Common use of Coverages Required Clause in Contracts

Coverages Required. Mortgagor shall maintain or cause to be maintained, with financially sound and reputable insurance companies or associations, insurance which insures the Property against (i) all risk of loss, damage, destruction, theft, or any other casualty or risk, covering the Property including all of Mortgagor's personal property located therein, without deduction for depreciation, in an amount reasonably approved by Mortgagee, but in no event less than the full replacement cost thereof, and builder's risk insurance throughout the period of any construction of any improvements on the Property, (ii) use and occupancy insurance covering either rental income or business interruption with coverage in an amount not less than twelve months' anticipated gross rental income, (iii) comprehensive general liability insurance covering the Property and Mortgagor, in an amount not less than $2,000,000.00 for bodily injury and/or property damage liability per occurrence and $5,000,000.00 in the aggregate or such higher amounts as Mortgagee may reasonably require, and (iv) worker's compensation insurance in accordance with the requirements of applicable law, which policies of insurance maintained pursuant to this Section shall provide standard mortgagee endorsements or clauses naming Mortgagee as mortgagee and as loss payee (with respect to property insurance) or additional insured (with respect to liability insurance). Each policy of insurance required hereunder shall provide that it shall not be modified or cancelled without at least thirty (30) days prior written notice to Mortgagee. The original or a certified copy of each insurance policy shall be delivered to Mortgagee by the applicable insurance company, and such delivery will constitute an assignment to Mortgagee, as further security for the Secured Obligations, of all unearned premiums returnable upon cancellation of any such policy. Mortgagor shall also maintain, at the request of Mortgagee, such hazard insurance, in addition to the insurance required above, as Mortgagee may reasonably request and as shall be available, including but not limited to flood, including surface waters, and earthquake, including subsidence, all of such insurance to comply in all respects with the requirements of this Section. Within five (5) days following written request therefor, Mortgagor shall provide to Mortgagee proof of payment of all premiums for all policies of insurance required hereunder.

Coverages Required. Mortgagor Without in any way limiting the generality of the foregoing, Tenant covenants and agrees to maintain insurance coverage on the Premises which shall maintain or cause to be maintained, with financially sound and reputable insurance companies or associations, insurance which insures the Property against include (i) physical hazard insurance on an “all risk risks” basis with a Replacement Cost Endorsement, an Increased Cost of loss, damage, destruction, theft, or any other casualty or riskConstruction Endorsement and an Agreed Amount Endorsement, covering the Property including all perils of Mortgagor's personal property located thereinfire, without deduction for depreciationflood (if in a flood hazard zone), boiler and machinery (to include major components of HVAC systems if not already included in an amount reasonably approved by Mortgagee, but in no event less than the full replacement cost thereofabove coverage) and such other equipment as Lender and Landlord may require, and builder's risk insurance throughout the period of any construction of any improvements on the Property, (ii) use and occupancy insurance covering either rental income or business interruption with extended coverage in an amount not less than twelve months' anticipated gross rental incomethe full replacement cost of the improvements on the Premises. “Full replacement cost” shall mean the cost of replacing the improvements without deduction for physical depreciation. If at any time a dispute arises with respect to full replacement cost, Tenant agrees to provide Landlord at Tenant’s expense with an insurance appraisal prepared by an insurance appraiser approved by Lender and Landlord which establishes the full replacement cost in a manner satisfactory to the insurance carrier; (ii) rent loss insurance insuring against loss arising out of the perils insured against in the policy or policies referred to in clause (i) above, in an amount equal to Minimum Rent and additional rent payable by Tenant during the last 12 months of the Term under this Lease, naming Lender and Landlord as their interests appear in a standard mortgagee loss payable clause thereunder; (iii) comprehensive general public liability and property damage insurance with a broad form coverage endorsement for an amount as required from time to time by Lender and Landlord but not less than an aggregate amount of Two Million Dollars ($2,000,000.00) with a single occurrence limit of not less than Two Million Dollars ($2,000,000.00) for claims arising from any one accident or occurrence in or about the Premises, which policy shall name Lender and Landlord as additional insureds thereunder; (iv) flood insurance whenever in the judgment of Lender and Landlord such protection is necessary and is available and in such case in an amount acceptable to Lender and Landlord naming Lender and Landlord as the loss payees thereunder as their interests may appear; (v) insurance covering pressure vessels, pressure piping and machinery, if any, and all major components of any centralized heating or air conditioning systems located on the Property and MortgagorPremises, in an amount not less than $2,000,000.00 for bodily injury and/or property satisfactory to Lender and Landlord, which policy shall also insure against physical damage liability per occurrence to the buildings and $5,000,000.00 improvements on the Premises arising out of perils covered thereunder; and (vi) such other insurance as may customarily be required to be carried on similar properties in the aggregate vicinity of the Premises by institutional lenders, as Landlord may from time to time reasonably require or which is required by Lender. In the event of an insured loss, Tenant shall pay Landlord the deductible amount which shall be credited as hereinabove set forth. In addition to the foregoing required insurance coverages, Tenant shall also insure separately Tenant’s property at the Premises and may purchase separately such higher amounts business interruption insurance as Mortgagee may reasonably require, and (iv) worker's compensation insurance in accordance with Tenant desires. All proceeds from the requirements of applicable law, which policies of insurance maintained pursuant referred to this Section shall provide standard mortgagee endorsements or clauses naming Mortgagee as mortgagee and as loss payee (with respect to property insurance) or additional insured (with respect to liability insurance). Each policy of insurance required hereunder shall provide that it shall not be modified or cancelled without at least thirty (30) days prior written notice to Mortgagee. The original or a certified copy of each insurance policy in the foregoing sentence shall be delivered payable directly to Mortgagee by the applicable insurance company, Tenant and such delivery will constitute an assignment to Mortgagee, as further security for the Secured Obligations, of all unearned premiums returnable upon cancellation of any such policy. Mortgagor shall also maintain, at the request of Mortgagee, such hazard insurance, in addition to the insurance required above, as Mortgagee may reasonably request and as shall be available, including but not limited to flood, including surface waters, and earthquake, including subsidence, all the sole property of such insurance to Tenant. Tenant may comply in all respects with the requirements provisions of this Section. Within five (5) days following written request therefor, Mortgagor shall provide to Mortgagee proof of payment of all premiums for all Article by providing blanket insurance policies of insurance required hereunderon the terms herein set forth.

Coverages Required. Mortgagor shall maintain or cause will keep the ------------------- following insurance coverages in effect with respect to be maintained, with financially sound and reputable insurance companies or associations, insurance which insures the Property against Property: (i) all risk Insurance against loss by fire and the hazards now or hereafter embraced by the standard "extended coverage" form of loss, damage, destruction, theft, or any other casualty or risk, covering the Property including all of Mortgagor's personal property located therein, without deduction for depreciationinsurance, in an amount reasonably approved by equal at all times to the full insurable value of the improvements then located on the Property. All such insurance coverage shall contain a "replacement cost endorsement" satisfactory to Mortgagee, but . (ii) Flood risk insurance in no event less than the maximum amount of insurance coverage available or the full replacement cost thereofof the buildings on the Realty, whichever is less, if the Realty is now or hereafter designated as being located within a special flood hazard area under the Flood Disaster Protection Act of 1973 and builderif flood insurance is available. (iii) Loss of rental value insurance and/or business interruption insurance, as follows: If all or any portion of the Property is rented or leased, loss of rental value insurance in an amount equal to six (6) months' aggregate gross rents from the Property as is so occupied. If all or any portion of the Property is occupied by Mortgagor, business interruption insurance in an amount equal to six (6) months' net income from such portion of the Property as is so occupied. The amount(s) of such coverage(s) shall be subject to adjustment, from time to time at Mortgagee's risk request, to reflect changes in the rental and/or income levels during the term of the Loan. (iv) Comprehensive public liability insurance throughout against claims for bodily injury, death or property damage occurring on, in or about the period of any construction of any improvements Property (including coverage for elevators and escalators, if any, on the Property), (ii) use and occupancy insurance covering either rental income or business interruption with the coverage being in an amount of not less than twelve months' anticipated gross rental incomeOne Million and No/100 Dollars ($1,000,000.00) combined single-limit liability coverage, or in such greater amount(s) as Mortgagee may reasonably require. (iiiv) comprehensive general liability Boiler and machinery insurance covering pressure vessels, air tanks, boilers, machinery, pressure piping, heating, air conditioning and elevator and escalator equipment, provided the Property improvements contain equipment of such nature, and Mortgagorinsurance against loss of occupancy or use arising from breakdown of any of such items, in an amount not less than $2,000,000.00 for bodily injury and/or property damage liability per occurrence and $5,000,000.00 in the aggregate or such higher amounts as Mortgagee may reasonably require. (vi) Building ordinance coverage endorsement including contingent liability from operation of building laws, demolition cost and (iv) worker's compensation insurance in accordance with the requirements increased cost of applicable lawconstruction, which policies of insurance maintained pursuant to this Section shall provide standard mortgagee endorsements or clauses naming Mortgagee as mortgagee and as loss payee (with respect to property insurance) or additional insured (with respect to liability insurance). Each policy of insurance required hereunder shall provide that it shall not be modified or cancelled without at least thirty (30) days prior written notice to Mortgagee. The original or a certified copy of each insurance policy shall be delivered to Mortgagee by the applicable insurance company, and such delivery will constitute an assignment to Mortgagee, as further security for the Secured Obligations, of all unearned premiums returnable upon cancellation of any such policy. Mortgagor shall also maintainif, at any time, the request of MortgageeProperty constitutes a nonconforming but permitted use under applicable zoning or other governmental laws. (vii) Insurance against such similar or other hazards, such hazard insurancecasualties, liabilities and contingencies, in addition to the insurance required abovesuch forms and amounts, as Mortgagee may from time to time reasonably request require. (viii) To the extent Insurance required as referred to hereinabove covers the Mortgagor's inventory and other property not identified as shall be availablea part of the Property in this Mortgage, including but not limited to flood, including surface waters, and earthquake, including subsidence, all of then the proceeds from such insurance to comply in all respects with the requirements of this Section. Within five (5) days following written request therefor, Mortgagor or such other property shall provide not be payable to Mortgagee proof of payment of all premiums for all policies of insurance required hereunderunder this Mortgage or the other documents executed in connection with this Loan.

Coverages Required. Mortgagor shall maintain or cause to be maintained, with financially sound and reputable insurance companies or associations, insurance which insures the Property against (i) all risk of loss, damage, destruction, theft, or any other casualty or risk, covering the Property including all of Mortgagor's personal property located therein, without deduction for depreciation, in an amount reasonably approved by Mortgagee, but in no event less than the full replacement cost thereof, and builder's risk insurance throughout the period of any construction of any improvements on the Property, (ii) use and occupancy insurance covering either rental income or business interruption with coverage in an amount not less than twelve months' anticipated gross rental income, (iii) comprehensive general liability insurance covering the Property and Mortgagor, in an amount not less than $2,000,000.00 1,000,000.00 for bodily injury and/or property damage liability per occurrence and $5,000,000.00 2,000,000.00 in the aggregate or such higher amounts as Mortgagee may reasonably require, and (iv) worker's compensation insurance in accordance with the requirements of applicable law, which policies of insurance maintained pursuant to this Section shall provide standard mortgagee endorsements or clauses naming Mortgagee as mortgagee and as loss payee (with respect to property insurance) or additional insured (with respect to liability insurance). Each policy of insurance required hereunder shall provide that it shall not be modified or cancelled without at least thirty (30) days prior written notice to Mortgagee. The original or a certified copy of each insurance policy shall be delivered to Mortgagee by the applicable insurance companyMortgagee, and such delivery will constitute an assignment to Mortgagee, as further security for the Secured Obligations, of all unearned premiums returnable upon cancellation of any such policy. Mortgagor shall also maintain, at the request of Mortgagee, such hazard insurance, in addition to the insurance required above, as Mortgagee may reasonably request and as shall be available, including but not limited to flood, including surface waters, and earthquake, including subsidence, all of such insurance to comply in all respects with the requirements of this Section. Within five (5) days following written request thereforCoverage under a commercial blanket insurance policy will be deemed to comply with the requirements of this Section, Mortgagor shall provide if such blanket policy provides coverage that is equivalent, in the reasonable judgment of Mortgagee, to Mortgagee proof of payment of all premiums for all the coverage that would be provided by insurance policies of insurance otherwise required hereunderunder this Section.