Common use of Coverages Clause in Contracts

Coverages. During the Term of this Lease, Lessee shall at all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include: (i) Building insurance on the “Special Form” (formerly “All Risk” form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the “Special Form” in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the “Special Form”, in the amount of one year of Percentage Rent for the benefit of Lessor, and business interruption insurance on the “Special Form” in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 3 contracts

Samples: Master Lease Agreement, Master Lease Agreement (Supertel Hospitality Inc), Master Lease Agreement (Supertel Hospitality Inc)

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Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of [Initial Fixed Rent or] Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's xxxxxxx'x compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 3 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

Coverages. During the Term of this Lease, Lessee shall at all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Rent for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s 's compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x 's xxxxxxx'x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 2 contracts

Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc), Master Lease Agreement (Humphrey Hospitality Trust Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iv) through (xi). The Holder of any Mortgage shall be named as an additional insured and loss payee, to the extent required under the terms of the Mortgage. Losses shall be payable payable, for the benefit of the respective insureds, to Lessor or Lessee as provided in this LeaseLease (subject to the rights of the Holder of any Mortgage). Any loss adjustment for coverage insuring multiple parties shall require the written consent of Lessor and Lesseeeach of them, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Franchise Agreement and of any Mortgage (so long as Lessee has been furnished with a copy of such Mortgage), affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake including earthquake, flood and flood sink hole in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or and damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to timecustomary; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on the projected Rent for the balance of such Lease Year) for the benefit of Lessor, and business ; (iv) Business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or LesseeLessee including one year of management fees to Manager; (ivv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, Lessee and Manager, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor Lessor, Lessee and LesseeManager; (vvi) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and Manager and the Leased Property against Lessee's or Manager's worker's compensation claims to the extent required by applicable state laws; (viii) Comprehensive form vehicle liability insurance for owned, non-owned and hired vehicles, in the amount of $1,000,000; (ix) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability in keeping with prudent hotel management practice; (x) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible (other than property in a safe deposit box), with a limit of not less than $5,000 for any one occurrence or $25,000 in the aggregate; (xi) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible, with a limit of not less than $100,000 for any one occurrence; and (xii) Insurance covering such other liabilities or hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 2 contracts

Samples: Merger Agreement (Capstar Hotel Co), Merger Agreement (American General Hospitality Corp)

Coverages. During the Term of this Lease, Lessee the Leased Property --------- shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of Initial Fixed Rent or Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's xxxxxxx'x compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 2 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

Coverages. During Tenant shall purchase and maintain throughout the Term of this LeaseTerm, Lessee shall at all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ixa Tenant’s Policy(ies) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall includeof: (i) Building commercial property insurance covering the improvements constructed, installed or located on the Premises (but excluding Tenant’s personal property). Such property insurance policy: (A) shall name Landlord (and its lender(s), if applicable) as mortgagee/loss payee, as its (their respective) interest(s) may appear; (B) shall, at a minimum, cover both (x) the Building and (y) all other improvements, of any nature, situated on the Premises at any time, or from time to time during the Term, including, but not limited to, parking areas and landscaping (collectively, the Insured Improvements”), against direct physical loss, as would be insured against under a standard ISO Special FormForm (“all riskcoverage); (formerly “All Risk” formC) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not shall be for no less than 100% of the then full replacement cost thereof value of the Building and the Insured Improvements, with an “agreed amount” endorsement; (as defined in Section 13.2D) or such other amount which shall include, at a minimum, the following extensions of coverage; building ordinance, inclusive of demolition and increased cost of construction; terrorism; earthquake/earth movement; wind; flood; and boiler and machinery/equipment breakdown; (E) shall include rental interruption insurance for twelve (12) months of rent and operating expense reimbursement for that same twelve (12) month period; and (F) shall provide for a per occurrence deductible that is no greater than $100,000.00. The policy limits and sublimits shall be acceptable to LessorLandlord, in its reasonable discretion. For purposes of this Section 10.2, “full replacement cost value” shall be interpreted to mean the cost of replacing the Premises without deduction for depreciation or wear and tear, less the cost of footings, foundations and other structures below grade, which value shall be memorialized in a letter agreement (including an XXXXX Certificate evidencing such required insurance), to be executed by Landlord and Tenant not later than thirty (30) days after the Commencement Date, and personal property insurance which value shall be trended-forward on the “Special Form” in the full amount each anniversary of the replacement cost thereofCommencement Date using the trending criteria generally applied by Factory Mutual or other recognized insurance consultants; (ii) Insurance for loss commercial general or damage (direct excess liability insurance, including personal injury and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facilityproperty damage, in the minimum amount of not less than $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time2,000,000.00 per occurrence, and $5,000,000.00 annual general aggregate; (iii) Loss comprehensive automobile liability insurance covering Tenant against any personal injuries or deaths of income insurance on persons and property damage based upon or arising out of the “Special Form”ownership, use, occupancy or maintenance of a motor vehicle at the Premises and all areas appurtenant thereto in the amount of one year of Percentage Rent for the benefit of Lessornot less than $1,000,000, and business interruption insurance on the “Special Form” in the amount of one year of gross profit, for the benefit of Lessor or Lesseecombined single limit; (iv) Commercial general liability insurance, with commercial property insurance covering Tenant’s personal property in amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseereasonably determined by Tenant; (v) Insurance workers’ compensation insurance per the applicable state statutes covering such other hazards and in such amounts as may be customary for comparable properties in all employees of Tenant (it being agreed that Tenant shall have the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized right to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessorself-insure its obligations under this item (v)); (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessorif Tenant handles, covering Lessee’s employees stores or utilizes Hazardous Materials in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;its business operations, pollution legal liability insurance; and (vii) Workmenduring any period of construction or during which any Alterations costing in excess of $150,000.00 are being made, builder’s compensation risk coverage in an amount sufficient for such Alterations or other work or improvements performed on the Premises by Tenant; provided, however, that in the event that such builder’s risk coverage is required, such coverage may be provided through the so-called “course of construction” coverage provided in the property insurance policy described in Section 10.2(i) above, and Tenant shall cause such “course of construction” coverage to provide coverage in an amount equal to or greater than $3,000,000.00. Notwithstanding anything to the extent necessary contrary contained in this Section 10, upon the occurrence of a Default, Landlord shall have the right to, upon written notice to protect Lessor Tenant, purchase the aforementioned Tenant’s Policies on Tenant’s behalf and charge the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for ownedcost thereof to Tenant, non-ownedwhich amounts shall be payable by Tenant to Landlord, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance upon demand as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofAdditional Rent.

Appears in 2 contracts

Samples: Industrial Building Lease (Lenox Group Inc), Purchase and Sale Agreement (Lenox Group Inc)

Coverages. During the Term of this Lease, Lessee shall at all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ixIX) of Section 13.1(a) of this Lease if not of a type customarily kept arrived by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Base Rent for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s 's compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x 's xxxxxxx'x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Humphrey Hospitality Trust Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property --------- shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of [Initial Fixed Rent or] Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's xxxxxxx'x compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non- owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Coverages. During the Term of this Lease, Lessee shall at --------- all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by --------------- similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount ------------ which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Ptercentage Rent for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s 's compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x 's workman's compensation claims; (viii) Vehicle liability Vxxxxxx xxability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iv) through (xi). The Holder of any Mortgage and the lessor under any Ground Lease shall be named as an additional insured and loss payee, to the extent required under the terms of such Mortgage and/or Ground Lease. Losses shall be payable payable, for the benefit of the respective insureds, to Lessor or Lessee as provided in this Lease (subject to the rights of the Holder of any Mortgage and the lessor under any Ground Lease). Any loss adjustment for coverage insuring multiple parties shall require the written consent of Lessor and Lesseeeach of them, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Franchise Agreement and of any Mortgage and Ground Lease (so long as Lessee has been furnished with a copy of any such Mortgage and Ground Lease) affecting the Leased Property, and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake including earthquake, flood and flood sink hole in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or and damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to timecustomary; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on the projected Rent for the balance of such Lease Year) for the benefit of Lessor, and business ; (iv) Business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or LesseeLessee including one year of management fees to Manager; (ivv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, Lessee and Manager, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor Lessor, Lessee and LesseeManager; (vvi) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and Manager and the Leased Property against Lessee's or Manager's worker's compensation claims to the extent required by applicable state laws; (viii) Comprehensive form vehicle liability insurance for owned, non-owned and hired vehicles, in the amount of $1,000,000; (ix) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability in keeping with prudent hotel management practice; (x) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible (other than property in a safe deposit box), with a limit of not less than $5,000 for any one occurrence or $25,000 in the aggregate; (xi) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible, with a limit of not less than $100,000 for any one occurrence; and (xii) Insurance covering such other liabilities or hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Stock Purchase Agreement (Keystone Inc Et Al)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of [Initial Fixe Rent or] Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's xxxxxxx'x compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Coverages. During the Term of this Lease, Lessee the Leased Property --------- shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (x). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor or Franchisor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's xxxxxxx'x compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (ix) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (x) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iii) through (xi). The Holder of any Mortgage shall be named as an additional insured and loss payee, to the extent required under the terms of the Mortgage. Losses shall be payable payable, for the benefit of the respective insureds, to Lessor or Lessee as provided in this LeaseLease (subject to the rights of the Holder of any Mortgage). Any loss adjustment for coverage insuring multiple parties shall require the written consent of Lessor and Lesseeeach of them, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Franchise Agreement and of any Mortgage (so long as Lessee has been furnished with a copy of such Mortgage), affecting the Leased Property and at a minimum shall include:: -44- 135 (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake including earthquake, flood and flood sink hole in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or and damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to timecustomary; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage the greater of Base Rent or Participating Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Participating Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, Lessee and Manager, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor Lessor, Lessee and LesseeManager; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and Manager and the Leased Property against Lessee's or Manager's worker's compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability in keeping with prudent hotel management practice; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible (other than property in a safe deposit box), with a limit of not less than $5,000 for any one occurrence or $25,000 in the aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible, with a limit of not less than $100,000 for any one occurrence; and (xi) Insurance covering such other liabilities or hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Prime Hospitality Corp)

Coverages. During the Term of this Lease, Lessee the Leased Property --------- shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of Initial Fixed Rent or Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's workman's compensation claims xx xxx extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Coverages. During the Term of this Lease, Lessee the Leased --------- Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iv) through (xi). Losses shall be payable to -------------------- ---- Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Management Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) : Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to ------------ Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) ; Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) ; Loss of income insurance on the "Special Form", in the amount of one year of the greater of (a) Base Rent, or (b) Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) ; Commercial general liability insurance, with contractual indemnity endorsement, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, operations with respect to LessorLessee, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) ; Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's xxxxxxx'x compensation claims to the extent required by applicable state laws; Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $5,000 in any one occurrence or $25,000 annual aggregate; Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $100,000 in any one occurrence; and Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Boston Properties Inc)

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Coverages. During the Term of this Lease, Lessee the Leased Property --------- shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iii) through (xi). The Holder of any Mortgage shall be named as an additional insured and loss payee, to the extent required under the terms of the Mortgage. Losses shall be payable payable, for the benefit of the respective insureds, to Lessor or Lessee as provided in this LeaseLease (subject to the rights of the Holder of any Mortgage). Any loss adjustment for coverage insuring multiple parties shall require the written consent of Lessor and Lesseeeach of them, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Franchise Agreement and of any Mortgage (so long as Lessee has been furnished with a copy of such Mortgage), affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake including earthquake, flood and flood sink hole in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or and damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to timecustomary; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage the greater of Base Rent or Participating Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Participating Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, Lessee and Manager, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor Lessor, Lessee and LesseeManager; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and Manager and the Leased Property against Lessee's or Manager's worker's compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non- owned and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability in keeping with prudent hotel management practice; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible (other than property in a safe deposit box), with a limit of not less than $5,000 for any one occurrence or $25,000 in the aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible, with a limit of not less than $100,000 for any one occurrence; and (xi) Insurance covering such other liabilities or hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (American General Hospitality Corp)

Coverages. During the Term of this Lease, Lessee shall at all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ixIX) of Section 13.1(a) of this Lease if not of a type customarily kept arrived by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Base Rent for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s 's compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x 's xxxxxxx'x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Humphrey Hospitality Trust Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager (including the Submanager) shall also be named as an additional insured under the case may becoverages described in SECTIONS 13.1(a)(iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property (provided, however, Lessee shall not be required to obtain insurance to satisfy such requirements except to the extent such insurance is reasonably obtainable, and Lessor shall pay the costs of any insurance required thereby which exceeds that required pursuant to (iv) through (xi) below), and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section SECTION 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year of the greater of (a) Base Rent, or (b) Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with contractual indemnity endorsement, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.1,000,000 combined single

Appears in 1 contract

Samples: Lease Agreement (Interstate Hotels Management Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property --------- shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor the party obtaining the policy as the insured or and the other party as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iv) through (xi). Losses shall be payable to -------------------- ---- Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall at all times satisfy the requirements of the Management Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) : Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) ------------ or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) ; Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) ; Loss of income insurance on the "Special Form", in the amount of one year of the greater of (a) Base Rent, or (b) Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) ; Commercial general liability insurance, with contractual indemnity endorsement, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, operations with respect to LessorLessee, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) ; Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's xxxxxxx'x compensation claims to the extent required by applicable state laws; Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $5,000 in any one occurrence or $25,000 annual aggregate; Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $100,000 in any one occurrence; and Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Boston Properties Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a) (iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year 18 months of the sum of Initial Fixed Rent or Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year 18 months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $25,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's xxxxxxx'x compensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Coverages. During the Term of this Lease, Lessee shall at all times --------- keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ixIX) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year of Percentage Base Rent for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s 's compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x 's xxxxxxx'x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Humphrey Hospitality Trust Inc)

Coverages. During the Term of this Lease, Lessee the Leased Property shall at all times keep the Leased Property and Hotel Property be insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and propertiesbelow. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name the Lessor as the insured or as an additional named insured, and the Manager shall also be named as an additional insured under the case may becoverages described in Sections 13.1(a)(iv) through (xi). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include: (i) Building insurance on the "Special Form" (formerly "All Risk" form) (which may include including earthquake and flood in reasonable amounts if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the "Special Form" in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the "Special Form", in the amount of one year eighteen (18) months of the sum of Base Rent plus Percentage Rent (based on the last Lease Year of operation or, to the extent the Leased Property has not been operated for an entire 18-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor, and business interruption insurance on the "Special Form" in the amount of one year eighteen (18) months of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and "all risk legal liability" (including liquor law or "dram shop" liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vi) Workers' compensation insurance to the extent necessary to protect Lessor, Lessee and the Leased Property against Lessee's and/or Manager's workxxx'x xxxpensation claims to the extent required by applicable state laws; (vii) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; (viii) Garagekeeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $3,000,000 for any one occurrence, of which coverage in excess of $1,000,000 may be provided by way of an excess liability policy; (ix) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less 46 53 than $2,000 per guest and $50,000 in any one occurrence or $25,000 annual aggregate; (x) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $50,000 in any one occurrence; and (xi) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a Holder, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested determined by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Lease Agreement (Innkeepers Usa Trust/Fl)

Coverages. During the Term of this Lease, Lessee shall at all times keep the Leased Property and Hotel Property insured with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include: (i) Building insurance on the “Special Form” (formerly “All Risk” form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the “Special Form” in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the “Special Form”, in the amount of one year of Percentage Ptercentage Rent for the benefit of Lessor, and business interruption insurance on the “Special Form” in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000; and (ix) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.

Appears in 1 contract

Samples: Master Lease Agreement (Supertel Hospitality Inc)

Coverages. During the Term term of this LeaseAgreement, Lessee Property Manager (as a reimbursable expense under this Agreement) and independent contractors employed by Property Manager (at such contractor’s expense) shall at all times keep maintain in full force and effect the Leased Property and Hotel Property insured following kinds of insurance covering its respective operations in connection with the kinds and amounts of insurance described below provided, however, that the Lessor shall be responsible for payment of any insurance requested by it pursuant to paragraph (ix) of Section 13.1(a) of this Lease if not of a type customarily kept by similar business and properties. This insurance shall be written by companies licensed and authorized to issue insurance in the State. The policies must name Lessor as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include: (i) Building insurance on the “Special Form” (formerly “All Risk” form) (which may include earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor, and personal property insurance on the “Special Form” in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facility, in the minimum amount of $5,000,000 or in such lesser or greater amounts as are then customary or as may be reasonably requested by Lessor from time to time; (iii) Loss of income insurance on the “Special Form”, in the amount of one year of Percentage Rent for the benefit of Lessor, and business interruption insurance on the “Special Form” in the amount of one year of gross profit, for the benefit of Lessor or Lessee; (iv1) Commercial general liability insuranceGeneral Liability Insurance, with amounts not less than $10,000,000 covering each of the following: including coverage for bodily injury, death, or property damage liability per occurrencedamage, personal injury (employee and advertising injury, general aggregatecontractual liability exclusions deleted), products and completed operations, contractual liability (including coverage of the contractual liability described in Sections 9.1 and 9.3, as applicable), owner’s protective liability and broad-form property damage, with respect to Lessorthe following limits of liability: Two Million Dollars ($2,000,000) per occurrence; Two Million Dollars ($2,000,000) aggregate on a per location basis. (2) Workers’ Compensation Insurance, in compliance with the requirements of [ ] law, and “all risk legal liability” (including liquor law or “dram shop” liabilityEmployer’s Liability Insurance, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (v) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered as may be reasonably requested by Lessor; (vi) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessorof not less than One Million Dollars ($1,000,000), covering Lessee’s all employees who are engaged in job classifications normally bonded any work under prudent hotel management practices in the United States or otherwise required by law; (vii) Workmen’s compensation insurance to the extent necessary to protect Lessor and the Leased Property against Lessee’s xxxxxxx’x compensation claims; (viii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $1,000,000this Agreement; and (ix3) Comprehensive Automobile Liability when the services to be performed require use of a motor vehicle. (4) Upon Owner’s request, Property Manager will obtain (i) a fidelity bond in such reasonable amount as Owner may specify covering all employees of Property Manager who handle or are responsible for Owner’s funds, and (ii) an errors and omissions policy of insurance in form and in an amount reasonably satisfactory to Owner. The premium for such bond(s) and insurance shall be paid or reimbursed by Owner. (5) Such other insurance as Lessor Owner may reasonably request require, required by Lender or required under the Loan Documents, provided that Owner pays directly or reimburses Property Manager for facilities the premiums for such other types or amounts of insurance and provided that such other insurance is readily available to Property Manager. Such insurance coverage shall be subject to Owner’s approval for adequacy of protection and Owner may elect to insure Property Manager under policies carried by Owner. If Owner does not elect to insure Property Manager under Owner’s policies, Property Manager’s policies shall name Owner, its members and its lenders, as the Leased Property and the operation thereofdesignated by Owner, as additional insureds.

Appears in 1 contract

Samples: Limited Partnership Agreement (Thomas Properties Group Inc)

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