Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled. (b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 35 contracts
Samples: Hotel Lease Agreement (Moody National REIT II, Inc.), Hotel Lease Agreement, Hotel Lease Agreement (Moody National REIT II, Inc.)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and any Superior Lessor and Facility Mortgagee and by insurance companies satisfactory to LessorLessor and any Superior Lessor and Facility Mortgagee. Lessee Lessor agrees that it will not unreasonably withhold, delay or condition its approval as to the form of the policies of insurance or as to the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefortherefor not later than the earlier of the date which is thirty (30) days after Tenant’s receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and each Superior Lessor and Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 Section shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLessor and any Superior Lessor and Facility Mortgagee, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 13 contracts
Samples: Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Kindred Healthcare, Inc)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this Article 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder’s rating of no less than A in Best’s latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars (a$250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker’s compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker’s compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be paid prior to the effective date of any policy, if required by such policy, or pursuant to an installment payment plan if permissible under such policy. Not more than twenty five (25) All days nor less than five (5) days prior to the effective date of the policies of insurance referred to in this Article 13 to be maintained by Lessee or renewal policies (which, for renewal policies, shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), Tenant shall deliver to Landlord copies of enforceable binders for such insurance coverage. Tenant shall deliver (or cause to be delivered) to Landlord certificates evidencing such insurance coverage within five (5) days after the effective date of such policies, and in thereafter Tenant shall deliver to Landlord the policies or renewal policies promptly upon receipt by Tenant. All such policies shall provide Landlord (and any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, but shall have no not the obligation, upon Notice to effect Tenant, to acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 9 contracts
Samples: Master Lease Agreement (Five Star Quality Care Inc), Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Senior Housing Properties Trust)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder’s rating of no less than A in Best’s latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Five Hundred Thousand Dollars ($500,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker’s compensation insurance coverage, shall name Landlord and any Property Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker’s compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Property Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Property Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 9 contracts
Samples: Lease Agreement (TravelCenters of America Inc. /MD/), Lease Agreement (TravelCenters of America Inc. /MD/), Lease Agreement (TravelCenters of America Inc. /MD/)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 9 contracts
Samples: Hotel Lease Agreement (Apple Suites Inc), Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Two Inc)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder’s rating of no less than A in Best’s latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker’s compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker’s compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 8 contracts
Samples: Lease Agreement (Senior Housing Properties Trust), Lease Agreement (Five Star Quality Care Inc), Master Lease Agreement (Five Star Quality Care Inc)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this Article 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder’s rating of no less than A in Best’s latest rating guide. All property, business interruption, liability and flood insurance policies shall include no deductible in excess of Two Hundred Fifty Thousand Dollars (a$250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker’s compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker’s compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be paid prior to the effective date of any policy, if required by such policy, or pursuant to an installment payment plan if permissible under such policy. Not more than twenty five (25) All days nor less than five (5) days prior to the effective date of the policies of insurance referred to in this Article 13 to be maintained by Lessee or renewal policies (which, for renewal policies, shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), Tenant shall deliver to Landlord copies of enforceable binders for such insurance coverage. Tenant shall deliver (or cause to be delivered) to Landlord certificates evidencing such insurance coverage within five (5) days after the effective date of such policies, and in thereafter Tenant shall deliver to Landlord the policies or renewal policies promptly upon receipt by Tenant. All such policies shall provide Landlord (and any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, but shall have no not the obligation, upon Notice to effect Tenant, to acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 6 contracts
Samples: Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Five Star Quality Care Inc)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this Article 9 shall be fully paid for, nonassessable and be issued by insurance carriers authorized to do business in the State, having a general policy holder's rating of no less than A in Best's latest rating guide. All such policies described in Sections 9.1(a) through (ad) All shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000) (with the exception of insurance described in Section 9.1(a) providing coverage for windstorm which may have a deductible not exceeding five percent (5%) of the policies policy amount for such insurance or such lesser amount as may be usual and customary in the insurance industry for like properties) and, with the exception of the insurance referred described in Sections 9.1(e), shall name Landlord and any Hotel Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under Sections 9.1(c) and (e) shall be payable directly to in this Article 13 the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Hotel Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor Landlord or any Hotel Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 6 contracts
Samples: Lease Agreement (Candlewood Hotel Co Inc), Lease Agreement (Candlewood Hotel Co Inc), Lease Agreement (Hospitality Properties Trust)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder’s rating of no less than A in Best’s latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker’s compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker’s compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, but shall have no not the obligation, upon Notice to effect Tenant, to acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 5 contracts
Samples: Master Lease Agreement (Five Star Quality Care Inc), Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Five Star Quality Care Inc)
Form Satisfactory, Etc. (a) All Subject to the second paragraph of the Section 9.2, all insurance policies of insurance referred and endorsements required pursuant to in this Article 13 to be maintained by Lessee 9 shall be written fully paid for, nonassessable and, except for umbrella and flood coverage, shall contain such provisions and expiration dates and be in a form, with deductibles such form and amounts and issued by insurance companies carriers authorized to do business in the State, having a general policy holder's rating of A/VI in Best's latest rating guide (or such other higher rating or such other customarily used rating agency as may be required by the Facility Mortgagee, provided that any additional expense associated with such higher ratings shall be borne by Landlord), and otherwise satisfactory to LessorLandlord and Tenant. Lessee Without limiting the foregoing, such policies shall pay all of the premiums therefor, and include only deductibles reasonably approved by Landlord. The party responsible for obtaining any policy shall deliver such policies or certificates thereof to Lessor the other party prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and and, in the event of the failure of Lessee either party shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor the other party or the Facility Mortgagee at the times required, Lessor the other party shall be entitledhave the right, but shall have no not the obligation, after ten (10) days' written notice to effect the responsible party, to acquire such insurance and pay the premiums therefor, which amounts shall be reimbursed by the responsible party, together with interest accrued thereon at the Overdue Rate from the date such payment is made until the date repaid. All such policies shall provide the non-responsible party (and Lessee shall reimburse Lessor for any premium or premiums paid the Facility Mortgagee and Manager, if required by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30same) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' prior written notice before the policy of any material modification, expiration or policies in question shall be materially altered, allowed to expire or canceledcancellation of such policy.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 5 contracts
Samples: Lease Agreement (HMC Merger Corp), Lease Agreement (Crestline Capital Corp), Lease Agreement (HMC Merger Corp)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by insurance companies satisfactory to LessorLessor and also shall meet and satisfy the requirements of any ground lessor, lender or franchisor having any interest in the Leased Premises. Subject to the right to reimbursement or credit specified in Section XIII, Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or binding certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Section (other than the premiums required to be paid or reimbursed to Lessee by Lessor in accordance with Section 13.1(b)) upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) 30 days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) 30 days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 5 contracts
Samples: Master Lease Agreement, Master Lease Agreement (Supertel Hospitality Inc), Master Lease Agreement (Supertel Hospitality Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance ----------------------- referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and any Superior Lessor and Facility Mortgagee and by insurance companies satisfactory to LessorLessor and any Superior Lessor and Facility Mortgagee. Lessee Lessor agrees that it will not unreasonably withhold, delay or condition its approval as to the form of the policies of insurance or as to the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefortherefor not later than the earlier of the date which is thirty (30) days after Tenant's receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and each Superior Lessor and Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 Section --------------- shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLessor and any Superior Lessor and Facility Mortgagee, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 4 contracts
Samples: Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc)
Form Satisfactory, Etc. (a) 13.5.1 All of the policies of insurance referred to in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by insurance companies form reasonably satisfactory to LessorLessor and any Facility Mortgagee. The property loss insurance policy shall contain a Replacement Cost Endorsement. If Lessee obtains and maintains the professional malpractice insurance described in Section 13.1.5 above on a “claims-made” basis, Lessee shall provide continuous liability coverage for claims arising during the Term either by obtaining an endorsement providing for an extended reporting period reasonably acceptable to Lessor in the event such policy is canceled or not renewed for any reason whatsoever, or by obtaining either (a) “tail” insurance coverage converting the policies to “occurrence” basis policies providing coverage for a period of at least three (3) years beyond the expiration of the Term, or (b) retroactive coverage back to the commencement date (which date shall be at least three (3) years prior to the expiration of the Term) for the policy in effect prior to the expiration of the Term and maintaining such coverage for a period of at least three (3) years beyond the expiration of the Term. Lessee shall (i) pay when due all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date date, (and, ii) with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), Lessee shall furnish a new policy or binder to Lessor) and (iii) promptly thereafter, deliver the certificate or the new policy and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefortherefor when due, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefortherefor as Rent, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 4 contracts
Samples: Master Lease Agreement (Omega Healthcare Investors Inc), Master Lease Agreement (Sun Healthcare Group Inc), Master Lease Agreement (Sun Healthcare Group Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by insurance companies reasonably satisfactory to Lessor; provided, however, that the qualitative financial condition and operating performance (or claims-paying ability) of such insurance companies must be rated in at least the third highest rating category of a nationally recognized statistical rating organization or rated at least A:VIII by A.M. Best. Lessee shall be permitted to acquire insurance through insurance companies which are Affiliates of Lessee and which otherwise satisfy the requirements of this Article XIII, provided that the terms of such insurance shall be no more favorable to such Affiliates than would the same insurance if purchased from an independent third party. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums thereforthereon, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Section upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(b). Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 3 contracts
Samples: Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder's rating of no less than A in Best's latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars (a) $250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All of loss adjustments shall be payable as provided in ARTICLE 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the policies of party entitled thereto. Tenant shall cause all insurance referred to in this Article 13 premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 3 contracts
Samples: Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Five Star Quality Care Inc), Lease Agreement (Five Star Quality Care Inc)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder’s rating of no less than A in Best’s latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Five Hundred Thousand Dollars (a) $500,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker’s compensation insurance coverage, shall name Landlord and any Property Mortgagee as additional insureds, as their interests may appear. All of loss adjustments shall be payable as provided in ARTICLE 10, except that losses under liability and worker’s compensation insurance policies shall be payable directly to the policies of party entitled thereto. Tenant shall cause all insurance referred to in this Article 13 premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Property Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Property Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 2 contracts
Samples: Lease Agreement (Travelcenters of America LLC), Lease Agreement (Hospitality Properties Trust)
Form Satisfactory, Etc. (a) All of the policies of insurance ----------------------- referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and any Superior Lessor and Facility Mortgagee and by insurance companies satisfactory to LessorLessor and any Superior Lessor and Facility Mortgagee. Lessee Lessor agrees that it will not unreasonably withhold its approval as to the form of the policies of insurance or as to the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty at least ten (3010) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and each Superior Lessor and Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 Section shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLessor and any Superior Lessor and Facility Mortgagee, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Master Lease Agreement (Ventas Inc), Master Lease Agreement (Vencor Healthcare Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 XIII to be maintained by Lessee shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 XIII upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 XIII to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Contract for Purchase and Sale of Hotels (Felcor Suite Hotels Inc), Contract for Purchase and Sale of Hotels (Itt Corp /Nv/)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by insurance companies reasonably satisfactory to Lessor; provided, however, that the qualitative financial condition and operating performance (or claims-paying ability) of such insurance companies must be rated in at least the third highest rating category of a nationally recognized statistical rating organization or rated at least A:VIII by A.M. Best. Lessee shall be permitted to acquire insurance through insurance companies which are Affiliates of Lessee and which otherwise satisfy the requirements of this Article XIII, provided that the terms of such insurance shall be no more favorable to such Affiliates than would the same insurance if purchased from an independent third party. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums thereforthereon, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Section upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) 30 days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(b). Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Consolidated Lease Agreement (Equity Inns Inc), Consolidated Lease Agreement (Equity Inns Inc)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 to be maintained by Lessee 9 shall be written fully paid for, nonassessable and shall contain such provisions and expiration dates and be in a form, with deductibles such form and amounts and issued by insurance companies satisfactory carriers authorized to Lessordo business in the State, having a general policy holder's rating of at least A-in Best's latest rating guide (or such other comparable rating or such other customarily used rating agency as may be required by any Facility Mortgagee), and otherwise as shall be approved by Landlord. Lessee Without limiting the foregoing, such policies shall include only deductibles reasonably approved by Landlord and shall name Landlord and any Facility Mortgagee as additional insureds. All losses shall be payable to Landlord or Tenant as provided in Article 10. Any loss adjustment shall require the prior written consent of Landlord and Tenant. Tenant shall pay all of the insurance premiums therefor, and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and and, in the event of the failure of Lessee either Tenant shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, which amounts shall be payable to Landlord, upon demand, as Additional Charges, together with interest accrued thereon at the Overdue Rate from the date such payment is made until the date repaid. All such policies shall provide Landlord (and Lessee shall reimburse Lessor for any premium or premiums paid Facility Mortgagee, if required by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30same) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' prior written notice before of any material modification, expiration or cancellation of such policy. Tenant may satisfy its insurance obligations through the use of (i) a risk retention group or purchasing group or captive insurance company with a capital structure reasonably approved by Landlord or (ii) a self insurance program with retention limits reasonably approved by Landlord and an excess policy or policies in question shall be materially altered, allowed to expire or canceledprovided by an insurer meeting the requirements of this Agreement.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Master Lease Agreement (Crescent Real Estate Equities Inc), Master Lease Agreement (Crescent Real Estate Equities Co)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this Article 9 shall be fully paid for, nonassessable and shall contain such provisions and expiration dates and be in such form and amounts and issued by insurance carriers authorized to do business in the State, having a general policy holder's rating of A or A+ in Best's latest rating guide, and as otherwise shall be approved by Landlord. Without limiting the foregoing, such policies shall include no deductible in excess of $25,000 (aunless consistent with deductibles included in policies carried by entities engaged in similar businesses and owning similar properties similarly situated and agreed to in advance by Landlord) All and, with the exception of the policies of insurance referred to described in this Article 13 to be maintained by Lessee Section 9.1(e), shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All losses shall be payable to Landlord, any Facility Mortgagee or Tenant as provided in Article 10. Any loss adjustment shall require the prior written in a formconsent of Landlord, with deductibles Tenant, and each Facility Mortgagee, which consent shall not be unreasonably withheld, delayed or conditioned by insurance companies satisfactory to LessorLandlord. Lessee Tenant shall pay all of the insurance premiums therefor, and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy)) and, and in the event of the failure of Lessee either Tenant shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, but shall have no not the obligation, upon the giving of written Notice thereof to effect Tenant, to acquire such insurance and pay the premiums therefor, which amounts shall be payable to Landlord, upon demand, as Additional Charges, together with interest accrued thereon at the Overdue Rate from the date such payment is made until the date repaid. All such policies shall provide Landlord (and Lessee shall reimburse Lessor for any premium or premiums paid Facility Mortgagee, if required by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30same) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' prior written notice before the policy of any modification, expiration or policies in question shall be materially altered, allowed to expire or canceledcancellation of such policy.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Master Lease Agreement (Senior Housing Properties Trust), Master Lease Agreement (Brookdale Living Communities Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee shall be written in a form, with deductibles and by insurance companies satisfactory to LessorLessor and also shall meet and satisfy the requirements of any ground lessor, lender or franchisor having any interest in the Leased Premises. Subject to the right to reimbursement or credit specified in Section 13.1, Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or binding certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Section (other than the premiums required to be paid or reimbursed to Lessee by Lessor in accordance with Section 13.1(b)) upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) 30 days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(d). Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Lease Agreement (Humphrey Hospitality Trust Inc), Lease Agreement (Humphrey Hospitality Trust Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee shall be written in a form, with deductibles and exclusions from coverage and by insurance companies reasonably satisfactory to Lessor. Subject to the right to reimbursement or credit for coverages specified in Subsection 13.1(a) and any other "casualty coverages" required by Lessor, Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Subsection 13.1(b) upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1Subsection 16.1(c). Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 2 contracts
Samples: Lease Agreement (Bristol Hotels & Resorts Inc), Lease Agreement (Felcor Lodging Trust Inc)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and shall be issued by reputable insurance companies, and otherwise be issued by insurance carriers, having a general policy holder's rating of no less than "A-" in Best's latest rating guide. All property, business interruption and liability policies (excluding earthquake coverage) shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000) per incident. Any liability policy carried hereunder may be a "claims made" policy, rather than an occurrence policy, and Tenant may choose to implement an insurance program which is a fully funded rent-a-captive program (such funding to be maintained by Lessee in an amount not less than $2,000,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be written payable as provided in a formArticle 10, with deductibles except that losses under liability and by worker's compensation insurance companies satisfactory policies shall be payable directly to Lessorthe party entitled thereto. Lessee Tenant shall pay cause all of the insurance premiums therefor, to be paid and shall deliver such (or cause to be delivered) policies or certificates thereof to Lessor Landlord on or prior to their effective date (and, with respect to any renewal policy, thirty (30) days on or prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred ---------------------- to in this Article 13 to be maintained by Lessee Section 13.1 shall be written in a form, with deductibles form reasonably satisfactory to ------------ Landlord and by insurance companies satisfactory rated not less than A-X by A.M. Best's Insurance Guide. In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to LessorLandlord. Lessee Tenant shall pay all of premiums for the premiums therefor, and deliver such policies or insurance referred to in Section 13.1 ----------- and shall deliver certificates thereof to Lessor Landlord prior to their effective date (and, and with respect to any renewal policy, thirty (30) at least 10 days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Section 13.4, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall be entitled, but shall have ------------ no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in this Article 13 Section 13.1 shall agree, by endorsement to on ------------ the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor thirty (30) Landlord 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Leased Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledLeased Property.
Appears in 1 contract
Samples: Lease (National Golf Properties Inc)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and, so long the MSLS Operating Agreement remains in effect with respect to a Property, with respect to any insurance maintained by MSLS, be issued by reputable insurance companies, and, otherwise, be issued by insurance carriers having a general policy holder's rating of no less than A in Best's latest rating guide. So long as the MSLS Operating Agreement remains in effect with respect to a Property, the property, business interruption, liability and flood insurance policies with respect to such Property shall include only those deductibles permitted by such MSLS Operating Agreement. After the MSLS Operating Agreement terminates with respect to a Property, all property, business interruption, liability and flood insurance policies with respect to such Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Samples: Master Lease Agreement (Senior Housing Properties Trust)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and any Superior Lessor and Facility Mortgagee and by insurance companies satisfactory to LessorLessor and any Superior Lessor and Facility Mortgagee. Lessee Lessor agrees that it will not unreasonably withhold, delay or condition its approval as to the form of the policies of insurance or as to the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefortherefor not later than the earlier of the date which is thirty (30) days after Tenant's receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and each Superior Lessor and Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 Section shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLessor and any Superior Lessor and Facility Mortgagee, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
Form Satisfactory, Etc. All insurance policies and endorsements --- ---------------------- required pursuant to this Article 9 shall be fully paid for, nonassessable and, --------- except for umbrella and flood coverage, be issued by insurance carriers authorized to do business in the State, having a rating of no less than A-:XI in Best's latest rating guide and otherwise satisfactory under any Hotel Mortgage **[Sea View -- or Ground Lease]**. No policy described in Sections 9.1(i)(a), ------------------- (aii)(a)-(c) All and (iii) shall include a deductible in excess of Twenty Five --------------------- Thousand Dollars ($25,000) (provided, however, that insurance for earthquake and hurricane damage may include such reasonable deductibles as are consistent with normal industry practice and which are otherwise acceptable to Landlord) and, with the exception of the policies of insurance referred to described in this Section 9.1(i)(b), shall name ----------------- Landlord and any Hotel Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 13 10. ---------- Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, make available such policies and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Hotel Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor Landlord or any Hotel Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, but shall have no not the obligation, subject to effect the provisions of Section 12.5, to acquire such insurance ------------ and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred ---------------------- to in this Article 13 XIII that are to be maintained obtained by Lessee Tenant shall be written in a form, with deductibles and by insurance companies satisfactory to LessorLandlord. Lessee Tenant shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor Landlord at the times required, Lessor Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee Tenant shall reimburse Lessor Landlord for any premium or premiums paid by Lessor Landlord for the coverages required of Lessee under this Article 13 XIII upon written demand therefor, and Lessee’s Tenant's failure to repay the same within thirty (30) 30 days after Notice of such failure from Lessor Landlord shall constitute an Event of Default within the meaning of Section 16.116.1(b). Each insurer providing the insurance mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor thirty (30) Landlord 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee Section 13.1 shall be written in a form, with deductibles form reasonably satisfactory to Landlord and by insurance companies satisfactory to Lessorrated not less than AVIII by A.M. Best's Insurance Guide. Lessee Tenant shall pay all premiums for the policies of the premiums therefor, insurance referred to in Section 13.1 and shall deliver such policies or certificates thereof and copies of said policies to Lessor Landlord prior to their effective date (and, and with respect to any renewal policy, thirty (30) at least 10 days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Section 13.4, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums (together with interest thereon accruing at the Overdue Rate until repaid) shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in this Article 13 shall agreepolicy of insurance required by Section 13.1 shall, by endorsement to on the policy or policies issued by itpolicies, or by independent instrument furnished to LessorLandlord, provide that it the insurer thereunder will give to Lessor thirty (30) Landlord not less than 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Leased Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgage pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledLeased Property.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee 15 shall be written in a form, with deductibles form reasonably satisfactory to Landlord and by insurance companies satisfactory to Lessorrated not less than B+, XI by A.M. Best's Insurance Guide. Lessee Tenant shall pay all premiums for the policies of the premiums therefor, insurance referred to in Sections 15.1 and 15.2 and shall deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, and with respect to any renewal policy, thirty at least ten (3010) days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Article 15, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in issuing policies pursuant to this Article 13 15 shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor Landlord thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledProperty.
Appears in 1 contract
Samples: Lease (Golf Trust of America Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to ----------------------- in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by insurance companies satisfactory to LessorLessor and also shall meet and satisfy the requirements of any ground lessor, lender or franchisor having any interest in the Leased Premises. Subject to the right to reimbursement or credit specified in Section 13.1, Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or binding certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Section (other than the premiums required to be paid or reimbursed to Lessee by Lessor in accordance with Section 13.1(b)) upon written demand therefor, and Lessee’s 's failure to repay the same within thirty (30) 30 days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(d). Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance ---------------------- referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and any Superior Lessor and Facility Mortgagee and by insurance companies satisfactory to LessorLessor and any Superior Lessor and Facility Mortgagee. Lessee Lessor agrees that it will not unreasonably withhold, delay or condition its approval as to the form of the policies of insurance or as to the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefortherefor not later than the earlier of the date which is thirty (30) days after Tenant's receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and each Superior Lessor and Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 Section --------------- shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLessor and any Superior Lessor and Facility Mortgagee, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by insurance companies form reasonably satisfactory to LessorLessor and any Facility Mortgagee. The property loss insurance policy shall contain a Replacement Cost Endorsement. If Lessee obtains and maintains the professional malpractice insurance described in Section 13.1.5 above on a "claims-made" basis, Lessee shall provide continuous liability coverage for claims arising during the Term either by obtaining an endorsement providing for an extended reporting period reasonably acceptable to Lessor in the event such policy is canceled or not renewed for any reason whatsoever, or by obtaining "tail" insurance coverage converting the policies to "occurrence" basis policies providing coverage for a period of at least three (3) years beyond the expiration of the Term. Lessee shall (i) pay when due all of the premiums therefor, and deliver such policies or certificates thereof to Lessor prior to their effective date date, (and, ii) with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), Lessee shall furnish a new policy or binder to Lessor) and (iii) promptly thereafter, deliver the certificate or the new policy and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefortherefor when due, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefortherefor as Rent, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. .
(b) Each insurer mentioned in this Article 13 XIII shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor (and to any Facility Mortgagee, if required by the same) at least thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire altered or canceled.
(bc) All Notwithstanding any provision of the policies of insurance referred to in this Article 13 XIII to the contrary, each Lessor acknowledges and agrees that the coverage required to be maintained by Lessor shall be written in a formLessee, with deductibles and by insurance companies satisfactory including but not limited to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agreeSections 13.1.4, 13.1.5, 13.1.8 and any workers' compensation insurance, may be provided under one or more policies of self-insurance maintained by endorsement to Sun and/or one or more of the policy Lessees or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledtheir respective Affiliates.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred ---------------------- to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and by insurance companies satisfactory to Lessor. Lessor agrees that it will not unreasonably withhold its approval as to the form of the policies of insurance or as to the insurance companies selected by Lessee. Lessee shall pay all of the premiums therefortherefor not later than the earlier of the date which is thirty (30) days after Lessee's receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and any Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(b). Each insurer mentioned in this Article 13 Section shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty ten (3010) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledcancelled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee VII shall be written in a form, with deductibles form reasonably satisfactory to Lender and by insurance companies satisfactory to Lessorrated not less than B+, XI by A.M. Best's Insurance Guide. Lessee Borrower shall pay all premiums for the policies of the premiums therefor, insurance referred to in Sections 7.1 and 7.2 and shall deliver such policies or certificates thereof to Lessor Lender prior to their effective date (and, and with respect to any renewal policy, thirty at least ten (3010) days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Borrower fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Article VII, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Lender shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Lender upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in issuing policies pursuant to this Article 13 VII shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLender, that it will give to Lessor Lender thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Lender or Borrower which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Lender Assignee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledProperty.
Appears in 1 contract
Samples: Loan Agreement (Gta-Ib, LLC)
Form Satisfactory, Etc. (a) All of the policies of insurance referred ---------------------- to in this Article 13 to be maintained by Lessee Section 13.1 shall be written in a form, with deductibles form reasonably satisfactory to ------------ Landlord and by insurance companies satisfactory to Lessorrated not less than A-X by A.M. Best's Insurance Guide. Lessee In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are not in excess of the self-insurance limits specified by Section 13.5. Tenant shall pay all premiums for the policies of the premiums therefor, insurance referred to in Section 13.1 and shall deliver such policies or certificates thereof to Lessor ------------ Landlord prior to their effective date (and, and with respect to any renewal policy, thirty (30) at least 10 days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Section 13.4, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall ------------ be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in this Article 13 Section 13.1 shall ------------ agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor thirty (30) Landlord 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Leased Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgagee pursuant to any provision of a mortgage note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledLeased Property.
Appears in 1 contract
Samples: Lease (National Golf Properties Inc)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and shall be issued by reputable insurance companies, and, otherwise, be issued by insurance carriers having a general policy holder's rating of no less than A in Best's latest rating guide. All property, business interruption, liability and flood insurance policies with respect to such Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Samples: Master Lease Agreement (Senior Housing Properties Trust)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee 15 shall be written in a form, with deductibles form reasonably satisfactory to Landlord and by insurance companies satisfactory to Lessorrated not less than "A" by A.M. Best's Insurance Guide. Lessee Tenant shall pay all premiums for the policies of the premiums therefor, insurance referred to in Sections 15.1 and 15.2 and shall deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, and with respect to any renewal policy, thirty at least ten (3010) days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Article 15, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefortherefore, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in issuing policies pursuant to this Article 13 15 shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor Landlord thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledProperty.
Appears in 1 contract
Samples: Lease (Golf Trust of America Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred ---------------------- to in this Article 13 to be maintained by Lessee XIII shall be written in a form, with deductibles and by ------------ insurance companies satisfactory to LessorLessor and also shall meet and satisfy the requirements of any ground lessor, lender or franchisor having any interest in the Leased Premises. Subject to the right to reimbursement or credit specified in Section XIII, Lessee shall pay all of the premiums therefor, and deliver such ------------ policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or binding certificates thereof to Lessor at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 Section (other than the premiums required to be paid or reimbursed to Lessee by Lessor in accordance with Section 13.1(b)) upon written demand therefor, and --------------- Lessee’s 's failure to repay the same within thirty (30) 30 days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section ------- 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee Section 6.22.2 shall be written in a form, with deductibles and the standard forms issued by insurance companies satisfactory meeting the specific requirements of this Agreement. If Borrowers obtain and maintain the professional malpractice insurance described in Section 6.22.2(a)(v) above on a “claims-made” basis, Borrowers shall provide continuous liability coverage for claims arising during the Term either by obtaining an endorsement providing for an extended reporting period reasonably acceptable to LessorLender in the event such policy is canceled or not renewed for any reason whatsoever, or by obtaining “tail” insurance coverage converting the policies to “occurrence” basis policies providing coverage for a period of at least three (3) years beyond the expiration of the Term. Lessee Borrowers shall pay when due all of the premiums thereforfor all insurance policies that they are required to maintain, and shall deliver such policies or certificates thereof to Lessor Lender prior to their effective date (and, with respect to any renewal policy, thirty not less than twenty (3020) days prior to the expiration of the existing policy, Borrowers shall furnish a new policy or binder to Lender), and in the event of the failure of Lessee Borrowers either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor Lender at the times required, Lessor Lender shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefortherefor when due, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Lender immediately upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within Default. All public liability and property damage insurance shall contain a provision that Lender, although named as an insured, shall nevertheless be entitled to recovery under said policies for any loss, damage, or injury to Lender, its servants, agents, and employees by reason of the meaning negligence of Section 16.1Borrowers or Lender. Each insurer mentioned in providing coverage required by this Article 13 Agreement shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLender, that it will give to Lessor Lender at least thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire altered or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and shall be issued by reputable insurance companies, and, otherwise, be issued by insurance carriers having a general policy holder's rating of no less than A in Best's latest rating guide. All property, business interruption, liability and flood insurance policies with respect to such Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars (a) $250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All of loss adjustments shall be payable as provided in ARTICLE 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the policies of party entitled thereto. Tenant shall cause all insurance referred to in this Article 13 premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Samples: Master Lease Agreement (Five Star Quality Care Inc)
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and, so long the MSLS Operating Agreement remains in effect with respect to a Property, with respect to any insurance maintained by MSLS, be issued by reputable insurance companies, and, otherwise, be issued by insurance carriers having a general policy holder's rating of no less than A in Best's latest rating guide. So long as the MSLS Operating Agreement remains in effect with respect to a Property, the property, business interruption, liability and flood insurance policies with respect to such Property shall include only those deductibles permitted by such MSLS Operating Agreement. After the MSLS Operating Agreement terminates with respect to a Property, all property, business interruption, liability and flood insurance policies with respect to such Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars (a) $250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All of loss adjustments shall be payable as - 40 - provided in ARTICLE 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the policies of party entitled thereto. Tenant shall cause all insurance referred to in this Article 13 premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Samples: Master Lease Agreement (Five Star Quality Care Inc)
Form Satisfactory, Etc. All insurance policies and endorsements ----------------------- required pursuant to this Article 9 shall be fully paid for, nonassessable and --------- be issued by insurance carriers authorized to do business in the State, having a general policy holder's rating of no less than B++ in Best's latest rating guide. All such policies described in Sections 9.1(a) through (ad) All shall include --------------------------- no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000) (with the exception of insurance described in Section 9.1(a) providing coverage for -------------- windstorm which may have a deductible not exceeding five percent (5%) of the policies policy amount for such insurance or such lesser amount as may be usual and customary in the insurance industry for like properties) and, with the exception of the insurance referred described in Sections 9.1(e), shall name Landlord and any Hotel --------------- Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under ---------- Sections 9.1(c) and (e) shall be payable directly to in this Article 13 the party entitled thereto. ----------------------- Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Hotel Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor Landlord or any Hotel Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable and be issued by insurance carriers authorized to do business in the State, having a general policy holder's rating of no less than B++ in Best's latest rating guide. All such policies described in SECTIONS 9.1(a) through (ad) All shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000) and, with the exception of the policies of insurance referred described in SECTIONS 9.1(e), shall name Landlord and the Hotel Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in ARTICLE 10, except that losses under SECTIONS 9.1(c) and 9.1(e) shall be payable directly to in this Article 13 the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in the Hotel Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect such insurance as herein called for or required, to pay the premiums therefor, therefor or to deliver such policies or certificates thereof to Lessor Landlord or the Hotel Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, but shall have no obligation, to effect Interest Rate from the date such insurance and pay payment is made until the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Samples: Stock Purchase Agreement (Hospitality Properties Trust)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by that are the responsibility of the Lessee shall be written in a form, with deductibles and by insurance companies satisfactory to LessorLessor and shall satisfy the requirements of any ground lease, mortgage, security agreement or other financing lien on the Leased Property and of the Franchise Agreement. The Lessee shall pay all of the premiums therefor, and deliver copies of such policies or certificates thereof to the Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) 30 days prior to the expiration of the existing policy), and in the event of the failure of the Lessee either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to the Lessor at the times required, the Lessor shall be entitled, but shall have no obligation, after 10 days' Notice to Lessee (or after less than 10 days' Notice if required to prevent the expiration of any existing policy), to effect such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained reimbursed by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or such premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lesseethe Lessor that it will give to Lessor 7 days' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled. All the policies of insurance referred to in this Article 13 that are the responsibility of the Lessor shall be written in form, with deductibles and by insurance companies satisfactory to Lessee and shall satisfy the requirements of any ground lease, mortgage, security agreement or other financing lien on the Leased Property and of the Franchise Agreement. The Lessor shall pay all of the premiums therefor, and deliver copies of such policies or certificates thereof to the Lessee prior to their effective date (and, with respect to any renewal policy, 30 days prior to the expiration of the existing policy), and in the event of the failure of the Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to the Lessee at the times required, the Lessee shall be entitled, but shall have no obligation, after 10 days' Notice to Lessor (or after less than 10 days' Notice if required to prevent the expiration of any existing policy), to effect such insurance and pay the premiums therefor, and to be reimbursed by Lessor for any such premiums upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to the Lessee that it will give to Lessee thirty (30) 7 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Sublandlord and any Facility Mortgagee and by insurance companies (i) authorized to do insurance business in the State of Florida, (ii) satisfactory to LessorSublandlord and any Facility Mortgagee, and (iii) with the claims-paying ability ratings set forth in Paragraph J of this Schedule 1. Lessee Subtenant shall pay all of the premiums therefortherefor not later than the earlier of the date which is ten (10) days after Subtenant's receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor Sublandlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Subtenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor Prime Landlord, Sublandlord and each Facility Mortgagee at the times required, Lessor Sublandlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Sublandlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default by Subtenant within the meaning of Section 16.116.1(c) of the Master Lease. Each insurer mentioned in this Article 13 Section shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorSublandlord and any Facility Mortgagee, that it will give to Lessor Sublandlord thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Samples: Operations Transfer Agreement (Kindred Healthcare Inc)
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and shall be issued by reputable insurance companies, and, otherwise, be issued by insurance carriers having a general policy holder's rating of no less than A in Best's latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be payable as provided in Article 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the party entitled thereto. Tenant shall cause all insurance premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee 11 shall be written in a form, with deductibles and by insurance companies reasonably satisfactory to LessorOperating Lessor and also shall meet and satisfy the requirements of any ground lessor, lender or franchisor having any interest in the Leased Premises. Operating Lessee shall pay all of the premiums therefor, and deliver such to Operating Lessor policies or certificates thereof to Lessor prior to of the insurance required under Section 11.1 above as of their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Operating Lessee either to effect obtain such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Operating Lessor at the times required, Operating Lessor shall be entitled, but shall have no obligation, to effect obtain such insurance and pay the premiums therefor, and Operating Lessee shall reimburse Operating Lessor for any premium or premiums paid by Operating Lessor for the coverages required of Lessee under this Article 13 Section upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Operating Lessor shall constitute an Event of Default within the meaning of Section 16.114.1(b). Each insurer mentioned in this Article 13 11 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Operating Lessor thirty (30) days’ ' written notice before Operating Lessor, the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder's rating of no less than A in Best's latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Five Hundred Thousand Dollars (a) $500,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Property Mortgagee as additional insureds, as their interests may appear. All of loss adjustments shall be payable as provided in ARTICLE 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the policies of party entitled thereto. Tenant shall cause all insurance referred to in this Article 13 premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Property Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Property Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Form Satisfactory, Etc. All insurance policies and endorsements required pursuant to this ARTICLE 9 shall be fully paid for, nonassessable, and issued by reputable insurance companies authorized to do business in the State and having a general policy holder's rating of no less than A in Best's latest rating guide. All property, business interruption, liability and flood insurance policies with respect to each Property shall include no deductible in excess of Two Hundred Fifty Thousand Dollars (a) $250,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Property Mortgagee as additional insureds, as their interests may appear. All of loss adjustments shall be payable as provided in ARTICLE 10, except that losses under liability and worker's compensation insurance policies shall be payable directly to the policies of party entitled thereto. Tenant shall cause all insurance referred to in this Article 13 premiums to be maintained by Lessee paid and shall deliver (or cause to be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Lessee shall pay all of the premiums therefor, and deliver such delivered) policies or certificates thereof to Lessor Landlord prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Property Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Property Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceleddate repaid.
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and shall be issued by reputable insurance companies, and otherwise be issued by insurance carriers, having a general policy holder's rating of no less than “A-” in Best's latest rating guide. All property, business interruption and liability policies (excluding earthquake coverage) shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000) per incident. Any liability policy carried hereunder may be a “claims made” policy, rather than an occurrence policy, and Tenant may choose to implement an insurance program which is a fully funded rent-a-captive program (such funding to be maintained by Lessee in an amount not less than $2,000,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be written payable as provided in a formArticle 10, with deductibles except that losses under liability and by worker's compensation insurance companies satisfactory policies shall be payable directly to Lessorthe party entitled thereto. Lessee Tenant shall pay cause all of the insurance premiums therefor, to be paid and shall deliver such (or cause to be delivered) policies or certificates thereof to Lessor Landlord on or prior to their effective date (and, with respect to any renewal policy, thirty (30) days on or prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a formupon demand, as Additional Charges, together with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee interest accrued thereon at the times required, Lessee shall be entitled, Overdue Rate from the date such payment is made until (but shall have no obligation, to effect such insurance and pay excluding) the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefordate repaid. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.-38
Appears in 1 contract
Form Satisfactory, Etc. (a) All of the insurance policies of insurance referred and endorsements required pursuant to in this Article 13 9 shall be fully paid for, nonassessable, be issued by insurance carriers authorized to do business in the State, and shall be issued by reputable insurance companies, and otherwise be issued by insurance carriers, having a general policy holder's rating of no less than “A-” in Best's latest rating guide. All property, business interruption and liability policies (excluding earthquake coverage) shall include no deductible in excess of Two Hundred Fifty Thousand Dollars ($250,000) per incident. Any liability policy carried hereunder may be a “claims made” policy, rather than an occurrence policy, and Tenant may choose to implement an insurance program which is a fully funded rent-a-captive program (such funding to be maintained by Lessee in an amount not less than $2,000,000). At all times, all property, business interruption, liability and flood insurance policies, with the exception of worker's compensation insurance coverage, shall name Landlord and any Facility Mortgagee as additional insureds, as their interests may appear. All loss adjustments shall be written payable as provided in a formArticle 10, with deductibles except that losses under liability and by worker's compensation insurance companies satisfactory policies shall be payable directly to Lessorthe party entitled thereto. Lessee Tenant shall pay cause all of the insurance premiums therefor, to be paid and shall deliver such (or cause to be delivered) policies or certificates thereof to Lessor Landlord on or prior to their effective date (and, with respect to any renewal policy, thirty (30) days on or prior to the expiration of the existing policy), . All such policies shall provide Landlord (and in any Facility Mortgagee if required by the same) thirty (30) days prior written notice of any material change or cancellation of such policy. In the event of the failure of Lessee either Tenant shall fail to effect (or cause to be effected) such insurance as herein called for or required, to pay (or cause to be paid) the premiums therefor, therefor or to deliver (or cause to be delivered) such policies or certificates thereof to Lessor Landlord or any Facility Mortgagee at the times required, Lessor Landlord shall be entitledhave the right, upon Notice to Tenant, but shall have no not the obligation, to effect acquire such insurance and pay the premiums therefor, and Lessee shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessor, that it will give to Lessor thirty (30) days’ written notice before the policy or policies in question which amounts shall be materially alteredpayable to Landlord, allowed upon demand, as Additional Charges, together with interest accrued thereon at the Overdue Rate from the date such payment is made until (but excluding) the date repaid. -38- 9.4 No Separate Insurance; Self-Insurance. Tenant shall not take (or permit any Person to expire take) out separate insurance, concurrent in form or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and contributing in the event of loss with that required by this Article 9, or increase the failure amount of Lessor either to effect any existing insurance by securing an additional policy or additional policies, unless all parties having an insurable interest in the subject matter of such insurance, including Landlord and all Facility Mortgagees, are included therein as additional insureds and the loss is payable under such insurance in the same manner as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required losses are payable under this Agreement. In the event Tenant shall take out any such separate insurance or increase any of the amounts of the then existing insurance, Tenant shall give Landlord prompt Notice thereof. Except as expressly permitted in Section upon written demand therefor. Each insurer mentioned in this Article 13 9.3, Tenant shall agree, by endorsement not self-insure (or permit any Person to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledself-insure).
Appears in 1 contract
Samples: Lease Agreement
Form Satisfactory, Etc. (a) All of the policies of insurance referred ---------------------- to in this Article 13 to be maintained by Lessee Section 13.1 shall be written in a form, with deductibles form reasonably satisfactory to ------------ Landlord and by insurance companies satisfactory rated not less than A-X by A.M. Best's Insurance Guide. In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to LessorLandlord. Lessee Tenant shall pay all premiums for the policies of the premiums therefor, insurance referred to in Section 13.1 ------------ and shall deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, and with respect to any renewal policy, thirty (30) at least 10 days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Section 13.4, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall be entitled, but shall have ------------ no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in this Article 13 Section 13.1 shall agree, by endorsement to on ------------ the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor thirty (30) Landlord 30 days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Leased Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledLeased Property.
Appears in 1 contract
Samples: Lease (National Golf Properties Inc)
Form Satisfactory, Etc. (a) All of the policies of insurance referred to in this Article 13 to be maintained by Lessee 15 shall be written in a form, with deductibles form reasonably satisfactory to Landlord and by insurance companies satisfactory to Lessorrated not less than B+, XII by A.M. Best's Insurance Guide. Lessee Tenant shall pay all premiums for the policies of the premiums therefor, insurance referred to in Sections 15.1 and 15.2 and shall deliver such policies or certificates thereof to Lessor Landlord prior to their effective date (and, and with respect to any renewal policy, thirty at least ten (3010) days prior to the expiration of the existing policy), and in . In the event of the failure of Lessee either Tenant fails to effect such insurance as herein called for or to pay the premiums thereforsatisfy its obligations under this Article 15, or to deliver such policies or certificates thereof to Lessor at the times required, Lessor Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefortherefore, and Lessee which premiums shall reimburse Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 be repayable to Landlord upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1as Additional Charges. Each insurer mentioned in issuing policies pursuant to this Article 13 15 shall agree, by endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLandlord, that it will give to Lessor Landlord thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
cancelled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (bi) All any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the policies Property for purposes more hazardous than those permitted by the provisions of insurance referred such policy, (iii) any foreclosure or other action or proceeding taken by any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in this Article 13 title to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all or ownership of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceledProperty.
Appears in 1 contract
Samples: Lease (Golf Trust of America Inc)
Form Satisfactory, Etc. (a) All of the policies of ---------------------- insurance referred to in this Article 13 to be maintained by Lessee Section shall be written in a form, with deductibles form satisfactory to Lessor and any Superior Lessor and Facility Mortgagee and by insurance companies satisfactory to LessorLessor and any Superior Lessor and Facility Mortgagee. Lessee Lessor agrees that it will not unreasonably withhold, delay or condition its approval as to the form of the policies of insurance or as to the insurance companies selected by Tenant. Tenant shall pay all of the premiums therefortherefor not later than the earlier of the date which is thirty (30) days after Tenant's receipt of an invoice therefor or the due date of the applicable premium, and shall deliver such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee Tenant either to effect such insurance as in the names herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessor and each Superior Lessor and Facility Mortgagee at the times required, Lessor shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessee which premiums shall reimburse be repayable to Lessor for any premium or premiums paid by Lessor for the coverages required of Lessee under this Article 13 upon written demand therefor, and Lessee’s failure to repay the same within thirty (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.116.1(c). Each insurer mentioned in this Article 13 Section shall agree, by -------------- endorsement to on the policy or policies issued by it, or by independent instrument furnished to LessorLessor and any Superior Lessor and Facility Mortgagee, that it will give to Lessor thirty (30) days’ ' written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
(b) All of the policies of insurance referred to in this Article 13 to be maintained by Lessor shall be written in a form, with deductibles and by insurance companies satisfactory to Lessee. Lessor shall pay all of the premiums therefor, and deliver such policies or certificates thereof to Lessee prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessor either to effect such insurance as herein called for or to pay the premiums therefor, or to deliver such policies or certificates thereof to Lessee at the times required, Lessee shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, and Lessor shall reimburse Lessee for any premium or premiums paid by Lessee for the coverages required under this Section upon written demand therefor. Each insurer mentioned in this Article 13 shall agree, by endorsement to the policy or policies issued by it, or by independent instrument furnished to Lessee, that it will give to Lessee thirty (30) days’ written notice before the policy or policies in question shall be materially altered, allowed to expire or canceled.
Appears in 1 contract