably requested, certificates of insurance evidencing the ~~material requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being~~ existence of insurance as required by ~~Landlord~~this paragraph. All such policies shall be issued by companies of recognized responsibility licensed to do business in the state in which the Property is located. (j) Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full replacement cost of the Building.

Appears in 1 contract

Samples: Lease Agreement (Avis Rent a Car Inc)

Casualty and Insurance. (a) In the event of partial (being 20% or greater of the total area of the Building) or total destruction of ~~the Building or~~ the Demised Premises by reason of fire or any other ~~cause~~ cause, Tenant shall immediately ~~after it becomes aware of such destruction~~ notify Landlord of ~~same and~~ same. Landlord shall ~~promptly~~ thereafter notify Tenant of the estimated time to restore and ~~rebuild~~ rebuild, subject to the ~~Building or~~ then existing mortgagee's consent thereto and availability of insurance proceeds, the Demised ~~Premises at Landlord’s expense (but only~~ Premises, and Tenant shall contribute an amount in proportion to the ~~extent~~ total expenses of rebuilding the ~~insurance proceeds covering such damage)~~Tenant Improvements which it originally contributed to the Tenant Improvements, unless Landlord elects by notice to Tenant within ninety (90) days of said destruction to terminate all material leases of the Building and not to restore and rebuild the ~~Building or the Demised Premises~~Building, and, in such case, this Lease shall terminate~~. Notwithstanding~~ ; provided however, in the ~~foregoing~~event Landlord estimates that restoration and rebuilding of the Premises will take longer than nine (9) months, Tenant or Landlord may within five (5) days after receipt of such time estimation (as applicable) terminate the Lease whereupon this Lease shall be null and void and neither party except as expressly provided herein shall have any further rights, liabilities or obligations hereunder; provided however, if the casualty occurs during the last year of the Term and Tenant has not exercised its renewal right hereunder, either party will have the right to terminate ~~this~~ the Lease ~~if the destruction is limited~~ by sending written notice of such termination to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation other within ten (10) days of Tenant's receipt of ~~such~~ the notice from ~~Landlord, time being of the essence with respect~~ Landlord described above. Such notice is to ~~such notice, and such~~ specify a termination ~~shall be effective thirty~~ date no less than fifteen (3015) days after its transmission. During the ~~date~~ period of ~~such notice, provided, however,~~ time after the casualty that ~~Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event~~ Tenant is unable to occupy the Demised Premises ~~are totally~~ or ~~materially destroyed during~~ any portion thereof for its intended purpose, the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination Rent shall be ~~effective thirty (30) days after~~ abated, pro rata for such time the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph 10(a), and provided that Tenant is not in default under this Lease at the time of such cancellation, Landlord shall return the Security Deposit to Tenant subject to the terms of Paragraph 20 of this Leasesame remains untenantable. (b) Each party hereto, and anyone claiming through or under them by way of subrogation, waives and releases any cause of action it might have against the other party and their respective employees, officers, members, partners, trustees and agents, on account of any loss or damage that is insured against under any insurance policy providing property or casualty coverage required to be obtained hereunder (to the extent that such loss or damage is recoverable under such insurance policy) that covers the Park, Building or Premises, Landlord's or Tenant's fixtures, personal property, leasehold improvements or business. Each party hereto agrees that it will cause its insurance carrier for all such policies carried by it or on its behalf to endorse all applicable policies waiving the carrier's right of recovery under subrogation or otherwise against the other party. During any period while such waiver of right of recovery is in effect, each party shall look solely to the proceeds of such policies for compensation for loss, to the extent such proceeds are paid under such policies or would have been paid had the policies been maintained as required hereunder. All indemnities herein are subject to Section10(b) and Section 30(k) (c) Tenant shall, at Tenant’s 's sole cost and expense, but, except to the extent prohibited by law with respect to workmen’s 's compensation insurance, for the mutual benefit of Landlord and Tenant and any Additional Insured (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) ~~comprehensive~~ commercial general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages for any and all or injury ~~resulted~~ resulting from any act or omission on the part of Tenant or Tenant~~’s contractors~~'s contractor's, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the ~~Limit~~ limit of not less than ~~Five~~ Two Million Dollars ($~~5,000,000.00~~2,000,000.00) ~~in respect to injury or death to any one person or to any number of persons or property damage arising out of a~~ single ~~occurrence~~limit; (b) workmen’s 's compensation insurance ~~covering all persons employed in connection with~~ to the ~~construction~~ extent required by the laws of ~~any improvements by Tenant and~~ the ~~operation~~ Commonwealth of ~~its business upon the Demised Premises~~ Pennsylvania and (c) ~~“all risk”~~ special cause of loss coverage on all of Tenant’s 's personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all ~~Tenants~~ Tenant's improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the term of the Lease, reasonably determines that Tenant’s 's insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the ~~Property~~Building, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, ~~any mortgagees~~ and ~~ground lessors of the Land and the Building~~ BR Management Corporation, and their successors and assigns as additional insureds (the “"Additional Insureds”") and shall be written by a good and solvent insurance carrier authorized to do business in the ~~State~~ Commonwealth of ~~New Jersey~~Pennsylvania. Any of the foregoing Additional Insureds may be changed at any time notice is given as provided in Section 18 herein. Landlord makes no representation that the limits of liability specified to be carried by Tenant pursuant to this Section 10 are adequate to protect Tenant. If Tenant believes that any of such insurance coverage is inadequate, Tenant will obtain such additional insurance coverage as Tenant deems adequate, at Tenant's sole expense. (cd) Prior to the Commencement Date, and at least thirty (30) days prior to the expiration date of any policy, Tenant shall furnish evidence of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form ~~reasonably~~ satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) ~~days’~~ days written notice to Landlord at the address specified in ~~Paragraph~~ Section 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured. (d) During the term of this Lease, Landlord and Tenant shall each maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of the other and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to the other. Such waiver shall be in a form reasonably satisfactory to the other and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ written notice to the other at the address, specified in Paragraph 18 of this Lease... (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by ~~Tenant~~Tenant (other than non-payment of premium). (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) ~~Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease~~[Intentionally Deleted]. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the ~~material~~ requirements set forth in this ~~Paragraph~~ Section 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full replacement cost of the Building.

Appears in 1 contract

Samples: Lease Agreement (3 Dimensional Pharmaceuticals Inc)

Casualty and Insurance. (a) In the event of partial or total destruction of the Building or the Demised Premises by reason of fire or any other ~~cause~~ cause, Tenant shall immediately ~~after it becomes aware of such destruction~~ notify Landlord of same and Landlord shall promptly restore and rebuild the Building or the Demised Premises at Landlord’s 's expense (but only to the extent of the insurance proceeds covering such damage), ) unless Landlord elects by notice to Tenant within ninety (90) days of said destruction not to restore and rebuild the ~~Building or the~~ Demised Premises, and, in such case, this Lease shall terminate. Notwithstanding the foregoing, Landlord shall not have the right to terminate this Lease if the destruction is limited to the Common Areas of the Building or, if in Landlord’s reasonable opinion, the Demised Premises can be restored to its original condition within one hundred eighty (180) days. If in Landlord’s reasonable opinion, as expressed in a notice to Tenant given within forty-five (45) days after such destruction, the Demised Premises cannot be restored to its original condition within one hundred eighty (180) days, or if the Demised Premises are not restored within two hundred seventy (270) days of the casualty (subject to Force Majeure), or if more than fifty percent (50%) of the Demised Premises are destroyed, Tenant shall have the right to cancel this Lease by providing written notice to Landlord of such cancellation within ten (10) days of receipt of such notice from Landlord, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice, provided, however, that Landlord may nullify any such notice by completing such restoration and rebuilding within such thirty (30) day period. In the event the Demised Premises are totally or materially destroyed during the last twelve (12) months of the Term or last twelve (12) months of any extensions or renewals thereof, unless Tenant shall have exercised any further renewal options herein prior to such fire or destruction so that this Lease, including only irrevocably exercised renewals, has a remaining Term of more than twelve (12) months, either Landlord or Tenant shall have the right to cancel this Lease by providing written notice to the other of such cancellation within ten (10) days of such fire or destruction, time being of the essence with respect to such notice, and such termination shall be effective thirty (30) days after the date of such notice. If Landlord is obligated to restore and rebuild the Demised Premises or, if it is not obligated, Landlord elects to restore and rebuild the Demised Premises, then during the period of restoration of any such area, and, if any portion of Demised Premises are rendered untenantable by said damage, Tenant shall be relieved of the obligation to pay that portion of the rent herein reserved which relates to said untenantable area. If the Lease is canceled by either Landlord or Tenant pursuant to this Paragraph 10(a), and provided that Tenant is not in default under this Lease at the time of such cancellation, Landlord shall return the Security Deposit to Tenant subject to the terms of Paragraph 20 of this Lease. (b) Tenant shall, at Tenant’s 's sole cost and expense, but, except to the extent prohibited by law with respect to workmen’s 's compensation insurance, for the mutual benefit of Landlord and Tenant and any Additional Insured (as hereinafter defined) or any other additional insured as Landlord may from time to time determine including the lessors under any ground leases or underlying leases and any mortgagees, maintain or cause to be maintained (a) ~~comprehensive~~ commercial general liability insurance, including but not limited to, premises, bodily injury, personal injury and contractual liability, coverages for any and all or injury ~~resulted~~ resulting from any act or omission on the part of Tenant or Tenant~~’s contractors~~'s contractor's, licensees, agents, visitors or employees, on or about the Demised Premises including such claims arising out of the construction of improvements on the Demised Premises, such insurance to afford protection to the ~~Limit~~ limit of not less than Five Million Dollars ($5,000,000.00) ~~in respect to injury or death to any one person or to any number of persons or property damage arising out of a~~ single ~~occurrence~~limit; (b) workmen’s 's compensation insurance covering all persons employed in connection with the construction of any improvements by Tenant and the operation of its business upon the Demised Premises and (c) “"all risk” " coverage on all of Tenant’s 's personal property, including, but not limited to, standard fire and extended coverage insurance with vandalism and malicious mischief endorsements on all ~~Tenants~~ Tenant's improvements and alterations in or about the Demised Premises, to the extent of their full replacement value. In the event Landlord, at any time during the ~~term~~ Term of the Lease, reasonably determines that Tenant’s 's insurance coverage is inadequate, based upon the coverages being required by landlords of comparable buildings in the general geographic area of the ~~Property~~Building, Landlord shall have the right to require Tenant to increase its insurance coverage. All such insurance shall, to the extent permitted by law, name Landlord, ~~any mortgagees~~ and ~~ground lessors of the Land and the Building~~ BR Management Corporation, and their successors and assigns as additional insureds (the “"Additional Insureds”") and shall be written by a good and solvent insurance carrier authorized to do business in the State of New Jersey. Any of the foregoing Additional Insureds may be changed at any time notice is given as provided in Paragraph 18 herein. Landlord makes no representation that the limits of liability specified to be carried by Tenant pursuant to this Paragraph 10 are adequate to protect Tenant. If Tenant believes that any of such insurance coverage is inadequate, Tenant will obtain such additional insurance coverage as Tenant deems adequate, at Tenant's sole expense. (c) Prior to the Commencement Date, and at least thirty (30) days prior to the expiration date of any policy, Tenant shall furnish evidence of such insurance and payment of premiums thereon to Landlord. Such insurance shall be in form ~~reasonably~~ satisfactory to Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ ' written notice to Landlord at the address specified in Paragraph 18 of this Lease. Tenant waives all rights of recovery against Landlord and the Additional Insureds for any loss, damages, or injury of any nature whatsoever to property or persons for which the Tenant is insured. (d) During the ~~term~~ Term of this Lease, ~~Landlord and~~ Tenant shall ~~each~~ maintain in effect in each insurance policy required under this Lease that relates to property damage a waiver of subrogation in favor of ~~the other~~ Landlord and the Additional Insureds from its then-current insurance carriers, and shall at all times furnish evidence of such currently effective waiver to ~~the other~~Landlord. Such waiver shall be in a form reasonably satisfactory to the ~~other~~ Landlord and without limitation, shall provide that no cancellation or lapse thereof or change therein shall be effective until after thirty (30) days’ ' written notice to ~~the other~~ Landlord at the address, specified in Paragraph 18 of this Lease. (e) Each insurance policy required to be maintained under this Lease shall state that with respect to the interest of Landlord and the Additional Insureds the insurance maintained pursuant to each such policy shall not be invalidated by any action or inaction of Tenant and shall insure Landlord and the Additional Insureds regardless of any breach or violation of any warranties, declarations, conditions or exclusions by Tenant. (f) Each insurance policy required to be maintained under this Lease shall state that all provisions of each such insurance policy, except for the limits of liability, shall operate in the same manner as if a separate policy had been issued to each person or entity insured thereunder. (g) Each insurance policy required to be maintained under this Lease shall state that the insurance provided thereunder is primary insurance without any right of contribution from any other insurance which may be carried by or for the benefit of Landlord and the Additional Insureds. (h) Each insurance policy required to be maintained under this Lease shall recognize the indemnification set forth in Paragraph 11 of this Lease. (i) Failure of Tenant to maintain any of the insurance required under this Lease or to cause to be provided in any insurance policy the ~~material~~ requirements set forth in this Paragraph 10, shall constitute a default under this Lease without any notice being required by Landlord. (j) Landlord shall maintain, at Landlord’s sole cost and expense, during the Term of this Lease, fire insurance with standard “all risk” coverage for the Building. Such coverage shall equal one hundred percent (100%) of the full replacement cost of the Building.

Appears in 1 contract

Samples: Lease Agreement (Commonwealth Energy Corp)

Common use of Casualty and Insurance Clause in Contracts