Common use of Failure to Provide Insurance Clause in Contracts

Failure to Provide Insurance. Tenant acknowledges that any failure on its part to obtain or maintain the insurance required under Sections 10.1 and 10.3 will expose Landlord to risk and potentially cause Landlord to incur costs not contemplated by this Lease, the extent of which will be extremely difficult to ascertain. Accordingly, for any month or portion thereof the Tenant does not maintain the required insurance and/or does not provide Landlord with the required binders or certificates evidencing the existence of the required insurance, the Base Monthly Rental shall be automatically increased, without any requirement for notice to Tenant, by an amount equal to two percent (2%) of the then existing Base Monthly Rental. The parties agree that such increase in the Base Monthly Rental represents fair and reasonable compensation for the additional risk costs that Landlord will incur by reason of Tenant’s failure to maintain the required insurance. Such increase in Base Monthly Rental shall in no event constitute a waiver of Tenant’s default or breach with respect of the failure to maintain such insurance, prevent the exercise of any of the other rights and remedies granted hereunder, nor relieve Tenant of it’s obligations to maintain the insurance specified in this Lease. In the event Tenant does not maintain the insurance required under this Article 10, Landlord may, in Landlord’s sole and absolute discretion, obtain such insurance and Tenant shall pay Landlord as Landlord Additional Rent all costs and expenses in connection with such policy or policies of insurance.

Failure to Provide Insurance. Tenant acknowledges that any failure on its part to obtain or maintain the insurance required under Sections 10.1 and 10.3 herein will expose Landlord to risk and potentially cause Landlord to incur costs not contemplated by this Lease, the extent of which will be extremely difficult to ascertain. Accordingly, for any month or portion thereof the Tenant does not maintain the required insurance and/or does not provide Landlord with the required binders or certificates evidencing the existence of the required insurance, the Base Monthly Annual Rental shall be automatically increased, without any requirement for notice to Tenant, by an amount equal to two ten percent (210%) of the then existing Base Monthly Annual Rental; provided, however, that if Tenant thereafter provides Landlord with evidence of the insurance required by this Lease and such evidence is reasonably acceptable to Landlord, the Base Annual Rental shall be adjusted to the then required Base Annual Rental set forth in Section 3.1 of this Lease. The parties agree that such increase in the Base Monthly Annual Rental represents fair and reasonable compensation for the additional risk costs that Landlord will incur by reason of Tenant’s 's failure to maintain the required insurance. Such increase in Base Monthly Annual Rental shall in no event constitute a waiver of Tenant’s 's default or breach with respect of the failure to maintain such insurance, prevent the exercise of any of the other rights and remedies granted hereunder, nor relieve Tenant of it’s 's obligations to maintain the insurance specified in this Lease. In the event Tenant does not maintain the insurance required under this Article 10, Landlord may, in Landlord’s sole and absolute discretion, obtain such insurance and Tenant shall pay Landlord as Landlord Additional Rent all costs and expenses in connection with such policy or policies of insurance.

Failure to Provide Insurance. Tenant acknowledges that any failure on its part to obtain or maintain the insurance required under Sections 10.1 and 10.3 herein will expose Landlord to risk risks and potentially cause Landlord to incur costs not contemplated by this the Lease, the extent of which will be extremely difficult to ascertain. Accordingly, for any month or portion thereof the that Tenant does not maintain the required insurance and/or does not provide Landlord with the required binders or certificates evidencing the existence of the required insuranceinsurance and such failure continues for 10 business days after Tenant’s receipt of notice from Landlord specifying the purported shortcomings or omissions of Tenant’s insurance coverages and/or the insurance binders or insurance certificates submitted (or required to be submitted, in the case of omissions) by Tenant to Landlord, the Base Monthly Rental Rent shall be automatically increased, without any requirement for further notice to Tenant, by an amount equal to two percent (2%) 10% of the then existing monthly Base Monthly RentalRent or $100, whichever is greater. The parties agree that such increase in the Base Monthly Rental Rent represents fair and reasonable compensation for the additional risk risk/costs that Landlord will incur by reason of Tenant’s 's failure to maintain the required insurance. Such increase in Base Monthly Rental Rent shall in no event constitute a waiver of Tenant’s 's default or breach with respect of to the failure to maintain such insurance, prevent the exercise of any of the other rights and remedies granted hereunder, nor relieve Tenant of it’s obligations its obligation to maintain the insurance specified in this the Lease. In the event Tenant does not maintain the insurance required under this Article 10, Landlord may, in Landlord’s sole and absolute discretion, obtain such insurance and Tenant shall pay Landlord as Landlord Additional Rent all costs and expenses in connection with such policy or policies of insurance.