Common use of Fire/Casualty Insurance Clause in Contracts

Fire/Casualty Insurance. At all times during the Term, Lessee shall, at its sole expense, obtain and keep in full force and effect an all-risk insurance policy covering the Premises and all improvements located thereon and written by a reputable insurance company reasonably acceptable to Lessor and authorized to do business in the state where the Premises is located in an amount not less than one hundred percent (100%) of the replacement cost of the Premises, including fixtures and any improvements, alterations or additions to the Premises. Such all-risk insurance coverage which Lessee is obligated to maintain shall be for the benefit of Lessor, as an additional insured and/or loss payee. Deductibles under the all-risk policy shall not exceed $10,000. In the event that the Premises are damaged or destroyed by fire or other casualty insurable under such policy described above and neither party has terminated this Lease, Lessee shall pay or reimburse Lessor for any deductible applicable under such policy upon demand. Such policy shall contain business income/loss of rents coverage for a period of time not less than twelve (12) months following the insured casualty. Further, in no event shall Lessor have any obligation to repair any damage to, or replace any of Lessee’s furniture, trade fixtures, equipment or other personal property.

Fire/Casualty Insurance. At all times during the Term, Lessee shall, at its sole expense, obtain and keep in full force and effect an all-risk insurance policy covering the Premises and all improvements located thereon and written by a reputable insurance company reasonably acceptable to Lessor and authorized to do business in the state where the Premises is located in an amount not less than one hundred percent (100%) of the replacement cost of the Premises, including fixtures and any improvements, alterations or additions to the Premises. Such all-risk insurance coverage which Lessee is obligated to maintain shall be for the benefit of Lessor, as an additional insured and/or loss payee. Deductibles under the all-risk policy shall not exceed $10,000. In the event that the Premises are damaged or destroyed by fire or other casualty insurable under such policy described above and neither party has terminated this Lease, Lessee shall pay or reimburse Lessor for any deductible applicable under such policy upon demand. Such policy shall contain business income/loss of rents coverage for a period of time not less than twelve (12) months following the insured casualty. Further, in no event shall Lessor have any obligation to repair any damage to, or replace any of Lessee’s 's furniture, trade fixtures, equipment or other personal property.