Form of insurance. All of the policies of insurance referred to in this 38 40 Article shall be written in a form reasonably satisfactory to Landlord, and issued by insurance companies reasonably acceptable to Landlord which are licensed to conduct an insurance business and issue the insurance policy in question in the State. Landlord agrees that it will not unreasonably withhold or delay its approval as to the form of the policies or the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefor, and shall deliver an original or certified copy of any policy or a certificate of insurance, and each renewal thereof, to Landlord, any Facility Mortgagee and any Landlord Lender at least 10 days prior to the expiration of the existing policy to which such renewal policy relates. If Tenant either fails to effect such insurance as herein required or to pay the premiums therefor, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord as rent upon demand therefor in a Notice, and failure by Tenant to repay the same shall constitute an Event of Default within the meaning of Section 17.1(b). Each insurer mentioned in this Article shall agree, on the certificate or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord (and to any Facility Mortgagee and Landlord Lender of which Tenant has notice, if required) thirty (30) days' prior written notice before such policy or policies expire, are materially changed or are canceled.
Appears in 1 contract
Form of insurance. All of the policies of insurance referred to in this 38 40 Article herein shall be written in a form reasonably satisfactory to Landlord, Lessor and issued by insurance companies reasonably acceptable satisfactory to Landlord which are licensed to conduct an insurance business and issue the insurance policy in question in the StateLessor. Landlord agrees that it will not unreasonably withhold or delay its approval as to the form of the policies or the insurance companies selected by Tenant. Tenant Lessee shall pay all of the premiums therefortherefor (except as otherwise provided herein), and shall deliver “verification” of insurance to Lessor as set forth below. All binders and policies delivered to Lessor as required in this Section 13.4 shall also include a statement of insured values and locations for all properties under such blanket policies that share coverage limits. Verification of insurance as used herein is defined as follows:
(a) At least five (5) Business Days prior to the Commencement Date, and thereafter, no more than ten (10) Business Days after any insurance policy expiration date, Lessee shall provide verification of required insurance coverage for the following year which shall include the following:
(i) an original XXXXX 75 insurance binder, or certified similar type of insurance binder acceptable to Lessor, for each policy providing evidence of insurance coverage of the types and in the amounts required hereunder and naming Lessor (and any other entity that Lessor may deem reasonably necessary) as an additional insured and loss payees with respect to property, rental value and business interruption insurance, naming Lessor (and any other entity that Lessor may deem reasonably necessary) as an additional insured with respect to commercial general liability, professional liability and excess or umbrella insurance, and naming Lessor (and any other entity that Lessor may deem reasonably necessary) as an additional insured with respect to all other required policies, together with a sample or pro forma of each policy (if required by Lessor), together with written confirmation of each insurer’s obligation to provide notice of cancellation or non-renewal of each;
(ii) a copy of property statement of values if Lessee maintains blanket insurance covering facilities other than the Leased Property; and
(iii) a summary of insurance program showing significant coverage limits, sublimits, deductibles and retentions.
(b) Thereafter, no later than the date that is ninety (90) days after the Commencement Date and any such insurance policy or a certificate expiration date, Lessee shall provide further verification of insurance, and each renewal thereof, to Landlord, any Facility Mortgagee which verification shall include (i) copies of the required insurance policies including blanket or specific endorsements reflecting the appropriate status of Lessor (and any Landlord Lender at least 10 days prior to other entities that Lessor deems necessary) as an additional insured, loss payee and/or named insured, as the expiration case may be, and providing notice of cancellation or non-renewal under the required insurance; and (ii) a copy of the existing policy to which such renewal policy relates. If Tenant either fails to effect such property statement of values if Lessee maintains blanket insurance as herein covering facilities other than the Leased Property.
(c) In the event Lessee does not provide timely or proper verification, or do not maintain the insurance required hereunder or to pay the premiums thereforas required hereunder, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord Lessor shall be entitled, but shall have no obligation, to effect obtain such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord as rent Lessor promptly upon demand therefor in a Noticerequest by Lessor, and failure by Tenant to repay the same adhere to those repayment provisions shall constitute an Event of Default within Default. Lessee acknowledges and agrees that any insurance policies, endorsements and/or binders or certificates that provide that the meaning insurer will “endeavor to” give notice before same may be altered, allowed to expire, or canceled will not be acceptable to Lessor. Notwithstanding anything contained herein to the contrary, all policies of Section 17.1(b). Each insurer mentioned insurance required to be obtained by Lessee hereunder shall provide (i) that such policies will not lapse, terminate, be canceled, or be amended or modified to reduce limits or coverage terms unless and until Lessor has received the notice required by the policy terms at Lessor’s notice address as specified in this Article shall agreeLease (the “Lessor’s Notice Address”), on with a simultaneous copy to (A) MPT Operating Partnership, L.P., Attention: Its President, 0000 Xxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, and (B) XxXxxxx, Xxxxxxx & Xxxxxxxx, Inc., Attention: Xxxx X. Xxxxxx, 0000 0xx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000, and (ii) that in the certificate or policies issued by itevent of cancellation due to non-payment of premium, or by independent instrument furnished to Landlord, that it the insurer will give to Landlord provide not less than ten (and to any Facility Mortgagee and Landlord Lender of which Tenant has notice, if required) thirty (3010) days' ’ prior written notice before such policy or policies expireto Lessor at Lessor’s Notice Address, are materially changed or are canceledwith a simultaneous copy to (A) MPT Operating Partnership, L.P., Attention: Its President, 0000 Xxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, and (B) XxXxxxx, Xxxxxxx & Xxxxxxxx, Inc., Attention: Xxxx X. Xxxxxx, 0000 0xx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
Form of insurance. All of insurance required to be carried by Tenant hereunder shall insure Tenant and, as additional insured parties, Landlord and such other person or persons as Landlord shall designate to Tenant who have an insurable interest in the Premises. Any claim for loss under said insurance policies of insurance referred to in this 38 40 Article shall be written in a form reasonably satisfactory to Landlordpayable notwithstanding any act, and omission negligence, representation, misrepresentation or other conduct or misconduct of Tenant which might otherwise cause cancellation, forfeiture or reduction of such insurance. All such insurance policies: (a) shall be issued by insurance reputable companies reasonably acceptable authorized to do business, operating in the State of California and rated A-X or better in Best's Insurance Guide; (b) shall be subject to the prior approval of Landlord (which approval shall not be unreasonably withheld) as to form, as to substance and as to insurer; (c) shall only provide for a deductible so long as Tenant shall remain liable for payment of any such deductible in the event of any casualty; (d) shall contain appropriate cross-liability endorsements denying Tenants insurers the right of subrogation against Landlord and Landlord!s Representatives as to risks covered by such insurance, without prejudice to any waiver or indemnity provisions applicable to Tenant and any limitation of liability provisions applicable to Landlord hereunder, of which are licensed to conduct an insurance business and issue the insurance policy in question in the State. Landlord agrees that it will not unreasonably withhold or delay its approval as to the form of the policies or the insurance companies selected by Tenant. provisions Tenant shall pay notify all of the premiums therefor, and insurance carriers; (e) shall deliver an original or certified copy of any policy or contain a certificate of insurance, and provision whereby each renewal thereof, insurer agrees to Landlord, any Facility Mortgagee and any give Landlord Lender at least 10 days prior to the expiration of the existing policy to which such renewal policy relates. If Tenant either fails to effect such insurance as herein required or to pay the premiums therefor, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord as rent upon demand therefor in a Notice, and failure by Tenant to repay the same shall constitute an Event of Default within the meaning of Section 17.1(b). Each insurer mentioned in this Article shall agree, on the certificate or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord (and to any Facility Mortgagee and Landlord Lender of which Tenant has notice, if required) thirty (30) days' prior written notice in advance of any cancellation or lapse or the effective date of any reduction in the amounts of insurance; (f) shall be written as primary insurance and endorsed as not contributing with, and not in excess of, any coverage carried by Landlord; and (g) shall contain such additional endorsements required by Landlord. On or before the Commencement Date, Tenant shall furnish Landlord with certificates evidencing the aforesaid insurance coverage, and renewal certificates shall be furnished to Landlord at least thirty (30) days prior to the expiration date of such policy insurance. Claims Made insurance does not satisfy the above requirements. flood coverage and rent interruption coverage beyond any such rent interruption coverage held by Tenant and naming Landlord as additional insured), in an amount not less than that required by all Mortgages and/or all Ground Leases, and all risk as per ISO, comprehensive/commercial general liability insurance (including Broad Form Extended Liability Endorsement or its equivalent) in an amount of not less than $5,000,000. Tenant shall pay to Landlord as Additional Rent Tenant' s Proportionate Share of the cost of the premiums for all such insurance and of the reasonable cost of Landlord's insurance consultants. Notwithstanding any contribution by Tenant to the cost of insurance premiums as provided herein, Tenant acknowledges that Tenant has no right to receive any proceeds from any insurance policies expire, are materially changed or are canceledcarried by Landlord.
Appears in 1 contract
Samples: Office Lease (Sitestar Corp)
Form of insurance. All insurance policies obtained by Tenant pursuant to this Section 13 (except the worker’s compensation insurance described in Section 13.3) shall be issued by companies with a rating by Standard & Poor’s of not less than AA in claims paying ability or the equivalent by another rating agency acceptable to Landlord and which have an AM Best Rating of A-, VIII or better and which are qualified to do business in the Commonwealth of Pennsylvania, or, in the alternative, may be issued by an insurance company affiliated with Tenant and not meeting the rating criteria herein set forth which reinsures such risk with an independent company meeting the rating criteria herein set forth, provided, however, that any such reinsurers shall enter into direct access agreements with Landlord and, if applicable, Landlord’s mortgagee. Such policies (exclusive of the policies worker’s compensation policy) shall contain the following provisions:
(a) with respect to insurance of the type described in Section 13.1, Landlord and Landlord’s mortgagees are included as additional insureds; with respect to insurance referred to of the type described in this 38 40 Article Section 13.2, Landlord shall be written named as an additional insured, and Landlord’s mortgagees designated by the Landlord, if any, shall be named as mortgagee and sole loss payee under a lender’s loss payable endorsement in a form reasonably satisfactory to Landlord’s mortgagees, and issued any obligation imposed upon such insureds (including, without limitation, the liability for payment of premiums) shall be the sole obligation of Tenant and not that of any such insured;
(b) all third-party liability insurance shall be endorsed to provide that, insofar as the policy is written to cover more than one insured, all terms, conditions, insuring agreements and endorsements, with the exception of limits of liability and deductibles, shall operate in the same manner as if there were a separate policy covering each insured;
(c) the insurer thereunder waives all rights of subrogation against Landlord and Landlord’s mortgagees and waives any right of set-off and counterclaim and any other right to deduction whether by attachment or otherwise;
(d) such insurance companies reasonably acceptable shall be primary without right of contribution of any other insurance carried by or on behalf of Landlord and Landlord’s mortgagees;
(e) the respective interests of Landlord and Landlord’s mortgagees under all insurance policies required under this Lease shall not be invalidated by any action or inaction of Tenant or any other person (other than the beneficiary of such respective interest) and such insurance shall insure Landlord and Landlord’s mortgagees as their interests may appear, regardless of any breach or violation of any warranty, declaration or condition contained in such policies by Tenant or any other person (other than the beneficiary of such respective interest); and
(f) if the insurers cancel such insurance for any reason whatsoever or any materially adverse change is made in policy terms or conditions, such cancellation or change shall not be effective as to Landlord which are licensed and Landlord’s mortgagees for 30 days after receipt by Landlord and Landlord’s mortgagees, respectively, of written notice from such insurers of such cancellation or change. If such insurance is allowed to conduct an lapse for nonpayment of premium, such lapse shall not be effective for 30 days after receipt of notice by Landlord and Landlord’s mortgagees from the insurers of such lapse. Certificates evidencing all policies of insurance business and issue the insurance policy in question in the State. Landlord agrees that it will not unreasonably withhold or delay its approval as to the form of the policies or the insurance companies selected obtained by Tenant. Tenant shall pay all of the premiums therefor, and shall deliver an original or certified copy of any policy or a certificate of insurance, and each renewal thereof, be provided to Landlord, any Facility Mortgagee and any Landlord Lender at least 10 days prior to the expiration . The proceeds of the existing policy to which such renewal policy relates. If all casualty insurance maintained by Tenant either fails to effect such insurance as herein required or to pay the premiums therefor, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord under Section 13.2 shall be entitled, but shall have no obligation, to effect such insurance and pay applied in strict accordance with the premiums therefor, which premiums shall be repayable to Landlord as rent upon demand therefor in a Notice, and failure by Tenant to repay the same shall constitute an Event of Default within the meaning requirements of Section 17.1(b). Each insurer mentioned in this Article shall agree11, on the certificate or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord (and to any Facility Mortgagee and Landlord Lender of which Tenant has notice, if required) thirty (30) days' prior written notice before such policy or policies expire, are materially changed or are canceledabove.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Form of insurance. All Policies required of Tenant hereunder shall: (A) be issued by a reputable insurance company qualified to do business in the policies state where the Premises and the Project are located with an AM Best rating of insurance referred to in this 38 40 Article shall be written in a form reasonably satisfactory to A minus or better; (B) list Landlord, and issued any Property Manager if any, as an additional insured; (C) provide that they cannot be cancelled or amended in any material respects unless Landlord is given thirty (30) days prior written notice by Tenant; (D) state that such insurance companies reasonably acceptable to is primary and non-contributory over any insurance carried by Landlord; (E) contain an endorsement in favor of Landlord which are licensed to conduct an waiving such insurance business and issue the insurance policy in question in the Statecompany's right of subrogation against Landlord. Landlord agrees that it will not unreasonably withhold or delay its approval as shall have the right to review said insurance amounts at least yearly during the form of the Lease Term and require Tenant to increase said insurance policies or the insurance companies selected by Tenantto provide coverage in such amounts agreed to herein. Tenant shall pay all provide Landlord with any renewal of the premiums therefor, and shall deliver an original or certified copy of any policy or a certificate of insurance, and each renewal thereof, to Landlord, any Facility Mortgagee and any Landlord Lender insurance required under this Paragraph at least 10 ten (10) days prior to the expiration of any such policy. Tenant will also reimburse Landlord for any increased premiums or additional insurance which Landlord reasonably deems necessary as a result of Tenant's use or occupancy of the existing policy to which such renewal policy relatesPremises or any vacancy or abandonment thereof by Tenant. If Tenant either fails to effect such In addition, Tenant’s insurance as herein required or to pay the premiums therefor, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord as rent upon demand therefor in a Notice, and failure by Tenant to repay the same shall constitute an Event of Default within the meaning of Section 17.1(b). Each insurer mentioned in this Article Lease shall agree, on the certificate or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord (and apply as primary insurance with respect to any Facility Mortgagee and other insurance or self-insurance programs afforded to or obtained by Landlord. TENANT WAIVES ALL RIGHTS AGAINST LANDLORD FOR RECOVERY OF DAMAGES TO THE EXTENT THE DAMAGES ARE COVERED (OR SHOULD HAVE BEEN COVERED) BY THE LIABILITY INSURANCE AND OTHER INSURANCE OBTAINED OR REQUIRED TO HAVE BEEN OBTAINED BY TENANT UNDER THIS LEASE. The insurance required by Landlord Lender of hereunder may be maintained under a blanket or master policy which Tenant has notice, if required) thirty (30) days' prior written notice before such policy or policies expire, are materially changed or are canceledincludes properties other than the Project.
Appears in 1 contract
Samples: Lease Agreement (Precision Optics Corporation, Inc.)
Form of insurance. All of the policies of insurance referred to in this 38 40 Article herein shall be written in a form reasonably satisfactory to Landlord, Lessor and issued by insurance companies reasonably acceptable satisfactory to Landlord which are licensed to conduct an insurance business and issue the insurance policy in question in the StateLessor. Landlord agrees that it will not unreasonably withhold or delay its approval as to the form of the policies or the insurance companies selected by Tenant. Tenant Lessee shall pay all of the premiums therefortherefor (except as otherwise provided herein), and shall deliver “verification” of insurance to Lessor as set forth below. All binders and policies delivered to Lessor as required in this Section 13.4 shall also include a statement of insured values and locations for all properties under such blanket policies that share coverage limits. Verification of insurance as used herein is defined as follows:
(a) At least five (5) Business Days prior to the applicable Commencement Date, and thereafter, at least ten (10) Business Days prior to any insurance policy expiration date, Lessee shall provide verification of required insurance coverage for the following year which shall include the following:
(i) an original XXXXX 75 insurance binder, or certified similar type of insurance binder acceptable to Lessor, for each policy providing evidence of insurance coverage of the types and in the amounts required hereunder and naming Lessor (and any other entity that Lessor may deem reasonably necessary) as additional insureds and loss payees with respect to property, rental value and business interruption insurance, and as additional insureds with respect to commercial general liability, professional liability, excess or umbrella insurance and all other required policies, together with a sample or pro forma of each policy (if required by Lessor), together with written confirmation of each insurer’s obligation to provide notice of cancellation or non-renewal of each;
(ii) a copy of property statement of values if Lessee maintains blanket insurance covering facilities other than the Leased Property; and
(iii) a summary of insurance program showing significant coverage limits, sublimits, deductibles and retentions.
(b) Thereafter, no later than the date that is sixty (60) days after the applicable Commencement Date and any such insurance policy or a certificate expiration date, Lessee shall provide further verification of insurance, which verification shall include (i) true and each renewal thereof, to Landlord, any Facility Mortgagee certified copies of the required insurance policies including blanket or specific endorsements reflecting the appropriate status of Lessor (and any Landlord Lender at least 10 days prior to other entity that Lessor deems reasonably necessary) as an additional insured and/or loss payee, as the expiration case may be, and providing notice of cancellation or non-renewal under the required insurance; and (ii) a copy of the existing policy to which such renewal policy relates. If Tenant either fails to effect such property statement of values if Lessee maintains blanket insurance as herein covering facilities other than the Leased Property.
(c) In the event Lessee does not provide timely or proper verification, or does not maintain the insurance required hereunder or to pay the premiums thereforas required hereunder, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord Lessor shall be entitledentitled after notice to Lessee, but shall have no obligation, to effect obtain such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord as rent upon demand therefor Lessor promptly following request by Lessor (but in a Noticeno event later than fifteen (15) days after delivery of such request), and failure by Tenant to repay the same adhere to those repayment provisions shall constitute an Event of Default within the meaning of Section 17.1(b)Default. Each Lessee shall use commercially reasonable efforts to cause any insurance policies, endorsements and/or binders or certificates to omit language that provides such insurer mentioned in this Article shall agreewill “endeavor to” give notice before same may be altered, on the certificate or policies issued by itallowed to expire, or canceled. Notwithstanding anything contained herein to the contrary, all policies of insurance required to be obtained by independent instrument furnished Lessee hereunder shall provide (i) that such policies will not lapse, terminate, be canceled, or be amended or modified to Landlord, that it will give to Landlord (reduce limits or coverage terms unless and to any Facility Mortgagee and Landlord Lender of which Tenant until Lessor has notice, if required) received not less than thirty (30) days' ’ prior written notice before such policy or policies expireat Lessor’s notice address as specified in this Lease (the “Lessor’s Notice Address”), are materially changed or are canceledwith a simultaneous copy to (A) MPT Operating Partnership, L.P., Attention: Its President, 0000 Xxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, and (B) XxXxxxx, Xxxxxxx & Xxxxxxxx, Inc., Attention: Xxxx X. Xxxxxx, 0000 0xx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000, and (ii) that in the event of cancellation due to non-payment of premium, the insurer will provide not less than ten (10) days’ prior written notice to Lessor at Lessor’s Notice Address, with a simultaneous copy to (A) MPT Operating Partnership, L.P., Attention: Its President, 0000 Xxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxx 00000, and (B) XxXxxxx, Xxxxxxx & Xxxxxxxx, Inc., Attention: Xxxx X. Xxxxxx, 0000 0xx Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxx 00000.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
Form of insurance. All of the policies of insurance referred to in this 38 40 Article herein shall be written in a form reasonably satisfactory to Landlord, MPT and issued by insurance companies reasonably acceptable satisfactory to Landlord which are licensed to conduct an insurance business and issue the insurance policy in question in the StateMPT. Landlord agrees that it will not unreasonably withhold or delay its approval as to the form of the policies or the insurance companies selected by Tenant. Tenant Borrower Parties shall pay all of the premiums therefortherefor (except as otherwise provided herein), and shall deliver “verification” of insurance to MPT as set forth below. All binders and policies delivered to MPT as required in this Section 6.4 shall also include a statement of insured values or locations for all properties under such blanket policies that share coverage limits. Verification of insurance as used herein is defined as follows:
(a) Contemporaneously herewith and thereafter, at least ten (10) Business Days prior to any insurance policy expiration date, Borrower Parties shall provide verification of required insurance coverage for the following year which shall include the following:
(i) an original XXXXX 75 insurance binder, or certified similar type of insurance binder acceptable to MPT, for each policy providing evidence of insurance coverage of the types and in the amounts required hereunder and naming MPT (and any other entity that MPT may deem necessary) as additional insureds and loss payees with respect to property, rental value and business interruption insurance, naming MPT (and any other entity that MPT may deem necessary) as named insureds with respect to commercial general liability, professional liability and excess or umbrella insurance, and naming MPT (and any other entity that MPT may deem necessary) as additional insureds with respect to all other required policies, together with a sample or pro forma of each policy (if required by MPT), together with written confirmation of each insurer’s obligation to provide notice of cancellation or non-renewal of each;
(ii) a copy of property statement of values if Borrower Parties maintain blanket insurance covering facilities other than the Real Property; and
(iii) a summary of insurance program showing significant coverage limits, sublimits, deductibles and retentions.
(b) Thereafter, no later than the date that is forty-five (45) days after the date hereof and any such insurance policy or a certificate expiration date, Borrower Parties shall provide further verification of insurance, which verification shall include (i) true and each renewal thereof, to Landlord, any Facility Mortgagee certified copies of the required insurance policies including blanket or specific endorsements reflecting the appropriate status of MPT (and any Landlord Lender at least 10 days prior to other entities that MPT deems necessary) as additional insureds, loss payees and/or named insureds, as the expiration case may be, and providing notice of cancellation or non-renewal under the required insurance; and (ii) a copy of the existing policy to which such renewal policy relates. If Tenant either fails to effect such property statement of values if Borrower Parties maintains blanket insurance as herein covering facilities other than the Real Property.
(c) In the event Borrower Parties do not provide timely or proper verification, or does not maintain the insurance required hereunder or to pay the premiums thereforas required hereunder, or to deliver such policies or certified copies thereof or certificates of insurance to Landlord at the times required, Landlord MPT shall be entitled, but shall have no obligation, to effect obtain such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord MPT as rent upon demand therefor provided in a Noticethis Agreement, and failure by Tenant to repay the same shall constitute an Event of Default within the meaning of Section 17.1(b). Each insurer mentioned in this Article shall agree, on the certificate or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord (and to any Facility Mortgagee and Landlord Lender of which Tenant has notice, if required) thirty (30) days' prior written notice before such policy or policies expire, are materially changed or are canceled.failure
Appears in 1 contract
Samples: Real Estate Loan Agreement (Medical Properties Trust Inc)