Common use of Form of Insurance Policies Clause in Contracts

Form of Insurance Policies. Insurance required hereunder shall be in companies duly licensed to transact business in the state where the Premises are located, and maintaining during the Policy term a "General Policyholders Rating" of at least B+, V, or such other rating as may be required by any lender having a lien on the Premises, as set forth in the most current issue of "Bests Insurance Guide." Tenant shall not do or permit to be done anything which shall invalidate any insurance policy referred to in this Paragraph 7. Tenant shall provide Landlord with copies of insurance policies or certificates of insurance prior to the Commencement Date of the Lease and shall provide to Landlord copies of replacement policies at least ninety (90) days prior to the date of expiration of a policy. A binder or certificate of insurance shall be sufficient evidence of insurance pending issuance of a policy; provided, however, that Tenant shall forward a copy of each policy to Landlord when issued. Such insurance policies shall be on forms reasonably acceptable to Landlord and shall be on an occurrence basis. Such insurance shall name Landlord, any management agent from time to time designated by Landlord, any lender of Landlord as additional insureds, and shall provide that coverage of additional insureds shall be primary and that any insurance maintained by Landlord shall be excess only. Such insurance shall provide that the interests of Landlord, Tenant and other insureds shall be severable such that the act or omission of one insured shall not avoid or reduce the coverage of other insureds. Such insurance shall contain endorsements (a) stating that the insurer agrees to notify Landlord in writing not less than thirty (30) days in advance of modification or cancellation thereof, (b) deleting any employee exclusion on personal injury coverage, (c) deleting any exclusion from liability caused by serving alcoholic beverages incidental to Tenant's business, and (d) providing for coverage for employees non-owned automobile liability. Failure of Tenant to maintain insurance coverages required by this Lease for any time period during the Term or failure of Tenant to deliver evidence of insurance or copies of policies shall be material defaults under this Lease.

Form of Insurance Policies. Insurance required hereunder shall be in companies duly licensed to transact business in the state where the Premises are located, and maintaining during the Policy policy term a "General Policyholders Rating" of at least B+, V, or such other rating as may be required by any lender having a lien on the Premises, as set forth in the most current issue of "Bests Insurance Guide." Tenant shall not do or permit to be done anything which shall invalidate any insurance policy referred to in this Paragraph 7. Tenant shall provide Landlord with copies of insurance policies or certificates of insurance prior to the Commencement Date of the Lease and shall provide to Landlord copies of replacement policies at least ninety (90) days prior to the date of expiration of a policy. A binder or certificate of insurance shall be sufficient evidence of insurance pending issuance of a policy; provided, however, that Tenant shall forward a copy of each policy to Landlord when issued. Such insurance policies shall be on forms reasonably acceptable to Landlord and shall be on an occurrence basis. Such insurance shall name Landlord, any management agent from time to time designated by Landlord, any lender of Landlord as additional insureds, and shall provide that coverage of additional insureds shall be primary and that any insurance maintained by Landlord shall be excess only. Such insurance shall provide that the interests of Landlord, Tenant and other insureds shall be severable such that the act or omission of one insured shall not avoid or reduce the coverage of other insureds. Such insurance shall contain endorsements (a) stating that the insurer agrees to notify Landlord in writing not less than thirty (30) days in advance of modification or cancellation thereof, (b) deleting any employee exclusion on personal injury coverage, (c) including employees as additional insureds, (d) deleting any exclusion from liability caused by serving alcoholic beverages incidental to Tenant's business, and (de) providing for coverage for employees employer's non-owned automobile liability. Failure of Tenant to maintain insurance coverages required by this Lease for any time period during the Term or failure of Tenant to deliver evidence of insurance or copies of policies shall be material defaults under this Lease.

Form of Insurance Policies. Endorsements. All policies for Insurance shall be in such form and with such endorsements as are comparable to the forms of and endorsements to the Borrower's insurance policies in effect on the date hereof or otherwise in accordance with commercially reasonable standards applied by prudent owners of similar businesses in the general vicinity of the Premises and generally acceptable to institutional lenders for comparable properties and risks. All such policies shall name the Lender, and its successors and assigns, as additional insureds, mortgagees and/or loss payees, as deemed appropriate by the Lender, and shall provide that all proceeds are payable to the Lender and shall contain: (i) a standard "non-contributory mortgagee" endorsement or its equivalent relating, inter alia, to recovery by the Lender notwithstanding the negligent or willful acts or omissions of the named Borrower; (ii) to the extent available at commercially reasonable rates, a waiver of subrogation endorsement as to the Lender; (iii) an endorsement providing that no policy shall be impaired or invalidated by virtue of any act, failure to act, negligence of, or violation of declarations, warranties or conditions contained in such policy by the Borrower, the Lender or any other named insured, additional insured, mortgagee or loss payee, except for the willful misconduct of the Lender knowingly in violation of the conditions of such policy; (iv) an endorsement providing for a deductible per loss of an amount not more than that which is customarily maintained by prudent owners of similar businesses in the general vicinity of the Premises; (v) a provision that such policies shall not be canceled or amended, including, without limitation, any amendment reducing the scope or limits of coverage, without at least thirty (30) days prior written notice to the Lender in each instance, and (vi) effective waivers by the insurer of all claims for insurance premiums against any loss payees, additional insureds, mortgagees and named insureds (other than the Borrower). Any insurance coverage relating to the Premises that is carried by the Borrower in excess of the Insurance required hereunder shall be in companies duly licensed to transact business in name the state where the Premises are locatedLender, and maintaining during its successors and assigns, as additional insureds, mortgagees and/or loss payees, as appropriate, as provided herein. A certificate executed by the Policy term a "General Policyholders Rating" Borrower's insurance consultant and other evidence of at least B+, V, or such other rating as may be Insurance reasonably required by any lender having a lien on the Premises, as set forth in the most current issue of "Bests Insurance Guide." Tenant Lender shall not do or permit to be done anything which shall invalidate any insurance policy referred to in this Paragraph 7. Tenant shall provide Landlord with copies of insurance policies or certificates of insurance prior delivered to the Commencement Date of the Lease and shall provide to Landlord copies of replacement policies at least ninety Lender not less than ten (9010) days prior to the expiration date of expiration any of a policythe policies for Insurance required to be maintained hereunder which certificate and other evidence shall certify payment of applicable premiums for renewal and replacement policies. A binder or certificate The Borrower may effect any Insurance required hereunder through blanket insurance policies. The Borrower shall deliver to the Lender certified copies of insurance all policies for Insurance which shall be sufficient evidence taken out upon the Premises while any part of insurance pending issuance of a policy; provided, however, that Tenant the Loan shall forward a copy of each policy to Landlord when issued. Such insurance policies shall be on forms reasonably acceptable to Landlord and shall be on an occurrence basis. Such insurance shall name Landlord, any management agent from time to time designated by Landlord, any lender of Landlord as additional insureds, and shall provide that coverage of additional insureds shall be primary and that any insurance maintained by Landlord shall be excess only. Such insurance shall provide that the interests of Landlord, Tenant and other insureds shall be severable such that the act or omission of one insured shall not avoid or reduce the coverage of other insureds. Such insurance shall contain endorsements (a) stating that the insurer agrees to notify Landlord in writing not less than thirty (30) days in advance of modification or cancellation thereof, (b) deleting any employee exclusion on personal injury coverage, (c) deleting any exclusion from liability caused by serving alcoholic beverages incidental to Tenant's business, and (d) providing for coverage for employees non-owned automobile liability. Failure of Tenant to maintain insurance coverages required by this Lease for any time period during the Term or failure of Tenant to deliver evidence of insurance or copies of policies shall be material defaults under this Leaseremain unpaid.

Form of Insurance Policies. Insurance required hereunder Endorse- ments. All insurance policies shall be in companies duly licensed such form and with such endorsements as are comparable to transact business the forms of and endorsements to Mortgagors' insurance policies in effect on the date hereof or otherwise in accordance with commercially reasonable standards applied by prudent owners of first-class, institutional office buildings in the state where City of New York. Certified copies of all of the Premises are locatedabove-mentioned insurance policies have been delivered to and shall be held by Mortgagee. All such policies (other than for statutory workers' compensation insurance) shall name Mortgagee as an additional insured/loss payee, and maintaining during the Policy term a "General Policyholders Rating" of at least B+, V, or such other rating as may shall provide that all Proceeds be required by any lender having a lien on the Premises, payable to Mortgagee as set forth in Section 6 hereof, and shall contain: (i) a standard "non-contributory mortgagee" endorsement or its equivalent relating, inter alia, to recovery by Mortgagee notwithstanding the most current issue negligent or willful acts or omissions of "Bests Insurance Guide." Tenant Mortgagors and, with respect to Equipment, contain a lender's loss payable clause endorsement or any equivalent endorsement; (ii) a waiver of subrogation endorsement as to Mortgagee providing that no policy shall not do be impaired or permit invalidated by virtue of any act, failure to act, negligence of, or violation of declarations, warranties or conditions contained in such policy by Mortgagors, Mortgagee or any other named insured, additional insured or loss payee, except for the willful misconduct of Mortgagee knowingly in violation of the conditions of such policy; (iii) an endorsement indicating that neither Mortgagee nor Mortgagors shall be or be deemed to be done anything which shall invalidate a co-insurer with respect to any insurance policy referred to in this Paragraph 7. Tenant shall provide Landlord with copies of insurance risk insured by such policies or certificates of insurance prior to the Commencement Date of the Lease and shall provide to Landlord copies for a deductible per loss of replacement an amount not more than that which is customarily maintained by prudent owners of first-class, institutional office buildings in the City of New York, but in no event in excess of $100,000; (iv) a provision that such policies shall not be cancelled or materially amended, including, without limitation, any amendment reducing the scope or limits of coverage, without at least ninety thirty (9030) days prior written notice to Mortgagee in each instance; (v) include effective waivers by the date insurer of expiration of a policyall claims for insurance premiums against any loss payees, additional insureds and named insureds (other than Mortgagors) and (vi) shall be otherwise in form and substance reasonably satisfactory to Mortgagee. A binder or certificate Certificates of insurance shall be sufficient evidence of insurance pending issuance of a policy; provided, however, that Tenant shall forward a copy of each policy with respect to Landlord when issued. Such insurance all renewal and replacement policies shall be on forms reasonably acceptable delivered to Landlord and shall be on an occurrence basis. Such insurance shall name Landlord, any management agent from time to time designated by Landlord, any lender of Landlord as additional insureds, and shall provide that coverage of additional insureds shall be primary and that any insurance maintained by Landlord shall be excess only. Such insurance shall provide that the interests of Landlord, Tenant and other insureds shall be severable such that the act or omission of one insured shall not avoid or reduce the coverage of other insureds. Such insurance shall contain endorsements (a) stating that the insurer agrees to notify Landlord in writing Mortgagee not less than thirty (30) days in advance prior to the expiration date of modification any of the insurance policies required to be main- tained hereunder which certificates shall bear notations evidencing payment of applicable premiums and originals (or cancellation certified copies) of such insurance policies shall be delivered to Mortgagee promptly after Mortgagors' receipt thereof, (b) deleting any employee exclusion on personal injury coverage, (c) deleting any exclusion from liability caused by serving alcoholic beverages incidental to Tenant's business, and (d) providing for coverage for employees non-owned automobile liability. Failure of Tenant If Mortgagors fail to maintain and deliver to Mortgagee the original policies (or certified copies) or certificates of insurance coverages required by this Lease Mortgage, Mortgagee may, at its option, procure such insurance, and Mortgagors shall reimburse Mortgagee for the amount of all premiums paid by Mortgagee thereon promptly, upon demand by Mortgagee, with interest thereon at the Default Rate from the date paid by Mortgagee to the date of repayment, and such sum shall be a part of the Indebtedness secured by this Mortgage. Blanket insurance policies shall not be acceptable for the purposes of this Section 5 unless otherwise reasonably approved to the contrary by Mortgagee. Mortgagee shall not by the fact of approving, disapproving, accepting, preventing, obtaining or failing to obtain any time period during insurance, incur any liability for or with respect to the Term or failure of Tenant to deliver evidence amount of insurance carried, the form or copies legal sufficiency of policies shall be material defaults under this Leaseinsurance contracts, solvency of insurance companies, or payment or defense of lawsuits, and Mortgagors hereby expressly assumes full responsibility therefor and all liability, if any, with respect thereto.