General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following: (a) Lessor shall obtain and maintain, at its own expense: (i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof; (ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and (iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor. (b) Lessee shall obtain and maintain, at its own expense: (i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof; (ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor; (iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; (v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law; (vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and (vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 21 contracts
Samples: Hotel Lease Agreement, Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise AgreementManagement Agreement and the Loan Documents; provided, however, all insurance coverage for which Lessor is required to reserve funds pursuant to the Loan Documents shall be the obligation of the Lessor. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, if any, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building All Risks Property insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) Leased Improvements in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the Leased Improvements with a Replacement Cost Endorsement. “Full replacement cost” as used herein means the cost of replacing the Leased Improvements (exclusive of the cost of excavations, foundation and footings below the lowest basement floor) without deduction for physical depreciation thereof;
(ii) Insurance for loss or Boiler and Machinery insurance as may reasonably be required to cover physical damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for Improvements and to the benefit major components of Lessor.
(b) Lessee shall obtain and maintainany central hearing, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, air-conditioning or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseeventilation systems;
(iii) Insurance covering such other hazards and Provided that the Leased Property, or any portion thereof, is located in such amounts an area designated as may be customary for comparable properties a flood prone area participating in the area of National Flood Insurance Program, flood insurance in an amount equal to the full replacement cost or the maximum amount then available, unless neither the Leased Property and Property, nor any portion thereof, is available from insurance companies, insurance pools or other appropriate companies authorized to do business in located within a 100 year flood plain as determined by the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by LessorFederal Insurance Administration;
(iv) Fidelity bonds with limits During any changes or alternations of the Leased Property or any part thereof and deductibles as may be reasonably requested by Lessorduring any Restoration following a Taking or a casualty, covering Lesseeall risk builder’s employees risk insurance in job classifications normally bonded under prudent hotel management practices in an amount not less than 100% of the United States or otherwise required by lawfull replacement cost of the Improvements;
(v) Worker’s compensation Insurance against loss of profits or rental under a business interruption insurance coverage for all personspolicy or under a rental value insurance policy covering risk of loss due to the occurrence of any of the hazards covered by the policies described in (i), if any(ii), employed by Lessee on the Leased Premisesand (iii) above, and (to the extent necessary to protect Lessor insurance covering hazards is generally obtainable) in (iv) in an amount not less than the aggregate requirements for the period of 12 months following the occurrence of the insured casualty for: (i) Base Rent and the Leased Property against Lessee’s worker’s compensation claimsPercentage Rent, such worker’s compensation and (ii) Additional Charges, including premiums on insurance required to be in accordance with the requirements of applicable local, state and federal lawcarried pursuant to this Section;
(vi) Vehicle Comprehensive general liability insurance including contractual liability insurance specifically covering the indemnification obligations of Lessee under this Lease, on an occurrence basis against claims for ownedpersonal injury, non-owned(including, without limitation, elevators and/or escalators) and hired vehiclesthe sidewalks, driveways and curbs adjacent thereto with limits not less than $1,000,000 combined single limit and $2,000,000 in the amount annual aggregate in the event of $5,000,000bodily injury or death to any number of persons in any accident; and
(vii) Such Any other insurance as Lessor may reasonably request for facilities such as or coverages applicable to the Leased Property and which are required to be maintained by the operation thereofowner or operator of the Leased Property pursuant to the terms of any Permitted Mortgage; provided that such insurance shall only be required to be maintained by Lessee during the term of the Permitted Mortgage.
Appears in 8 contracts
Samples: Hotel Lease Agreement (Moody National REIT II, Inc.), Hotel Lease Agreement (Moody National REIT I, Inc.), Hotel Lease Agreement (Moody National REIT II, Inc.)
General Insurance Requirements. During All of the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The above policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited primary insurance and shall name the City, its elected and appointed officers, employees and agents as additional insureds and any insurance maintained by City or its officers, employees or agents may apply in excess of, and not contribute with LessorConsultant’s insurance. The insurer is deemed hereof to waive all rights of subrogation and contribution it may have against the City, its officers, employees and agents and their respective insurers. Moreover, the insurance policy must specify that where the primary insured does not satisfy the self-insured retention, any additional insured may satisfy the self-insured retention. All of said policies on of insurance shall provide that said insurance may not be amended or cancelled by the Leased Propertyinsurer or any party hereto without providing thirty (30) days prior written notice by certified mail return receipt requested to the City. In the event any of said policies of insurance are cancelled, including the Leased ImprovementsConsultant shall, Fixtures prior to the cancellation date, submit new evidence of insurance in conformance with Section 5.1 to the Contract Officer. No work or services under this Agreement shall commence until the Consultant has provided the City with Certificates of Insurance, additional insured endorsement forms or appropriate insurance binders evidencing the above insurance coverages and Lessee’s Personal Propertysaid Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, shall include certified copies of and endorsements to all required insurance policies at any time. Any failure to comply with the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% reporting or other provisions of the then full replacement cost thereof policies including breaches or warranties shall not affect coverage provided to City. All certificates shall name the City as additional insured (as defined in Section 13.2providing the appropriate endorsement) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (shall conform to the extent quantifiable) for the benefit following “cancellation” notice: CANCELLATION: SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATED THEREOF, THE ISSUING COMPANY SHALL MAIL THIRTY (30)-DAY ADVANCE WRITTEN NOTICE TO CERTIFICATE HOLDER NAMED HEREIN. City, its respective elected and appointed officers, directors, officials, employees, agents and volunteers are to be covered as additional insureds as respects: liability arising out of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, activities Consultant performs; products and completed operationsoperations of Consultant; premises owned, occupied or used by Consultant; or any automobiles owned, leased, hired or borrowed by Consultant. The coverage shall contain no special limitations on the scope of protection afforded to City, and their respective elected and appointed officers, officials, employees or volunteers. Consultant’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to Lessorthe limits of the insurer’s liability. Any deductibles or self-insured retentions must be declared to and approved by City. At the option of City, either the insurer shall reduce or eliminate such deductibles or self-insured retentions as respects City or its respective elected or appointed officers, officials, employees and volunteers or the Consultant shall procure a bond guaranteeing payment of losses and related investigations, claim administration, defense expenses and claims. The Consultant agrees that the requirement to provide insurance shall not be construed as limiting in any way the extent to which the Consultant may be held responsible for the payment of damages to any persons or property resulting from the Consultant’s activities or the activities of any person or persons for which the Consultant is otherwise responsible nor shall it limit the Consultant’s indemnification liabilities as provided in Section 5.3. In the event the Consultant subcontracts any portion of the work in compliance with Section 4.5 of this Agreement, the contract between the Consultant and such subcontractor shall require the subcontractor to maintain the same policies of insurance that the Consultant is required to maintain pursuant to Section 5.1, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect such certificates and endorsements shall be provided to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofCity.
Appears in 6 contracts
Samples: Contract Services Agreement, Contract Services Agreement, Contract Services Agreement
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the each Leased Property Property, and all property located in or on any Leased Property, including Leasehold Improvements, Fixtures and Tenant’s Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the applicable Leased Property is located, provided, however, that the insurers or reinsurers issuing policies covering general liability and/or professional liability claims (or providing reinsurance coverage with respect to such claims) need only to have such authorizations to do insurance business as are required by applicable law. All companies providing insurance required by the terms of this ARTICLE XIII (including, without limitation, any Captive Insurance Company) must have a rating at least as high as the rating required by any applicable Facility Mortgagee. The policies must name as loss payee (i) the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any Encumbrance placed on the applicable Leased Property in accordance with the provisions of ARTICLE XXXVIII (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement or (ii) if no such Facility Mortgage encumbers the applicable Leased Property, Lessor and/or Lesseeand, as applicable, as the insured or as an additional named insured, as in the case may beof any commercial general liability and/or umbrella liability insurance coverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor or Lessee and/or Superior Mortgagee as provided in this LeaseARTICLE XIV. Any loss adjustment shall require the written consent of Lessor Lessor, Tenant, Leasehold Mortgagee and Lessee, each acting reasonably and in good faithFacility Mortgagee whenever the loss exceeds twenty percent (20%) of the Facility’s Fair Market Value. Evidence of insurance shall be deposited with Lessor and, if requested, with any Superior Lessor, Leasehold Mortgagee and Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of insurance premiums to be made with such Facility Mortgagee, Tenant shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Tenant shall make such deposits directly with such Facility Mortgagee. The policies on the each Leased Property, including the Leased Leasehold Improvements, and Fixtures and LesseeTenant’s Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Section 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk” form) (”, including earthquake flood, the backup of sewers and flood in reasonable amounts as determined by Lessor) drains, earthquake, breakage of plate glass and all physical loss perils including but not limited to sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2), subject to no coinsurance requirement or on an agreed amount basis;
Section 13.1.2 Broad form comprehensive boiler and machinery insurance, on a blanket repair and replace basis, with limits for each accident in an amount not less than one hundred percent (100%) of the then full replacement cost (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofLeased Property;
Section 13.1.3 Business Interruption insurance on a Business Interruption, Gross Profits or Gross Rents form, including all standing charges, with a period of indemnity of no less than twelve (ii12) Insurance for months, resulting from loss or damage as described in Section 13.1.1 or Section 13.1.2, subject to no coinsurance requirement or on an agreed amount basis;
Section 13.1.4 Claims for bodily injury, including death resulting therefrom, personal injury and property damage on an occurrence basis, under a policy of commercial general liability (direct “CGL”) insurance (including, without limitation, broad form property damage and indirectbroad form contractual liability) from steam boilersfor a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, pressure vessels combined single limit. Relative to the insurance referenced in this Section 13.1.4, Tenant shall be permitted to use a claims made policy form rather than an occurrence based policy form for its primary, and/or its excess liability, CGL insurance, only if:
(a) an occurrence based form of primary or similar apparatusexcess liability, now as applicable, CGL insurance policy cannot be obtained solely because occurrence based forms of primary or hereafter installed excess liability, as applicable, CGL insurance are not offered in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) market place for the benefit of Lessor.for-profit hospital and/or nursing center companies or
(b) Lessee a majority of the five (5) largest (determined by revenue) companies (exclusive of Tenant) in the for-profit hospital and/or nursing center industry maintain claims made forms of primary or excess liability, as applicable, CGL insurance for their primary or excess liability, as applicable, CGL insurance policies. (For example, relative to the foregoing conditions, if occurrence based forms of primary CGL insurance are offered in the insurance market place for for-profit hospital and/or nursing center companies, but Tenant is unable to obtain an occurrence based form of excess liability CGL insurance solely because occurrence based forms of excess liability CGL insurance are not offered in the insurance market place for for-profit hospital and/or nursing center companies, and a majority of the aforesaid five largest companies maintain occurrence based forms of primary CGL insurance and claims made forms of excess liability CGL insurance, a claims made form of excess liability CGL insurance would be permitted subject to compliance with the other requirements of this Section 13.1.4, but a claims made form of primary CGL insurance would not be permitted). Prior to making any such switch to or renewing any claims made policy, Tenant shall obtain be obligated to provide to Lessor supporting evidence demonstrating the existence of condition (a) or (b), and the sufficiency of such evidence shall be subject to the advance written approval of Lessor, in its reasonable discretion. If Tenant so switches to a claims made form of policy, in addition to complying with the requirements referenced below in this Section 13.1.4, Tenant shall be obligated to switch back to occurrence based coverage at the end of the then current claims made policy term unless condition (a) or (b) exists as demonstrated by supporting evidence reasonably approved in advance and in writing by Lessor. If Tenant satisfies the above referenced tests for switching to, or continuing to maintain, a claims made form of policy, any claims made policy that it purchases must include therein the right to purchase a “tail” that insures against so called “incurred but not reported claims” for a period of at its own expenseleast three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form of policy, Tenant must, after the expiration of each claims made policy that Tenant obtains, as to each such expiring claims made policy, either:
(i) Personal property continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the required amount of primary and/or excess liability, as applicable depending upon the nature of such expiring claims made policy, CGL insurance coverage, on Lessee’s Personal Property a claims made policy form that includes coverage against all so-called “incurred but not reported claims” relating to any period on or prior to the expiration of the expiring policy (“Previous Period Unreported Claims”), an additional ten (10) years following the expiration of such expiring claims made policy (which coverage may be obtained, for example, (A) through the renewal or rolling-over of a claims made based CGL policy providing the required amounts of coverage and including coverage against Previous Period Unreported Claims for consecutive 1-year periods for such ten (10) year period, or (B) through the purchase of a three (3) year claims made based CGL “tail” policy providing the required amounts of coverage and including coverage against Previous Period Unreported Claims followed by purchases of claims made based CGL policies providing the required amounts of coverage and including coverage against all Previous Period Unreported Claims for consecutive 1-year periods for the remaining seven (7) years of such ten (10) year period) (in connection with the purchase of claims made CGL insurance coverage pursuant to this subsection (i), any claims made CGL insurance coverage that is obtained by Tenant may exclude therefrom any claims incurred during any period that an occurrence based form of primary or excess liability, as applicable depending on the “Special Form” in the full amount nature of the replacement cost thereof;expiring claims made policy, CGL insurance policy providing the required amounts of coverage and insuring Lessor and all Facility Mortgagees and Superior Lessors was in effect), or
(ii) Comprehensive general liability insuranceinsure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, with as applicable, CGL insurance on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the inception of such occurrence based CGL insurance policy and after the latest of (1) the Effective Date, (2) the date that is ten (10) years prior to the inception of such occurrence based CGL insurance policy or (3) the day preceding the date that Tenant, pursuant to the terms of this Section 13.1.4, first switched to a claims made form of primary or excess liability, as applicable depending on the nature of such expiring claims made policy, CGL insurance policy (relative to the period described in this subsection (ii)(x), any occurrence based CGL policy that is obtained by Tenant pursuant to this subsection (ii) may exclude therefrom any claims incurred during any period that an occurrence based form of primary or excess liability, as applicable depending on the nature of the expiring claims made policy, CGL insurance policy providing the required amounts of coverage and insuring Lessor and all Facility Mortgagees and Superior Lessors was in effect) and (y) not yet reported prior to such inception;
Section 13.1.5 Claims arising out of malpractice in an amount not less than Twenty Five Million and No/100 Dollars ($10,000,000 covering 25,000,000.00) for each of the following: bodily injury, death, or property damage liability per occurrence, personal person and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties each claim in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessoraggregate;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 5 contracts
Samples: Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Ventas Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Facility. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism, collapse and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm, in an amount not less than 100% of the then full replacement cost thereof insurable value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable basis and including a building ordinance coverage endorsement; provided, that Tenant shall have the right (i) to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount less than the Maximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Tenant;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in such limits with respect to any one accident as may be reasonably requested by Landlord from time to time;
(c) Flood (when any of the minimum amount improvements comprising the Leased Property of $5,000,000 a Facility is located in whole or in such part within a designated 100-year flood plain area) in an amount not less than the greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount probable maximum loss of the replacement cost thereof;
a 250 year event, and (ii) Comprehensive general liability insurance, with amounts not less than One Hundred Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor100,000,000), and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
(d) Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with an extended period of indemnity coverage of at least ninety (90) days necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c), provided that Tenant may self-insure specific Facilities for the insurance contemplated under this Section 13.1(d), provided that (i) such Facilities that Tenant chooses to self-insure are not expected to generate more than ten percent (10%) of Net Revenues anticipated to be generated from all the Facilities and (ii) Tenant deposits in any impound account created under Section 4.3 hereof an amount equal to the product of (1) the sum of (A) the insurance premiums paid by Tenant for such period under this Section 13.1(d) to insurance companies and (B) the amount deposited by Tenant in an impound account pursuant to this provision, and (2) the percentage of Net Revenues that are anticipated to be generated by the Facilities that are being self-insured by Tenant under this provision;
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord’s interest in the Leased Property and is available from insurance companies, insurance pools any act or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lesseeomission of Tenant’s employees in job classifications normally bonded under prudent hotel management practices in the United States contractors or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofsubcontractors.
Appears in 4 contracts
Samples: Master Lease (Eldorado Resorts, Inc.), Master Lease (Eldorado Resorts, Inc.), Master Lease (Gaming & Leisure Properties, Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “"Special Form” " (formerly “"All Risk” " form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s 's Personal Property) on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “"Special Form”", in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s 's Personal Property on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s 's compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s 's worker’s 's compensation claims, such worker’s 's compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 4 contracts
Samples: Master Hotel Lease Agreement (Apple Suites Inc), Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Five Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Properties, and all property located in or on Leased Property, including Lessor’s Personal Property and Lessee’s Personal Property, insured with the kinds and amounts of insurance described below. Except as otherwise provided in this Article XIII, or such other insurance coverage(s(a) as may be required by the Franchise Agreement. This this insurance shall be written by companies authorized to issue do insurance business in the StateState and, (b) all such policies provided and maintained during the Term shall be written by companies having a rating classification of not less than “A-” and a financial size category of “Class X,” according to the then most recent issue of Best’s Key Rating Guide. The policies (other than Workers’ Compensation policies) must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. In addition, the policies shall name as an additional insured, the holder of any mortgage deed of trust or other security agreement on the Leased Properties (“Facility Mortgagee”) securing any Assumed Indebtedness and any other Encumbrance placed on the Leased Properties in accordance with the provisions of Article XXXIV (“Facility Mortgage”), as its interest may appear, by way of a standard form of mortgagee’s loss payable endorsement in use in the State and in accordance with any such other requirements as may be established by the Facility Mortgagee. Any loss adjustment in the excess of the Self-Administered Amount shall require the written consent of Lessor and Lessor, Lessee, each acting reasonably and in good faiththe Facility Mortgagee, which consent shall not be unreasonably withheld by either Lessor or Lessee. Evidence of insurance shall be deposited with Lessor and, if requested, with the Facility Mortgagee(s). If any provision of a Facility Mortgage requires deposits of premiums for insurance to be made with the Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts so required and Lessor shall transfer such amounts to the Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. Upon Lessee’s request, Lessor shall provide Lessee with evidence of its transfer of such amounts. The policies on the Leased PropertyProperties, including the Leased Improvements, Fixtures and Lessor’s Personal Property, and on Lessee’s Personal Property, shall include insure against the followingfollowing risks:
13.1.1 Loss or damage by fire, vandalism and malicious mischief, earthquake (aif available at commercially reasonable rates) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the extended coverage perils commonly known as “Special FormRisk,” (formerly “All Risk” form) (and all physical loss perils normally included in such Special Risk insurance, including earthquake and flood in reasonable amounts as determined by Lessor) but not limited to sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotelany Facility, in the minimum amount of $5,000,000 or in such greater amounts with respect to any one accident as are then customary; andmay be required by Lessor from time to time;
(iii) 13.1.3 Loss of rental included in a business income or rental value insurance on policy covering risk of loss during reconstruction necessitated by the “Special Form”, in the amount occurrence of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount any of the replacement cost thereofhazards described in Sections 13.1.1 or 13.1.2 (but in no event for a period of less than twelve (12) months) in an amount sufficient to prevent either Lessor or Lessee from becoming a co-insurer;
13.1.4 Claims for personal injury or property damage under a policy of commercial general public liability insurance with a combined single limit per occurrence in respect of bodily injury and death and property damage of One Million Dollars (ii) Comprehensive general $1,000,000), and an aggregate limitation of Three Million Dollars ($3,000,000), which insurance shall include contractual liability insurance, with amounts ;
13.1.5 Claims arising out of professional malpractice in an amount not less than One Million Dollars ($10,000,000 covering 1,000,000) for each person and for each occurrence and an aggregate limit of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” Three Million Dollars (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee$3,000,000);
13.1.6 Flood (iiiwhen any Leased Property is located in whole or in part within a designated flood plain area) Insurance covering and such other hazards and in such amounts as may be customary for comparable properties in the area of area;
13.1.7 During such time as Lessee is constructing any improvements, Lessee, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the Leased Property and is available from insurance companiesimprovements in statutory limits, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation (ii) a completed operations endorsement to the risks coveredcommercial general liability insurance policy referred to above, as may be reasonably requested by (iii) builder’s risk insurance, completed value form, covering all physical loss, in an amount and subject to policy conditions satisfactory to Lessor;
, and (iv) Fidelity bonds with limits and deductibles such other insurance, in such amounts, as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent Lessor deems necessary to protect Lessor and Lessor’s interest in the Leased Property against Properties from any act or omission of Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal lawcontractors or subcontractors;
(vi) Vehicle 13.1.8 Lessee shall procure, and at all times during the Term of this Master Lease shall maintain, a policy of primary automobile liability insurance with limits of One Million Dollars ($1,000,000) per occurrence for owned, owned and non-owned, owned and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities 13.1.9 If Lessee chooses to carry umbrella liability coverage to obtain the limits of liability required hereunder, all such policies must cover in the same manner as the Leased Property primary commercial general liability policy and must contain no additional exclusions or limitations materially different from those of the operation thereofprimary policy.
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)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by qualified, solvent companies authorized to issue which can legally write insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any Subject to Section 13.10, any loss adjustment with respect to the insurance coverages set forth in items (a), (b) and (c), below shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include the followinginclude:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance of risks on the “"Special Form” (formerly “" or "All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) Risk Form" in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.213.3) or such other amount which is acceptable to Lessor and LesseeLessor, and personal property insurance (on other than Lessee’s Personal Property) on the “"Special Form” " or "All Risk Form" in the full amount of the replacement cost thereof;
(iib) Earthquake and flood insurance in reasonable and adequate amounts as mutually agreed by Lessor and Lessee.
(c) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; andcustomary or as may be reasonably requested by Lessor from time to time;
(iiid) Loss of income insurance on the “"Special Form”" or "All Risk Form", in the amount of the greater of (i) one year of Base Rent and Additional Charges or (to ii) the extent quantifiable) prior Fiscal Year's Base Rent plus Percentage Rent for the benefit of Lessor.
(b) Lessee shall obtain , and maintain, at its own expense:
(i) Personal property business income or business interruption insurance on Lessee’s Personal Property on the “"Special Form” " or "All Risk Form" in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each one year of gross profit, for the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and benefit of Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 4 contracts
Samples: Consolidated Lease Agreement (Equity Inns Inc), Consolidated Lease Agreement (Equity Inns Inc), Consolidated Lease Amendment (Equity Inns Inc)
General Insurance Requirements. During All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the Term name of Tenant, (b) name Landlord, any Security Holder and Landlord’s designated agents as additional insureds, pursuant to an endorsement providing coverage at least as broad as ISO form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available), (c) be the primary insurance providing coverage for Landlord (any other liability insurance maintained by Landlord to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the rights of insureds shall not be prejudiced by one insured making a claim or commencing an action against another insured, (e) include severability of interest clauses, products-completed operations and coverage of independent contractors, and (f) include a “per location” endorsement or equivalent reasonably acceptable to Landlord so that the general aggregate and other limits apply separately and specifically to the Premises. The insurance requirements in this Paragraph 8 shall not in any way limit, in either scope or amount, the indemnity obligations separately owed by Tenant to Landlord under this Lease, Lessor and Lessee shall at all times keep or the Leased Property insured with the kinds and amounts liability of insurance described below, Tenant for nonperformance of its obligations or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permitted. Such insurance policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, shall be delivered to Landlord prior to the date that Tenant occupies the Premises for any reason, and evidence of renewals of such policies shall be delivered to Landlord at least ten (direct and indirect10) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed days prior to the expiration of each respective policy term. All Tenant’s insurance shall provide that the insurer agrees not to cancel the policy without at least thirty (30) days’ prior written notice to Tenant (except in the Hotelevent of a cancellation as a result of nonpayment, in which event the minimum insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt of any such notice of cancellation or any material modification of any policy of insurance applicable to the Premises required under this Paragraph. If at any time during the Term the amount or coverage of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of one year of Base Rent insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and Additional Charges (to operated for similar purposes as the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on LesseePremises or if Tenant’s Personal Property on the “Special Form” in the full amount use of the replacement cost thereof;
(ii) Comprehensive general liability insurancePremises should change with or without Landlord’s consent, with amounts not less than $10,000,000 covering each Landlord shall have the right to require Tenant to increase the amount or change the types of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofrequired under Paragraph 8.
Appears in 3 contracts
Samples: Lease (SVMK Inc.), Lease (SVMK Inc.), Sublease (Zuora Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Facility. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism, collapse and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm, in an amount not less than 100% of the then full replacement cost thereof insurable value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable basis and including a building ordinance coverage endorsement; provided, that Tenant shall have the right (i) to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount less than the Maximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Tenant;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in such limits with respect to any one accident as may be reasonably requested by Landlord from time to time;
(c) Flood (when any of the minimum amount improvements comprising the Leased Property of $5,000,000 a Facility is located in whole or in such part within a designated 000-xxxx xxxxx xxxxx xxxx) in an amount not less than the greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount probable maximum loss of the replacement cost thereof;
a 250 year event, and (ii) Comprehensive general liability insurance, with amounts not less than One Hundred Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor100,000,000), and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
(d) Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with an extended period of indemnity coverage of at least ninety (90) days necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c), provided that Tenant may self-insure specific Facilities for the insurance contemplated under this Section 13.1(d), provided that (i) such Facilities that Tenant chooses to self-insure are not expected to generate more than ten percent (10%) of Net Revenues anticipated to be generated from all the Facilities and (ii) Tenant deposits in any impound account created under Section 4.3 hereof an amount equal to the product of (1) the sum of (A) the insurance premiums paid by Tenant for such period under this Section 13.1(d) to insurance companies and (B) the amount deposited by Tenant in an impound account pursuant to this provision, and (2) the percentage of Net Revenues that are anticipated to be generated by the Facilities that are being self-insured by Tenant under this provision;
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord’s interest in the Leased Property and is available from insurance companies, insurance pools any act or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lesseeomission of Tenant’s employees in job classifications normally bonded under prudent hotel management practices in the United States contractors or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofsubcontractors.
Appears in 3 contracts
Samples: Merger Agreement (PNK Entertainment, Inc.), Merger Agreement (Pinnacle Entertainment Inc.), Merger Agreement (Gaming & Leisure Properties, Inc.)
General Insurance Requirements. During Subject to the Term provisions of this LeaseParagraph 13.8, Lessor and during the Term, Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an loss payee and additional named insured, as the case shall contain a provision that such insurance may be. Losses not be canceled or amended without at least thirty (30) days' notice to Lessor and shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. Any In addition, upon Lessor's written request, the policies shall name as mortgagee, loss adjustment shall require payee and additional insured the written consent holder ("Building Mortgagee") of Lessor any mortgage, deed of trust or other security agreement and Lesseeany other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXII, each acting reasonably and as well as any other entity interested in good faiththe Leased Property ("Building Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Evidence of insurance shall be deposited with LessorLessor and, if requested, with any Building Mortgagee(s). The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (including earthquake ," and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, without limitation, sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section Paragraph 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance 13.1.2 Claims for loss personal injury or property damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount under a policy of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income comprehensive general public liability insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than One Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 1,000,000.00) per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” an annual aggregate of Three Million Dollars (including liquor law or “dram shop” liability, $3,000,000.00);
13.1.3 Flood (if liquor or alcoholic beverages are served on the Leased PropertyProperty is located in whole or in part within a flood plain area, as designated by any governmental or other responsible agency and if such insurance is available pursuant to applicable law) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000area; and
(vii) Such 13.1.4 Any other insurance kinds of insurance, and in such amounts, as Lessor may reasonably request for facilities such as require from time to time to the extent available in the state where the Leased Property and the operation thereofis located.
Appears in 3 contracts
Samples: Lease Agreement (New York Bagel Enterprises Inc), Lease Agreement (New York Bagel Enterprises Inc), Lease (New York Bagel Enterprises Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Properties, and all property located in or on the Leased Properties, including Lessor’s Personal Property and Lessee’s Personal Property, insured with insurance meeting the kinds and amounts of insurance described below, or such other insurance coverage(sfollowing requirements: (a) as may be required by the Franchise Agreement. This all insurance shall be written by companies authorized to issue do insurance business in the State. The applicable States and having a rating classification of not less than A- and a financial size category of “Class X”, according to the then most recent issue of Best’s Key Rating Guide; (b) all policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, and name as an additional insured any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement in use in the case applicable States and in accordance with any such other requirements as may bebe established by such Facility Mortgagee. Losses However, if requested by Lessor and available on a commercially reasonable basis, all public liability and property damage insurance shall contain a provision that Lessor, although named as an insured, nevertheless shall be entitled to recovery for loss, damage or injury to Lessor, its servants, agents and employees by reason of the negligence of Lessee or Lessor; (c) losses must be payable to Lessor or Lessee as provided in this Lease. Any Article XIV, and loss adjustment adjustments shall require the written consent of Lessor, any Facility Mortgagee and, provided it is not then in default, Lessee, which consent shall not be unreasonably withheld by either Lessor or Lessee; (d) each insurer must agree that it will give Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance any Facility Mortgagee at least sixty (60) days’ written Notice before its policy shall be deposited with Lessor. The policies on the Leased Propertyaltered, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
allowed to expire or canceled; (ae) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (any deductible or retention must be approved by Lessor prior to the extent quantifiableissuance of any policy; and (f) for the benefit form of Lessor.
(b) Lessee all policies shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested approved by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to whose approval shall not unreasonably be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-ownedwithheld, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofby any Facility Mortgagee.
Appears in 2 contracts
Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise AgreementManagement Agreement and the Loan Documents. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building All Risks Property insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) Leased Improvements in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the Leased Improvements with a Replacement Cost Endorsement. “Full replacement cost” as used herein means the cost of replacing the Leased Improvements (exclusive of the cost of excavations, foundation and footings below the lowest basement floor) without deduction for physical depreciation thereof;
(ii) Insurance for loss or Boiler and Machinery insurance as may reasonably be required to cover physical damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for Improvements and to the benefit major components of Lessor.
(b) Lessee shall obtain and maintainany central hearing, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, air-conditioning or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseeventilation systems;
(iii) Insurance covering such other hazards and Provided that the Leased Property, or any portion thereof, is located in such amounts an area designated as may be customary for comparable properties a flood prone area participating in the area of National Flood Insurance Program, flood insurance in an amount equal to the full replacement cost or the maximum amount then available, unless neither the Leased Property and Property, nor any portion thereof, is available from insurance companies, insurance pools or other appropriate companies authorized to do business in located within a 100 year flood plain as determined by the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by LessorFederal Insurance Administration;
(iv) Fidelity bonds with limits During any changes or alternations of the Leased Property or any part thereof and deductibles as may be reasonably requested by Lessorduring any Restoration following a Taking or a casualty, covering Lesseeall risk builder’s employees risk insurance in job classifications normally bonded under prudent hotel management practices in an amount not less than 100% of the United States or otherwise required by lawfull replacement cost of the Improvements;
(v) Worker’s compensation Insurance against loss of profits or rental under a business interruption insurance coverage for all personspolicy or under a rental value insurance policy covering risk of loss due to the occurrence of any of the hazards covered by the policies described in (i), if any(ii), employed by Lessee on the Leased Premisesand (iii) above, and (to the extent necessary to protect Lessor insurance covering hazards is generally obtainable) in (iv) in an amount not less than the aggregate requirements for the period of 12 months following the occurrence of the insured casualty for: (i) Base Rent and the Leased Property against Lessee’s worker’s compensation claimsPercentage Rent, such worker’s compensation and (ii) Additional Charges, including premiums on insurance required to be in accordance with the requirements of applicable local, state and federal lawcarried pursuant to this Section;
(vi) Vehicle Comprehensive general liability insurance including contractual liability insurance specifically covering the indemnification obligations of Lessee under this Lease, on an occurrence basis against claims for ownedpersonal injury, non-owned(including, without limitation, elevators and/or escalators) and hired vehiclesthe sidewalks, driveways and curbs adjacent thereto with limits not less than $1,000,000 combined single limit and $2,000,000 in the amount annual aggregate in the event of $5,000,000bodily injury or death to any number of persons in any accident; and
(vii) Such Any other insurance as Lessor may reasonably request for facilities such as or coverages applicable to the Leased Property and which are required to be maintained by the operation thereofowner or operator of the Leased Property pursuant to the terms of any Permitted Mortgage; provided that such insurance shall only be required to be maintained by Lessee during the term of the Permitted Mortgage.
Appears in 2 contracts
Samples: Hotel Lease Agreement (Moody National REIT I, Inc.), Hotel Lease Agreement (Moody National REIT I, Inc.)
General Insurance Requirements. During the Term term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the StateState of Arizona. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably reasonably, promptly and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, Property shall include the followinginclude:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building Personal property insurance on the “"Special Form” " (formerly “"All Risk” " form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iiib) Loss of income insurance on the “"Special Form”", in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(iic) Comprehensive Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iiid) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State of Arizona at rates which are economically practicable in relation to the risks covered, covered as may be reasonably requested by Lessor;
(ive) Fidelity bonds with limits and deductibles deductions as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel resort management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(viif) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof. Lessee shall keep in force the foregoing insurance coverages at its expense.
Appears in 2 contracts
Samples: Lease Agreement (Crescent Real Estate Equities Inc), Lease Agreement (Crescent Real Estate Equities Inc)
General Insurance Requirements. During the Term of this LeaseTenant shall obtain and maintain, Lessor or cause to be maintained, insurance for Tenant and Lessee shall at all times keep the Leased Property insured Properties providing insurance coverages of such types, against such risks, in such amounts, with such deductibles and self-insurance retentions and with such endorsements as (i) Landlord, in its sole discretion, from time to time deems (1) commercially reasonable (in light of such factors, including, without limitation, the kinds availability and cost of particular types and amounts of coverages, as Landlord, in its sole discretion, deems appropriate) and/or (2) consistent with the insurance described below, coverages that are maintained by owners of properties similar to the Leased Properties or such other insurance coverage(s(ii) as may be required from time to time by any Facility Mortgagee, but with such insurance coverages at all times to include (without limitation of the Franchise Agreementpreceding provisions for greater coverages) at least the following minimum coverages:
14.1.1 Coverage for loss or damage by fire, lightning, wind and such other perils as are included in a standard “all risk” or “special causes of loss” endorsement and against loss or damage by other risks and hazards covered by a standard property insurance policy, including, without limitation, riot, civil commotion, vandalism, malicious mischief, burglary and theft, relative to each Leased Property, in each case (i) in an amount equal to one hundred percent (100%) of the Full Replacement Cost of such Leased Property; (ii) containing an agreed amount endorsement with respect to the Leased Improvements and Tenant’s Personal Property at such Leased Property waiving all co-insurance provisions; (iii) containing (a) an “Ordinance or Law Coverage” or “Enforcement” endorsement and (b) “demolition” insurance and “increased cost of construction” insurance, if any of the Leased Improvements at, or the use of, such Leased Property shall at any time constitute legal non-conforming structures or uses; and (iv) having a deductible not exceeding Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00). This In addition, each Tenant shall at a minimum obtain: (y) flood hazard insurance, in the event that any portion of the Leased Improvements at any Leased Property is currently or at any time in the future located in a federally designated “special flood hazard area”, and (z) earthquake insurance, in the event that any Leased Property is located in an area with a high degree of seismic activity, provided that the insurance pursuant to clauses (y) and (z) hereof shall be written on terms consistent with the comprehensive all risk insurance policy required under this Section 14.1.1.
14.1.2 Commercial general liability insurance against claims for personal injury, bodily injury, death or damage to the Leased Properties occurring upon, in or about each Leased Property, such insurance (i) to be for a combined limit, excluding umbrella coverage, of not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence with not less than a Three Million and No/100 Dollars ($3,000,000.00) general aggregate limit and with the applicable limits applying on a “per location” basis; (ii) to cover at least the following: (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) blanket contractual liability for legal contracts; (5) contractual liability covering indemnities, if any, given by companies authorized to issue insurance Tenant contained in the State. The policies must name Lessor and/or LesseeFacility Mortgage, as applicableif any, as the insured or as an additional named insured, as the case may be. Losses shall be payable applicable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, to the extent the same is available; (6) broad form property damage; (7) personal injury (including death resulting therefrom); (8) healthcare professional liability and (9) a liquor liability endorsement if alcoholic beverages are sold at any Leased Property; and (iii) to have a per claim deductible not exceeding Five Hundred Thousand and No/100 Dollars ($500,000.00).
14.1.3 Business interruption insurance (i) with loss payable to Landlord; (ii) covering all risks required to be covered by the insurance provided for in Section 14.1.1 above; (iii) in an amount sufficient to avoid any co-insurance penalty and to provide proceeds that will, in Landlord’s sole discretion, cover a period of not less than twelve (12) months from the date of casualty or loss; and (iv) containing an extended period of indemnity endorsement that provides that, after the physical loss to the applicable Leased Property has been repaired, the continued loss of income will be insured until such income returns to the same level it was prior to the loss or the expiration of not less than twelve (12) months from the date of the loss, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period.
14.1.4 At all times during which Alterations or structural construction or repairs are being made with respect to any of the Leased Improvements, Fixtures and Lessee’s Personal Propertyonly if the Leased Properties’ coverage form does not otherwise apply, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building owner’s contingent or protective liability insurance on covering claims not covered by or under the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% terms or provisions of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor above mentioned commercial general liability insurance policy; and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance the insurance provided for loss or damage in Section 14.1.1 above written in a so-called builder’s risk completed value form (direct and indirect1) from steam boilerson a non-reporting basis, pressure vessels or similar apparatus(2) against all risks insured against pursuant to Section 14.1.1 above, now or hereafter installed in (3) including permission to occupy the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to LessorLeased Properties, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property4) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from an agreed amount endorsement waiving co-insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofprovisions.
Appears in 2 contracts
Samples: Master Lease Agreement (Emeritus Corp\wa\), Master Lease Agreement (Emeritus Corp\wa\)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property leased by it, and all property located in or on the Leased Property, including all Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState of Idaho. All such policies provided and maintained during the Term shall be written by companies having a rating classification of not less than "A-" and a financial size category of "Class X," according to the then most recent issue of Best's Key Rating Guide. The policies must (other than Workers' Compensation policies) shall name Lessor and/or Lessee, as applicable, as the insured or Landlord as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee Landlord and Tenant and disbursed as provided in this LeaseArticle 14. Any loss adjustment Tenant shall require pay when due all of the written consent premiums for the insurance required hereunder, and deliver certificates thereof (in form and substance reasonably satisfactory to Landlord) to Landlord prior to their effective date, or, with respect to any renewal policy, prior to the expiration of Lessor and Lesseethe existing policy. In the event of the failure of Tenant either to effect such insurance as herein called for or to pay the premiums therefor, each acting reasonably and in good faith. Evidence of insurance or to deliver such certificates thereof to Landlord at the times required, Landlord shall be deposited with Lessorentitled, but shall have no obliga tion, to effect such insurance and pay the premiums therefor when due, which premiums shall be repayable to Landlord upon written demand therefor as Rent, and failure to repay the same within thirty (30) days after Notice shall constitute an Event of Default. The policies on the Leased Property, including the Leased ImprovementsImprovements and Fixtures, Fixtures and Lessee’s on the Personal Property, shall include insure against the followingfollowing risks:
13.1.1 Loss or damage by fire, vandalism and malicious mischief, earthquake (aif available at commercially reasonable rates) Lessor shall obtain and maintainextended coverage perils commonly known as "Special Risk," and all physical loss perils normally included in such Special Risk insurance, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) but not limited to sprinkler leakage, in an amount not less than 100% ninety percent (90%) of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof13.2 hereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; andFacility;
(iii) 13.1.3 Loss of rental included in a business income or rental value insurance on policy covering risk of loss during reconstruction necessitated by the “Special Form”, in the amount occurrence of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount any of the replacement cost thereofhazards described in Sections 13.1.1 or 13.1.2 hereof (but in no event for a period of less than twelve (12) months) in an amount sufficient to prevent either Landlord or Tenant from becoming a co-insurer;
13.1.4 Claims for personal injury or property damage under a policy of commercial general public liability insurance with a combined single limit per occurrence in respect of bodily injury and death and property damage of One Million Dollars (ii) Comprehensive general $1,000,000), and an aggregate limitation of Three Million Dollars ($3,000,000), which insurance shall include contractual liability insurance, with amounts ;
13.1.5 Claims arising out of professional malpractice in an amount not less than One Million Dollars ($10,000,000 covering 1,000,000) for each person and for each occurrence and an aggregate limit of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” Three Million Dollars (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee$3,000,000);
13.1.6 Flood (iiiif Leased Property is located in whole or in part within a designated flood plain area) Insurance covering and such other hazards and in such amounts as may be customary for comparable properties in the area of area;
13.1.7 During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry or cause to be carried (a) workers' compensation insurance and employers' liability insurance covering all persons employed in connection with the Leased Property and is available from insurance companiesimprovements in statutory limits, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation (b) a completed operations endorsement to the risks coveredcommercial general liability insurance policy referred to above, as may be and (c) builder's risk insurance, completed value form, covering all physical loss, in an amount and subject to policy conditions reasonably requested by Lessorsatisfactory to Landlord;
(iv) Fidelity bonds 13.1.8 Tenant shall procure, and at all times during the Term of this Lease shall maintain, a policy of primary automobile liability insurance with limits of One Million Dollars ($1,000,000) per occurrence for owned and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, owned and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities 13.1.9 If Tenant chooses to carry umbrella liability coverage to obtain the limits of liability required hereunder, all such policies must cover in the same manner as the Leased Property primary commercial general liability policy and must contain no additional exclusions or limitations materially different from those of the operation thereofprimary policy.
Appears in 2 contracts
Samples: Lease (Monarch Properties Inc), Lease Agreement (Monarch Properties Inc)
General Insurance Requirements. During the Term of this LeaseLease (except that the coverages in Sections 13.1(a), Lessor and 13.1(c) and those relating to professional liability referenced in Sections 13.1(g) and 13.1(h) below shall be required from and after the Completion Date), Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property, including Lessee's Personal Property, insured with against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, Lessee shall obtain and maintain in effect throughout the Lease Term, the kinds and amounts of insurance deemed necessary by the Lessor and as described below. At Lessor's option, or Lessor may obtain such other insurance coverage(s) as may coverages and, in such event, shall be required by entitled to obtain reimbursement from Lessee for the Franchise Agreementcosts of such coverages. This insurance shall be written by insurance companies authorized (i) acceptable to issue the Lessor, (ii) that are rated at least an "A-VIII" or better by Best's Insurance Guide and Key Ratings and a claim payment rating by Standard & Poor's Corporation of A or better, and (iii) authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. The aggregate amount of coverage by a single company must not exceed five percent (5%) of the insurance company's policyholders' surplus. The policies must name Lessor and/or Lessee, (and any other entities as applicable, as the insured or Lessor may deem necessary) as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must (i) provide primary insurance without right of contribution from any other insurance carried by Lessor, (ii) permit Lessor to pay premiums at Lessor's discretion, and (iii) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as an additional insured thereunder. In addition, the policies shall name as an additional insured all Facility Lenders, if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender. Evidence of insurance and/or Impositions shall be deposited with Lessor and, if requested, with any Facility Lender. If any provision of any Facility Instrument requires deposits of insurance to be made with such Facility Lender, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Lender or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Lender. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) All Risks or Special Form Property insurance against loss or damage to the building and improvements, including but not limited to, perils of fire, lightning, water, wind, theft, vandalism and malicious mischief, plate glass breakage, and perils typically provided under an Extended Coverage Endorsement and other forms of broadened risk perils, and insured on a "replacement cost" value basis to the extent of the full replacement value of the Leased Property. The policy shall include coverage for subsidence. The deductible amount thereunder shall be borne by the Lessee in the event of a loss and the deductible must not exceed Ten Thousand and 00/100 Dollars ($10,000.00) per occurrence. Further, in the event of a loss, Lessee shall abide by all provisions of the insurance contract, including proper and timely notice of the loss to the insurer, and Lessee further agrees that it will notify the Lessor of any loss in the amount of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) or greater and that no claim at or in excess of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) shall obtain and maintainbe settled without the prior written consent of Lessor, at its own expense:which consent shall not be unreasonably withheld or delayed.
(ib) Building Intentionally Deleted
(c) Insurance against loss of earnings in an amount sufficient to cover not less than twelve (12) months' lost earnings and written in an "all risks" form, either as an endorsement to the insurance required under subparagraph 13.1(a) above, or under a separate policy.
(d) Worker's compensation insurance covering all employees in amounts that are customary for the Lessee's industry.
(e) Commercial General Liability in a primary amount of at least One Million and 00/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person or property damage for damage to or loss of property of others, subject to a Three Million and 00/100 Dollars ($3,000,000.00) annual aggregate policy limit for all bodily injury and property damage claims, occurring on or about the Leased Property or in any way related to the Leased Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on the “Special Form” Leased Property otherwise related to the Leased Property. Such policy shall include coverages of a Broad Form nature, including, but not limited to, Explosion, Collapse and Underground (formerly “All Risk” formXCU), Products Liability, Completed Operations, Broad Form Contractual Liability, Broad Form Property Damage, Personal Injury, Incidental Malpractice Liability, and Host Liquor Liability.
(f) Automobile and vehicle liability insurance coverage for all owned, non-owned, leased or hired automobiles and vehicles in a primary limit amount of One Million and 00/100 Dollars (including earthquake $1,000,000.00) per occurrence for bodily injury or per occurrence for property damage.
(g) Umbrella liability insurance in the minimum amount of Five Million and flood 00/100 Dollars ($5,000,000.00) for each occurrence, subject to an aggregate liability amount of Five Million and 00/100 Dollars ($5,000,000.00), with a Ten Thousand and 00/100 Dollars ($10,000.00) self-insured retention for exposure not covered in reasonable amounts as determined underlying primary policies. The umbrella liability policy shall name in its underlying schedule the policies of professional liability (the coverages of which shall be subject to subparagraph (h) below), commercial general liability, garage keepers liability, automobile/vehicle liability and employer's liability under the Worker's Compensation Policy.
(h) Subject to the feasibility of obtaining such coverages, with respect to costs and availability, from carriers in the State of Pennsylvania, Lessee shall use its best efforts to procure Professional liability insurance for Lessee and any physician employed by Lessor) Lessee or other employee or agent of the Lessee providing services at the Leased Property in an amount not less than 100% of the then full replacement cost thereof Five Million and 00/100 Dollars (as defined in Section 13.2$5,000,000.00) or per individual claim and Ten Million and 00/100 Dollars ($10,000,000.00) annual aggregate; it being understood and agreed that until such other amount which is acceptable to Lessor and Lesseecoverages become feasible, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilersif ever, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain be required to maintain such coverages in limits of One Million and maintain, at its own expense:00/100 Dollars ($1,000,000.00) per individual claim and Four Million and 00/100 Dollars ($4,000,000.00) annual aggregate.
(i) Personal property insurance on A commercial blanket bond covering all employees of the Lessee’s Personal Property on , including its officers and the “Special Form” individual owners of the insured business entity, whether a joint-venture, partnership, proprietorship or incorporated entity, against loss as a result of their dishonesty. Policy limit shall be in the full an amount of the replacement cost thereof;
at least One Million and 00/100 Dollars (ii$1,000,000.00) Comprehensive general liability insurance, with amounts not less subject to a deductible of no more than Ten Thousand and 00/100 Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 10,000.00) per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 2 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
General Insurance Requirements. During the Term of this LeaseTenant shall, Lessor and Lessee shall at all times during the Term and at any other time Tenant shall be in possession of the Leased Property, keep the Leased Property and all property located therein or thereon, insured against the following risks in the following amounts:
(a) All-risk" property insurance (and to the extent applicable, Builder's Risk Insurance) on the Leased Improvements and all items of business personal property, including but not limited to signs, awnings, canopies, gazebos, fences and retaining walls, and all P&E, including without limitation, insurance against loss or damage from the perils under "All Risk" (Special) form, including but not limited to the following: fire, windstorm, sprinkler leakage, vandalism and malicious mischief, water damage, explosion of steam boilers, pressure vessels and other similar apparatus, and other hazards generally included under extended coverage, all in an amount equal to one hundred percent (100%) of the replacement value of the Leased Improvements (excluding excavation and foundation costs), business personal property and P&E, without a co-insurance provision, and shall include an Agreed Value endorsement;
(b) Ordinance or Law Coverage with limits of not less than the kinds Leased Improvements for Coverage A (Loss to the undamaged portion of the building), limits not less than $500,000.00 for Coverage B (Demolition Cost Coverage), and amounts limits not less than $500,000.00 for Coverage C (Increased Cost of Construction Coverage);
(c) Business income insurance described belowto be written on "Special Form" (and on "Earthquake" and "Flood" forms if such insurance for those risks is required) including "Extra Expense", without a provision for co-insurance, including an amount sufficient to pay at least twelve (12) months of Rent for the benefit of Landlord, as its interest may appear, and at least twelve (12) months of "Net Operating Income" less Rent for the benefit of Tenant;
(d) Occurrence form commercial general liability insurance, including bodily injury and property damage, liquor liability (if applicable), fire legal liability, contractual liability and independent contractor's hazard and completed operations coverage in an amount not less than $1,000,000.00 per occurrence and $2,000,000.00 per location, aggregate;
(e) Umbrella liability coverage which shall be on a following form for the General Liability, Automobile Liability, Employers' Liability, Malpractice and Liquor Liability (if applicable), with limits in a minimum amount of not less than $20,000,000.00 per occurrence/aggregate;
(f) Malpractice insurance/professional liability insurance in an amount not less than $5,000,000.00 for each person and each occurrence to cover the professional medical care providers working on the Leased Property;
(g) Flood insurance (if the Leased Property is located in whole or such other insurance coverage(sin part within an area identified as an area having special flood hazards under the National Flood Insurance Program) for the full (100%) replacement value of the improvements and all items of business personal property or any greater amount as may be required by the Franchise Agreement. This insurance shall be written National Flood Insurance Program;
(h) Worker's compensation coverage for all persons employed by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies Tenant on the Leased PropertyProperty with statutory limits, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, Employers' Liability insurance in an amount of at its own expense:least $1,000,000.00 per accident/disease;
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general Business auto liability insurance, with amounts including owned, non-owned and hired vehicles for combined single limit of bodily injury and property damage of not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability 1,000,000.00 per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iiij) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor[Intentionally Omitted];
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 2 contracts
Samples: Lease Agreement (American Retirement Corp), Lease Agreement (CNL Retirement Properties Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property, and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be Ground Lease and as described below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lesseetogether with any other parties required by the Ground Lease, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIII. In addition, the policies shall name as an additional insured the holder (“Facility Mortgagee”) of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXII (“Facility Mortgage”), if any, by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment in excess of $100,000.00 shall require the written consent of Lessor and LesseeLessor, each acting reasonably and in good faithaffected Facility Mortgagee and, if necessary or appropriate, the landlord under the Ground Lease. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk” form) (and all physical loss perils, including earthquake and flood in reasonable amounts as determined by Lessor) sprinkler leakage, in an amount not less than 10090% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the with a replacement cost thereofendorsement sufficient to prevent Lxxxxx from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; andmay be reasonably requested by Lxxxxx from time to time;
(iiic) Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”first 12 months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 12.1(a) or 12.1(b), in an amount sufficient to prevent Lessee from becoming a co-insurer; provided that in the event that Lessee shall not be in default hereunder and Lessor shall receive any proceeds from such rental insurance which, when added to rental amounts received with respect to the applicable time period, exceed the amount of rental owed by Lessee hereunder, Lessor shall immediately pay such excess to Lessee;
(d) Loss or damage by hurricane and earthquake in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintainFull Replacement Cost, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofafter deductible;
(iie) Comprehensive Claims for personal injury or property damage under a policy of comprehensive general public liability insuranceinsurance including insurance against assumed or contractual liability including indemnities under this Lease, with amounts not less than $10,000,000 covering each 5,000,000.00 per occurrence in respect of bodily injury and death and $10,000,000.00 for property damage; provided that if it becomes customary for tenants occupying similar buildings in the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on same City where the Leased Property) Property is located to be required to provide liability coverage with respect to higher limits than the foregoing, then Lessee shall provide Lessor and Lesseewith an insurance policy with coverage limits that are not less than such customary limits;
(iiif) Insurance covering Flood (when the Leased Property is located in whole or in part within a designated flood plain area) and such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is if available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates state in which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;Leased Property is located.
(ivg) Fidelity bonds with limits and deductibles as may If Lessee shall engage or cause to be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee engaged any contractor to perform work on the Leased PremisesProperty, Lessee shall require such contractor to carry and maintain insurance coverage comparable to the extent necessary foregoing requirements, at no expense to protect Lessor and the Leased Property against LesseeLessor; provided that Lessee may allow any such contractor to carry or maintain alternative coverage in reasonable amounts upon Lessor’s worker’s compensation claimsprior written consent, such worker’s compensation insurance to which shall not be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofunreasonably withheld.
Appears in 2 contracts
Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.), Assignment and Assumption of Lease (Global Medical REIT Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property, including Lessee's Personal Property, insured with against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, Lessee shall obtain and maintain in effect throughout the Lease Term, the kinds and amounts of insurance deemed necessary by the Lessor and as described below. After prior written notice to Lessee, or such other Lessor may, at Lessor's option, obtain the insurance coverage(scoverages required from Lessee herein (excluding coverages for worker's compensation and professional liability) as provided that (i) the insurance coverages obtained by Lessee may be required terminated without penalty or cost to Lessee, (ii) the costs of such coverages obtained by Lessor collectively do not exceed the Franchise Agreementcosts of the insurance obtained by Lessee and (iii) the coverages obtained by Lessor are comparable to that obtained or to be obtained by Lessee hereunder. This In the event Lessor obtains such insurance coverages, Lessee shall reimburse Lessor for the costs of such coverages immediately upon request by Lessor. The insurance shall be written by insurance companies authorized (i) acceptable to issue the Lessor, (ii) that are rated at least an "A-VII" or better by Best's Insurance Guide and Key Ratings and a claim payment rating by Standard & Poor's Corporation of A or better, and (iii) authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. Notwithstanding the foregoing or any other provision of this Article XIII, Lessor acknowledges and agrees that the insurance coverages required under subparagraphs (d), (e), (h) and (g) for professional and general liability umbrella coverage of this Section 13.1 are being handled through a captive insurance company, the identity of which has been disclosed to the Lessee and Lessor. The aggregate amount of coverage by a single company must not exceed five percent (5%) of the insurance company's policyholders' surplus. The policies must name Lessor and/or Lessee, (and any other entities as applicable, as the insured or Lessor may deem necessary) as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must (i) provide primary insurance without right of contribution from any other insurance carried by Lessor, (ii) contain an express waiver by the insurer of any right of subrogation, setoff or counterclaim against any insured party thereunder including Lessor, (iii) permit Lessor to pay premiums at Lessor's discretion, and (iv) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as an additional insured thereunder. In addition, the policies shall name as an additional insured by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender(s). Evidence of insurance and/or Impositions shall be deposited with Lessor and, if requested, with any Facility Lender(s). If any provision of any Facility Instrument requires deposits of insurance to be made with such Facility Lender, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Lender or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Lender. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) All Risks or Special Form Property insurance against loss or damage to the building and improvements, including but not limited to, perils of fire, lightning, water, wind, theft, vandalism and malicious mischief, plate glass breakage, and perils typically provided under an Extended Coverage Endorsement and other forms of broadened risk perils, and insured on a "replacement cost" value basis to the extent of the full replacement value of the Leased Property. The policy shall include coverage for subsidence. The deductible amount thereunder shall be borne by the Lessee in the event of a loss and the deductible must not exceed Ten Thousand and 00/100 Dollars ($10,000.00) per occurrence. Further, in the event of a loss, Lessee shall abide by all provisions of the insurance contract, including proper and timely notice of the loss to the insurer, and Lessee further agrees that it will notify the Lessor of any loss in the amount of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) or greater and that no claim at or in excess of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) shall obtain and maintainbe settled without the prior written consent of Lessor, at its own expense:which consent shall not be unreasonably withheld or delayed.
(ib) Building Flood and earthquake insurance shall be required only in the event that the Leased Property is located in a flood plain or earthquake zone. Such insurance to be in an amount equal to the Full Replacement Cost value of the Facility, subject to no more than a Twenty-Five Thousand Dollars ($25,000) per occurrence deductible and such policy shall include coverage for subsidence.
(c) Insurance against loss of earnings in an amount sufficient to cover not less than twelve (12) months' lost earnings and written in an "all risks" form, either as an endorsement to the insurance required under subparagraph (a) above, or under a separate policy.
(d) Worker's compensation insurance covering all employees in amounts that are customary for the Lessee's industry.
(e) Commercial General Liability in a primary amount of at least Three Million and 00/100 Dollars ($3,000,000.00) per occurrence, bodily injury for injury or death of any one person and One Hundred Thousand and 00/100 Dollars ($100,000.00) for Property Damage for damage to or loss of property of others, subject to a Three Million and 00/100 Dollars ($3,000,000.00) annual aggregate policy limit for all bodily injury and property damage claims, occurring on or about the Leased Property or in any way related to the Leased Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on the “Special Form” Leased Property otherwise related to the Leased Property. Such policy shall include coverages of a Broad Form nature, including, but not limited to, Explosion, Collapse and Underground (formerly “All Risk” formXCU), Products Liability, Completed Operations, Broad Form Contractual Liability, Broad Form Property Damage, Personal Injury, Incidental Malpractice Liability, and Host Liquor Liability.
(f) Automobile and vehicle liability insurance coverage for all owned, non-owned, leased or hired automobiles and vehicles in a primary limit amount of One Million and 00/100 Dollars (including earthquake $1,000,000.00) per occurrence for bodily injury; One Hundred Thousand and flood 00/100 Dollars ($100,000.00) per occurrence for property damage; subject to an annual aggregate policy limit of One Million and 00/100 Dollars ($1,000,000.00).
(g) Umbrella liability insurance in reasonable amounts as determined by Lessorthe minimum amount of Seven Million and 00/100 Dollars ($7,000,000.00) for each occurrence and aggregate combined single limit for all liability, with a Ten Thousand and 00/100 Dollar ($10,000.00) self-insured retention (Fifty Thousand and 00/100 Dollar ($50,000.00) for professional liability) for exposure not covered in underlying primary policies. The umbrella liability policy shall name in its underlying schedule the policies of professional liability, commercial general liability, garage keepers liability, automobile/vehicle liability and employer's liability under the workers compensation policy.
(h) Professional liability insurance for any physician employed or other employee or agent of the Lessee providing services at the Leased Property in an amount not less than 100% Three Million and 00/100 Dollars ($3,000,000.00) per individual claim and Three Million and 00/100 Dollars ($3,000,000.00) annual aggregate, subject to a deductible of the then full replacement cost thereof no more than Fifty Thousand and 00/100 (as defined in Section 13.2$50,000.00) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessorper individual claim.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on A commercial blanket bond covering all employees of the Lessee’s Personal Property on , including its officers and the “Special Form” individual owners of the insured business entity, whether a joint-venture, partnership, proprietorship or incorporated entity, against loss as a result of their dishonesty. Policy limit shall be in the full an amount of the replacement cost thereof;
at least One Million and 00/100 Dollars (ii$1,000,000.00) Comprehensive general liability insurance, with amounts not less subject to a deductible of no more than Ten Thousand and 00/100 Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 10,000.00) per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 2 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Properties, and all property located in or on the Leased Properties, including Lessor's Personal Property and Xxxxxx's Personal Property, insured with insurance meeting the kinds and amounts of insurance described below, or such other insurance coverage(sfollowing requirements:
(a) as may be required by the Franchise Agreement. This all insurance shall be written by companies authorized to issue do insurance business in the State. The applicable States and having a rating classification of not less than A- and a financial size category of "Class VII" or larger, according to the then most recent issue of Best's Key Rating Guide; (b) all policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, and name as an additional insured any Facility Mortgagee by way of a standard form of mortgagee's loss payable endorsement in use in the case applicable States and in accordance with any such other requirements as may be. Losses shall be established by such Facility Mortgagee; (c) casualty losses must be payable to Lessor or Lessee as provided in this Lease. Any Article XIV, and loss adjustment adjustments shall require the written consent of Lessor, any Facility Mortgagee and, provided no Event of Default has occurred and is continuing at the time, Lessee, which consent shall not be unreasonably withheld by either Lessor or Lessee; (d) each insurer must agree that it will give Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance any Facility Mortgagee at least thirty (30) days' written notice before its policy shall be deposited with Lessor. The policies on the Leased Propertyaltered, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
allowed to expire or canceled; (ae) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (any deductible or retention must be approved by Lessor prior to the extent quantifiableissuance of any policy, which approval will not be unreasonably withheld, conditioned or delayed; and (f) for the benefit form of Lessor.
(b) Lessee all policies shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to be approved by Lessor and Lessee;
(iii) Insurance covering any Existing Facility Mortgagee, whose approval shall not unreasonably be withheld, conditioned or delayed, provided that such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized policies conform to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable localthis article XIII. Notwithstanding the foregoing, state Lessee may obtain so-called "umbrella" policies, comprehensive liability policies and federal law;
(vi) Vehicle professional liability policies of insurance for owned, from non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofadmitted surplus line carriers acceptable to Lessor.
Appears in 2 contracts
Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property, and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIII. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property or any part thereof in accordance with the provisions of Article XXXII ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment in excess of $100,000.00 shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence of insurance shall be deposited with Lessor and if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “malicious mischief extended coverage perils commonly known as "All Risk” form) (" and all physical loss perils, including earthquake sprinkler leakage and flood in reasonable amounts as determined by Lessor) business interruption, in an amount not less than 10090% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the after deductible with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; andmay be reasonably requested by Lessor from time to time;
(iiic) Loss of income insurance on the “Special Form”, or damage by hurricane and earthquake in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintainFull Replacement Cost, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofafter deductible;
(iid) Comprehensive Loss of rental under a rental value insurance policy covering risk of loss during the first 6 months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 12.1(a), 12.1(b) or 12.1 (c), in an amount sufficient to prevent Lessee from becoming a co-insurer; provided that in the event that Lessee shall not be in default hereunder and Lessor shall receive any proceeds from such rental insurance which when added to rental amounts received with respect to the applicable time period exceed the amount of rental owed by Lessee hereunder, Lessor shall immediately pay such excess to Lessee;
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insuranceinsurance including insurance against assumed or contractual liability including indemnities under this Lease, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability 5,000,000.00 per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 2 contracts
Samples: Lease Agreement (Balanced Care Corp), Lease Agreement (Balanced Care Corp)
General Insurance Requirements. During the Term of this LeaseLessee shall, Lessor and Lessee shall at all times during the Term, keep or cause to be kept the Leased Property Property, the Capital Additions and the Personal Property, insured with the kinds and amounts of insurance described below:
13.1.1 With respect to the Leased Properties, or such other insurance coverage(s) as may be required by comprehensive all risk insurance, including the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lesseeperils of wind, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor earthquake and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies flood on the Leased Property, including the Leased Improvements, Fixtures Capital Additions and Lessee’s the Personal Property, shall include the following:
: (a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal PropertyA) on the a “Special FormReplacement Cost” in the full basis, which for purposes of this Lease shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, endorsement with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Propertyand Personal Property waiving all co-insurance provisions; (C) containing an “Ordinance or Law Coverage” endorsement if any of the Leased Improvements or the use of any Leased Property covering the increased cost of construction, demolition cost, value of the undamaged portion of the structure and any increased time to rebuild due to the enforcement of building or zoning laws or requirements following a covered loss to any one of the Leased Properties; (D) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts deductibles as may be customary for comparable properties in reasonably approved by Lessor and not more than five percent (5%) of the area insurable value of the Leased Property and Capital Additions; and (E) with limits for windstorm and earthquake of not less than the projected post-deductible loss for the two hundred fifty (250) year return period as calculated using the latest version of either the RMS (Risk Management Solutions) or AIR (AIR Worldwide) modeling software.
13.1.2 With respect to the Leased Properties, a commercial general liability and professional liability policy (including all professional health care services, including, nurses and medical directors) against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Leased Properties, all of which insurance: (A) can be on the “claims made” form (provided, however, that if the policy has a claims-made coverage trigger, the retroactive date shall always be no later than the most recent of Commencement Date or the date that is available from insurance companiesfive (5) years prior to the policy inception date, insurance pools and if claims-made coverage is maintained, Lessee shall either maintain such claims-made coverage for two years after the end of the Lease period or other appropriate companies authorized to do business purchase a two (2) year extended reporting period under the policy in force at the end of the lease), and (B) shall have limits of not less than Six Million Dollars ($6,000,000) per occurrence and Eight Million Dollars ($8,000,000) in the State at rates which are economically practicable in relation to the risks coveredaggregate (including excess liability policies), with a self-insured retention or captive retention as may be reasonably requested approved by Lessor;
. It is agreed that a captive insurer may issue insurance policies (ivFronting Policies) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded to meet the requirements under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, this section to the extent necessary that such captive is fully reinsured by insurers or reinsurers with a rating of “A- VIII” or better in the most recent version of Best’s Key Rating and that Lessee furnishes evidence of such reinsurance as requested. Lessee shall provide a copy of the audited financial statements of the captive upon request of Lessor. If the captive’s policyholder surplus drops below Four Million Dollars ($4,000,000) or Lessor, in its reasonable judgment, has concerns about the captive’s solvency, it may terminate Lessee’s right to protect Lessor have the captive issue Fronting Policies.
13.1.3 Business income insurance on an actual loss sustained basis for the period of restoration, (A) covering all risks required to be covered by the insurance provided for in Sections 13.1.1 and 13.1.2 above, as applicable; (B) in an amount equal to the actual loss sustained of the projected net pre-tax income and continuing expenses, including rent, from each Leased Property against for a period of twelve (12) months from the date of any such actual casualty and notwithstanding that the policy may expire at the end of such period; and (C) including an extended period of indemnity of not less than one hundred eighty (180) days. The amount of such business income insurance shall be determined prior to the Commencement Date and at least once each Lease Year thereafter based on Lessee’s worker’s compensation claims, such reasonable estimate of the Gross Revenue for each Facility for the succeeding twelve (12) month period.
13.1.4 A program of worker’s compensation insurance or self-insurance or non-subscription, with respect to any employees of Lessee which meets all Legal Requirements for employers regarding worker’s compensation exposures in each of the States in which Lessee operates. Should Lessee become a non-subscriber in any State, Lessee shall maintain an employer indemnity/occupational injury policy for such State with limits of not less than Five Million Dollars ($5,000,000) per employee and Ten Million Dollars ($10,000,000) per occurrence.
13.1.5 Comprehensive boiler and machinery insurance, if applicable, in amounts as shall be in accordance reasonably required by Lessor on terms consistent with the requirements of applicable local, state commercial property insurance required under Sections 13.1.1 above.
13.1.6 Motor vehicle liability coverage for all owned and federal law;
(vi) Vehicle liability insurance for owned, non-ownedowned vehicles used at any Leased Property, including rented and hired vehicles, leased vehicles in amounts not less than Fifteen Million Dollars ($15,000,000) (including any excess liability policies) per accident for bodily injury or property damage.
13.1.7 Flood insurance under a National Flood Insurance Program policy (or equivalent program) for any portion of the Leased Property that is located in the amount of $5,000,000; andone hundred (100) year flood plain as and to the extent required by any applicable Facility Mortgagee or leasehold mortgagee.
13.1.8 Upon ninety (vii90) Such days’ notice, such other insurance or in such amounts as Lessor or any Facility Mortgagee from time to time may reasonably request with respect to any Facility or Facilities against such other insurable hazards which at the time are commonly insured against for facilities property similar to such as Facility or Facilities located in or around the Leased Property and the operation thereofregion in which such Facility or Facilities are located.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Emeritus Corp\wa\), Master Lease and Security Agreement (Hcp, Inc.)
General Insurance Requirements. During the Term of this LeaseTenant shall obtain, Lessor pay for and Lessee shall maintain at all times keep during the Term, subject to Sections 11.2 and 11.4(a), the following insurance with respect to the Demised Premises and all property located therein or thereon, including Tenant’s Property:
(a) Insurance against all risk of physical loss or damage to the Leased Property insured with the kinds Improvements and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee Fixtures as provided in this Lease. Any loss adjustment shall require the written consent under “Special Causes of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased PropertyLoss” form coverage (“All-Risk Insurance”), including the perils of hail, windstorm, flood coverage (which coverage shall apply to all Properties without exclusions for Properties located in special flood hazard areas), earthquake and acts of terrorism, in amounts not less than the actual replacement cost of the Leased Improvements, Fixtures and LesseeTenant’s Personal PropertyProperty without deduction for depreciation and waiving all co-insurance provisions or to be written on a no co-insurance form, which coverage may be fulfilled by a loss limit provided it otherwise meets the requirements herein. Such policy or policies shall contain limits for loss or damage caused by water, sprinkler leakage, debris removal, flood (including back-up of sewers and drains, seepage and surface water), subsidence, earthquake (including tsunami, if applicable), ordinance or law, and demolition and other commercially available coverages with amounts and terms determined by Tenant and reasonably acceptable to Landlord from time to time. If Tenant’s insurance company is unable or unwilling, or if Tenant otherwise elects, to include any or all of such excluded perils, then Tenant shall have the following:option of purchasing coverage against such perils from another insurer on a “Difference in Conditions” form or through one or more stand-alone policies. Such policies shall contain replacement cost and “Law and Ordinance” coverage (at full replacement cost) and joint loss agreements, and such policies shall not contain a “same or adjacent site clause” within the definition of replacement cost. Subject to Section 11.2, such policies and endorsements shall contain deductibles not more than Two Hundred Fifty Thousand Dollars ($250,000) per occurrence, with the exceptions of windstorm, hail, flood or earthquake (including tsunami, if applicable), which may have deductibles not more than five percent (5%) of the total insurable value of the individual Demised Premises or such other amount as approved by Landlord in its reasonable discretion.
(b) Comprehensive boiler and machinery/equipment breakdown insurance on any of the Fixtures or any other equipment on or in the Demised Premises, with a policy limit in an amount not less than the full replacement cost of the Leased Improvements per accident for damage to property, which coverage may be fulfilled by a loss limit provided it otherwise meets the requirements herein (and which may be carried as part of the coverage required pursuant to clause (a) Lessor shall obtain and maintain, at its own expense:above or pursuant to separate policies or endorsements);
(ic) Building Solely to the extent required by Landlord, and subject to the further provisions of this clause (c), rental value insurance on the (a “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by LessorBI Policy”) in an amount not less than 100% eighteen (18) months (or such shorter term as Landlord shall elect in its sole discretion) of Base Rent payable hereunder, with an extended period of indemnity coverage of at least three hundred sixty-five (365) days necessitated by the occurrence of any of the hazards described in Section 11.1(a) or 11.1(b). Upon Notice from Landlord to Tenant that Landlord would like Tenant to obtain competitive quotes (each, a “BI Policy Quote” and collectively, the “BI Policy Quotes”) for a BI Policy (with Landlord specifying in such Notice the desired number of months of coverage) and the provision of required information requested by any insurer or insurance agent in order for Tenant to obtain such quotes (to the extent such information is not available to Tenant), each of Landlord and Tenant shall use commercially reasonable efforts to deliver to the other Party not less than one (1) BI Policy Quote each (and any documentation, reasonably satisfactory to the other party, that evidences the pursuit of such quotes) for such BI Policy within fifteen (15) days of such Notice. Upon delivery of the BI Policy Quotes, Landlord shall, in its sole discretion, either (i) require Tenant to procure the BI Policy with the lower or lowest of the premiums among the BI Policy Quotes; provided, however, that the Parties acknowledge and agree that Tenant shall not be required to procure a BI Policy if obtaining such BI Policy will increase the cost of any other insurance coverages that Tenant’s Parent and/or any of its Subsidiaries are then full replacement maintaining for their properties (unless Landlord agrees to be solely responsible for such increased costs, with Tenant having the right to credit the same against installments of Base Rent coming due and payable hereunder if Landlord does not pay or reimburse Tenant for the same within ten (10) Business Days after Tenant’s request therefor, accompanied by reasonable supporting documentation), (ii) obtain and maintain its own BI Policy or (iii) elect not to obtain a BI Policy. Notwithstanding anything to the contrary herein, Tenant’s allocable share of the premium cost of any and all BI Policies shall not exceed Three Hundred Thousand Dollars ($300,000) per year in the aggregate (the “BI Premium Cap”) (as such amount may be re-allocated to Severed Leases pursuant to the provisions of Section 1.9(d)(K) of this Lease) regardless of whether Landlord or Tenant obtains and maintains the BI Policy, and Tenant’s obligation to pay or reimburse Landlord for the cost thereof shall be limited to the BI Premium Cap (as defined in such amount may be re-allocated to Severed Leases pursuant to the provisions of Section 13.21.9(d)(K) or such other amount which is acceptable to Lessor and Lesseeof this Lease), and personal property insurance (on other than Lessee’s Personal Property) on with Landlord bearing sole responsibility for the “Special Form” in the full amount remainder of the replacement annual premium cost thereoffor such BI Policy above the BI Premium Cap (each Party’s share of such cost, as such share may be re-allocated pursuant to the provisions of Section 1.9(d)(K) of this Lease, its “BI Share”). The Net Proceeds of any BI Policy shall be prorated between Tenant and Landlord (as such proration may be further re-allocated pursuant to the provisions of Section 1.9(d)(K) of this Lease) such that Tenant shall receive a credit against Base Rent coming due and payable hereunder equal to the product of (i) such Net Proceeds, multiplied by (ii) Tenant’s pro rata share of the annual cost of the BI Policy (as such proration may be further adjusted pursuant to the provisions of Section 1.9(d)(K) of this Lease);
(d) Claims for personal injury or property damage under a policy of comprehensive general liability insurance, including coverage for acts of terrorism, with (1) limits of not less than One Million Dollars ($1,000,000) each occurrence and Two Million Dollars ($2,000,000) in the annual aggregate and with a retention or deductible not in excess of Two Hundred Fifty Thousand Dollars ($250,000) (subject to the provisions of Section 11.2), plus (2) at least Fifty Million Dollars ($50,000,000) excess and/or umbrella liability insurance shall be obtained and maintained on terms consistent with the commercial general liability insurance required above. In addition, to the extent that Landlord maintains any policy(ies) of comprehensive general public liability insurance with respect to the Common Areas relating to any Tenant Option Property, Landlord shall name Tenant as an additional insured on each such policy as to all matters arising with respect to such Common Areas from and after the Partial Property Termination Date (if any) with respect to such Tenant Option Property. The coverage under each such policy shall be on a primary and non-contributory basis;
(e) Workers’ compensation insurance evidenced by Tenant on a per-state basis (with respect to the state in which each Demised Premises is located) and by a certificate of insurance on a “statutory basis” with minimum limits of “employers’ liability” coverage of Five Hundred Thousand Dollars ($500,000) per occurrence;
(f) Motor vehicle liability insurance with coverage for all owned, non-owned and hired vehicles with a combined single limit of not less than One Million Dollars ($1,000,000) per occurrence for bodily injury and property damage. If no vehicles are owned or leased, the commercial general liability insurance shall be extended to provide insurance for non-owned and hired vehicles;
(g) During such time as Tenant is performing (or causing to be performed) any Work, (i) workers’ compensation insurance (if required by law) and employers’ liability insurance covering all Persons employed in connection with such Work in statutory limits, (ii) Insurance for loss a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or damage its equivalent), covering all physical loss, in an amount and subject to policy conditions reasonably satisfactory to Landlord, and (direct and indirectiv) from steam boilerssuch other insurance (including amounts of coverage, pressure vessels or similar apparatus, now or hereafter installed deductibles and/or form of mortgagee clause) as Landlord deems reasonably necessary to protect Landlord’s interest in the Hotel, in the minimum amount Demised Premises from any act or omission of $5,000,000 Tenant’s contractors or in such greater amounts as are then customarysubcontractors; and
(iiih) Loss Such other insurance (or other terms with respect to any insurance required pursuant to this Section 11.1, including amounts of income insurance coverage, deductibles and/or form of mortgagee clause) on or in connection with the “Special Form”, in the amount of one year of Base Rent Demised Premises as Landlord may reasonably require and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
that is (i) Personal property insurance on Lessee’s Personal Property on the customarily carried or required by prudent “Special Formtriple-net” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary tenants for comparable properties in the area of the applicable Demised Premises and (ii) available on commercially reasonable terms (as agreed to between the Parties). Subject to the provisions of Article XII, by this Section 11.1, Tenant intends that the risk of loss or damage to each and every Demised Premises and all property thereon, including all Leased Property Improvements, Fixtures and is available Tenant’s Property, shall be borne solely by Tenant and its respective property insurance carriers and Tenant hereby agrees to look solely to, and to seek recovery only from insurance companiessuch carriers, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States event of any such loss or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, damage to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, that such worker’s compensation insurance coverage is agreed to be in accordance with the requirements of provided hereunder. For this purpose, any applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance deductible shall be treated as Lessor may reasonably request for facilities though it were recoverable under such as the Leased Property and the operation thereofpolicies.
Appears in 2 contracts
Samples: Retail Master Lease (Copper Property CTL Pass Through Trust), Retail Master Lease (J C Penney Co Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
Borrower agrees that all insurance policies shall: (i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or be in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent form and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards endorsements and in such amounts as may be customary for comparable properties satisfactory to Lender; (ii) name Lender as an additional insured/loss payee and provide that all Insurance Proceeds be payable to Lender; (iii) contain a “Non Contributory Standard Lender Clause” and a Lender’s Loss Payable Endorsement or their equivalents naming Lender as the person to whom all payments shall be paid and a provision that payment of Insurance Proceeds in the area excess of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized Restoration Proceeds Threshold shall be made by a check payable only to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
Lender; (iv) Fidelity bonds with limits contain a waiver of subrogation endorsement as to Lender and deductibles as may its successors and assigns providing that no policy shall be reasonably requested impaired or invalidated by Lessorvirtue of any act, covering Lessee’s employees failure to act, negligence of, or violation of declarations, warranties or conditions contained in job classifications normally bonded under prudent hotel management practices in the United States such policy by Borrower, Lender or otherwise required by law;
any other named insured, additional insured or loss payee; (v) Worker’s compensation insurance coverage contain an endorsement indicating that neither Lender nor Borrower shall be or be deemed to be a co-insurer with respect to any risk insured by such policies and shall provide for an aggregate deductible per loss for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be policies not in accordance with the requirements excess of applicable local, state and federal law;
$25,000.00; (vi) Vehicle liability insurance for ownedcontain a provision that such policies shall not be canceled or amended in any adverse manner, non-ownedincluding any amendment reducing the scope or limits of coverage, without at least thirty (30) days prior notice to Lender in each instance; and hired vehicles, in the amount of $5,000,000; and
(vii) Such with respect to commercial general liability, provide for claims to be made on an occurrence basis.
(b) In the event of foreclosure of the lien of the Mortgage or other transfer of title or assignment of the Property in extinguishment, in whole or in part, of the Indebtedness, all right, title and interest of Borrower in and to all policies of casualty insurance as Lessor may reasonably request for facilities such as covering all or any part of the Leased Property shall inure to the benefit of and pass to the operation successors in interest to Lender or the purchaser or grantee of the Property or any part thereof.
Appears in 2 contracts
Samples: Loan Agreement (Comstock Mining Inc.), Loan Agreement (Gladstone Commercial Corp)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Facility. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lesseeeach Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents, but subject to the applicable terms regarding application of insurance proceeds set forth in any non-disturbance agreement delivered by such Facility Mortgagee) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) (which amount shall be subject to Renewal Term Increase on the commencement of each acting reasonably and Renewal Term) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism, collapse and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm, in an amount not less than 100% of the then full replacement cost thereof insurable value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable basis and including a building ordinance coverage endorsement; provided, that Tenant shall have the right (i) to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount less than the Maximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Tenant;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in such limits with respect to any one accident as may be reasonably requested by Landlord from time to time;
(c) Flood (when any of the minimum amount improvements comprising the Leased Property of $5,000,000 a Facility is located in whole or in such part within a designated 000-xxxx xxxxx xxxxx xxxx) in an amount not less than the greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount probable maximum loss of the replacement cost thereof;
a 250 year event, and (ii) Comprehensive general liability insurance, with amounts not less than One Hundred Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor100,000,000), and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
(d) Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with an extended period of indemnity coverage of at least ninety (90) days necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c), Tenant may self-insure specific Facilities for the insurance contemplated under this Section 13.1(d), provided that (i) such Facilities that Tenant chooses to self-insure are not expected to generate more than ten percent (10%) of Net Revenues anticipated to be generated from all the Facilities and (ii) Tenant deposits in any impound account created under Section 4.3 hereof an amount equal to the product of (1) the sum of (A) the insurance premiums paid by Tenant for such period under this Section 13.1(d) to insurance companies and (B) the amount deposited by Tenant in an impound account pursuant to this provision, and (2) the percentage of Net Revenues that are anticipated to be generated by the Facilities that are being self-insured by Tenant under this provision;
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord’s interest in the Leased Property and is available from insurance companies, insurance pools any act or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lesseeomission of Tenant’s employees in job classifications normally bonded under prudent hotel management practices in the United States contractors or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofsubcontractors.
Appears in 2 contracts
Samples: Master Lease (Boyd Gaming Corp), Master Lease (Gaming & Leisure Properties, Inc.)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant or Subtenants shall at all times keep the Leased Property Premises, and all property located in or on the Premises, including all Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance described below, or such other . Each element of the insurance coverage(s) as may described in this Section shall be required by maintained with respect to the Franchise AgreementPremises and the Personal Property and operations thereon. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the Premises is located. The All liability policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured.” All property, loss of rental and business interruption type policies shall name Landlord as the case may be. “loss payee.” Losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseSection 14. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Mortgagee”) securing any indebtedness or any other encumbrance placed on any Premises in accordance with the provisions of Section 36.3.1 (“Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement; provided that Landlord delivers the name and address of any such Mortgagee to Tenant. Any loss adjustment shall require the written consent of Lessor Landlord, Tenant and Lessee, each acting reasonably and in good faithMortgagee. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Mortgagee(s). The policies on shall insure against the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) extended coverage perils commonly known as special form perils, earthquake (including earthquake earth movement), sinkhole and flood in reasonable amounts as determined by Lessor) windstorm in an amount not less than 100% of the then full insurable value on a replacement cost thereof basis (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofincluding a building ordinance coverage endorsement;
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelPremises, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect any one accident as may be reasonably requested by Landlord from time to Lessor and Lesseetime;
13.1.3 Flood (iiiwhen the Premises is located in whole or in part within a designated 100-xxxx xxxxx xxxxx xxxx) Insurance covering and such other hazards and in such amounts as may be customary for comparable properties in the area area;
13.1.4 Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance Increased Period of Restoration Endorsement) necessitated by the occurrence of any of the Leased Property hazards described in Sections 13.1.1, 13.1.2 or 13.1.3;
13.1.5 Bodily injury and is available from property damage under a policy of commercial general liability insurance companies(including broad form property damage and broad form contractual liability), insurance pools or other appropriate companies authorized to do business with amounts not less than One Million and No/100 Dollars ($1,000,000.00) per occurrence and Three Million and No/100 Dollars ($3,000,000.00) in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
annual aggregate and a commercial umbrella liability policy of Five Million and No/100 Dollars (iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,0005,000,000.00); and
13.1.6 Medical professional liability, with amounts not less than One Million and No/100 Dollars (vii$1,000,000.00) Such other insurance as Lessor may reasonably request for facilities such as per occurrence and Three Million and No/100 Dollars ($3,000,000.00) in the Leased Property and the operation thereofannual aggregate.
Appears in 2 contracts
Samples: Lease (Global Medical REIT Inc.), Purchase Agreement (Global Medical REIT Inc.)
General Insurance Requirements. During the Term of this LeaseLessee shall, Lessor and Lessee shall at all times during the Term, keep or cause to be kept the Leased Property Property, the Capital Additions and the Personal Property, insured with the kinds and amounts of insurance described below:
13.1.1 With respect to the Leased Properties, or such other insurance coverage(s) as may be required by comprehensive all risk insurance, including the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lesseeperils of wind, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor earthquake and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies flood on the Leased Property, including the Leased Improvements, Fixtures Capital Additions and Lessee’s the Personal Property, shall include the following:
: (a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal PropertyA) on the a “Special FormReplacement Cost” in the full basis, which for purposes of this Lease shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, endorsement with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Propertyand Personal Property waiving all co-insurance provisions; (C) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area containing an “Ordinance or Law Coverage” endorsement if any of the Leased Improvements or the use of any Leased Property covering the increased cost of construction, demolition cost, value of the undamaged portion of the structure and is available from insurance companies, insurance pools or other appropriate companies authorized any increased time to do business in the State at rates which are economically practicable in relation rebuild due to the risks covered, as may be reasonably requested by Lessor;
enforcement of building or zoning laws or requirements following a covered loss to any one of the Leased Properties; (ivD) Fidelity bonds with limits and deductibles as may be reasonably requested approved by Lessor; and (E) with limits for windstorm and earthquake of no less than the projected post-deductible loss for the 250 year return period as calculated using the latest version of either the RMS (Risk Management Solutions) or AIR (AIR Worldwide) modeling software.
13.1.2 With respect to the Leased Properties, covering Lessee’s employees a commercial general liability and professional liability policy (including all professional health care services, including, nurses and medical directors) against claims for personal injury, bodily injury, death or property damage occurring upon, in job classifications normally bonded or about the Leased Properties, such insurance (A) can be on the “claims made” form. However, if the policy has a claims-made coverage trigger, the retroactive date shall always be no later than the most recent of Commencement Date or the date that is five (5) years prior to the policy inception date. In addition, if claims-made coverage is maintained, Lessee shall either maintain such claims-made coverage for two years after the end of the Lease period or purchase a two(2) year extended reporting period under prudent hotel management practices the policy in force at the end of the lease, and (B) to continue at not less than Fifty Million Dollars ($50,000,000) in the United States aggregate limits (including excess liability policies) with a self-insured retention or otherwise required captive retention as may be reasonably approved by law;
Lessor. It is agreed that a captive insurance may issue insurance policies (vFronting Policies) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on to meet the Leased Premises, requirements under this section to the extent necessary that such captive is fully reinsured by insurers or reinsurers with a rating of “A- VIII” or better in the most recent version of Best’s Key Rating and that Lessee furnishes evidence of such reinsurance as requested. However, Lessee shall provide a copy of the audited financial statements of the captive upon request of Lessor. If the captive’s policyholder surplus drops below Four Million Dollars ($4,000,000) and Lessor, in its reasonable judgment, has concerns about the captive’s solvency, it may terminate Lessee’s right to protect Lessor have the captive issue Fronting Policies.
13.1.3 Business income insurance on an actual loss sustained basis for the period of restoration, (A) covering all risks required to be covered by the insurance provided for in Sections 13.1.1 and 13.1.2 above, as applicable; and (B) in an amount equal to the actual loss sustained of the projected net pre-tax income and continuing expenses, including rent, from each Leased Property against for a period of twelve (12) months from the date of any such actual casualty and notwithstanding that the policy may expire at the end of such period. The amount of such business income insurance shall be determined prior to the Commencement Date and at least once each Lease Year thereafter based on Lessee’s worker’s compensation claims, such reasonable estimate of the Gross Income from Operations for each Facility for the succeeding twelve (12) month period.
13.1.4 A program of worker’s compensation insurance or self-insurance or non-subscription, with respect to any employees of Lessee which meets all Legal Requirements for employers regarding worker’s compensation exposures in each of the States in which Lessee operates.
13.1.5 Comprehensive boiler and machinery insurance, if applicable, in amounts as shall be in accordance reasonably required by Lessor on terms consistent with the requirements of applicable localcommercial property insurance required under Sections 13.1.1 above.
13.1.6 Motor vehicle liability coverage for all owned and non-owned vehicles used at any Leased Property, state including rented and federal law;leased vehicles in amounts not less than One Million Dollars ($1,000,000) per accident for bodily injury or property damage.
(vi) Vehicle 13.1.7 Environmental liability insurance covering those Facilities set forth on Schedule 13.1.7 hereto, providing coverage for ownedpollution legal liability, nonremediation legal liability, contingent transportation, natural resource damages and legal defense expense with the following minimum limits: (i) a policy limit of Ten Million Dollars ($10,000,000) for each loss and in the aggregate and with a self-ownedinsured retention of not more than Two Hundred Fifty Thousand Dollars ($250,000); and (ii) a sub-limit for civil and administrative fines, penalties or assessments, punitive and hired vehicles, exemplary damages in the amount of Two Million Dollars ($5,000,000; and2,000,000) for each loss and in the aggregate. The maximum deductible thereunder shall be Two Hundred Fifty Thousand Dollars ($250,000) for each loss. The policy of environmental liability insurance shall not have a retroactive date and shall name Lessor as a named insured. Any Facility Mortgagee shall be named as an additional insured. The policy of environmental liability insurance shall not have any exclusions for underground storage tanks or known conditions.
13.1.8 Upon ninety (vii90) Such days’ notice, such other insurance or in such amounts as Lessor or any Facility Mortgagee from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for facilities such as property similar to the Leased Property and located in or around the operation thereofregion in which such Leased Property is located.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Hcp, Inc.), Master Lease and Security Agreement (Hcp, Inc.)
General Insurance Requirements. During Subject to the Term provisions of this LeaseSECTION 13.8, Lessor and during the Term, Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Lessee's Personal Property, insured with the kinds and amounts of insurance described below, or such other below and any additional insurance coverage(s) as may be reasonably required by Lessor to protect its interest in the Franchise AgreementLeased Property. This insurance shall be written by companies authorized to issue do insurance business in the StateStates in which the Leased Property is located. The policies must name Lessor as an additional insured and/or Lesseeloss payee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this LeaseARTICLE XIV. In addition, upon Lessor's written request, the policies shall name as an additional insured and/or loss payee, as applicable, the holder ("FACILITY MORTGAGEE") of any mortgage, deed of trust or other security agreement and any other Encumbrance placed on the Leased Property in accordance with the provisions of ARTICLE XXXII and expressly including, without limitation, the Existing Encumbrances (a "FACILITY MORTGAGE") by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessor, Lessee, and each acting reasonably and in good faithFacility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee. If any provision of any Facility Mortgage requires deposits of premiums for insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
13.1.1 Insurance against loss or damage by fire, casualty and other hazards as now are or subsequently may be covered by an "all risk" policy or a policy covering "special" causes of loss, with such endorsements as Lessor (aor a Facility Mortgagee) Lessor shall obtain may from time to time reasonably require and maintainwhich are customarily required by institutional lenders of similar properties similarly situated, at its own expense:
(i) Building insurance on including, without limitation, building ordinance law, lightning, windstorm, civil commotion, hail, riot, strike, water damage, sprinkler leakage, collapse, malicious mischief, explosion, smoke, aircraft, vehicles, vandalism, falling objects and weight of snow, ice or sleet, and covering the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) Leased Property in an amount not less than equal to 100% of the then full insurable replacement cost thereof value of the Leased Property (as defined in Section 13.2exclusive of footings and foundations below the lowest basement floor) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount without deduction for depreciation. The determination of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in amount shall be adjusted annually to comply with the Hotel, in requirements of the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on insurer issuing the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintaincoverage or, at Lessor's (or a Facility Mortgagee's) election, by reference to such indexes, appraisals or information as Lessor's (or a Facility Mortgagee's) determines in its own expense:
(i) Personal property reasonable discretion, and, unless the insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed this paragraph shall be effected by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be blanket and/or umbrella policies in accordance with the requirements of applicable localthis Lease, state the policy shall include inflation guard coverage that ensures that the policy limits will be increased over time to reflect the effect of inflation. Each policy shall, subject to Lessor's (or a Facility Mortgagee's) approval, contain (i) a replacement cost endorsement, without deduction for depreciation, (ii) either an agreed amount endorsement or a waiver of any co-insurance provisions, and federal law(iii) an ordinance or law coverage or enforcement endorsement if the Improvements or the use of the Property constitutes any legal nonconforming structures or uses, and shall provide for deductibles in such amounts as Lessor (or a Facility Mortgagee) may permit in its sole discretion.;
13.1.2 If the Leased Property contains steam boilers, steam pipes, steam engines, steam turbines or other high pressure vessels, insurance covering the major components of the central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping and machinery, elevators and escalators, if any, and other similar equipment installed in the Leased Improvements, in an amount equal to one hundred percent (vi100%) Vehicle of the full replacement cost of the Leased Improvements, which policies shall insure against physical damage to and loss of occupancy and use of the Leased Improvements arising out of an accident or breakdown covered thereunder;
13.1.3 Business and rental interruption insurance (i) covering the same perils of loss as are required to be covered by the property insurance required under SECTION 13.1.1 AND 13.1.2 above, (ii) in an amount equal to the projected annual net income from the Leased Property plus carrying costs and extraordinary expenses of the Leased Property for a period of twelve (12) months, based upon Lessee's reasonable estimate thereof as approved by Lessor (or a Facility Mortgagee), (iii) including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Lessee, Lessor and any other insured thereunder from being a co-insurer, and (iv) providing that any covered loss thereunder shall be payable to Lessor;
13.1.4 Commercial general liability insurance under a policy containing "Comprehensive General Liability Form" of coverage (or a comparably worded form of coverage) and the "Broad Form CGL" endorsement (or a policy which otherwise incorporates the language of such endorsement), which policy shall include, without limitation, coverage against claims for ownedpersonal injury, non-ownedbodily injury, death and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as property damage liability without respect to the Leased Property and the operation thereof.operations related thereto, whether on or off the Leased Property, and the following coverages: Employee as Additional Insured, Product Liability/Completed Operations; Broad Form Contractual Liability, Independent Contractor, Personal Injury and Advertising Injury Protection, Medical Payment (with a minimum limit of $5,000 per person), Broad Form Cross Suits Liability Endorsement, where applicable, hired and non-owned automobile coverage (including rented and leased vehicles), and, if any alcoholic beverages shall be sold, manufactured or distributed in the Leased Property, liquor liability coverage, all of which shall be in such amounts as Lessor may from time to time reasonably require, but not less than One Million Dollars ($1,000,000) per occurrence, and Five Million Dollars ($5,000,000) in the aggregate. If any swimming pool is located at any Facility in the future, umbrella coverage shall be provided in the amount of Ten Million Dollars ($10,000,000). Such liability policy shall delete the contractual exclusion under the personal injury coverage, if possible, and if available, shall include the following endorsements: Notice of Accident, Knowledge of Occurrence, and Unintentional Error and Omission;
13.1.5 Professional liability insurance coverage in an amount equal to not less than One Million Dollars ($1,000,000) per occurrence and Five Million Dollars ($5,000,000) in the aggregate;
13.1.6 Flood insurance in an amount equal to the full insurable value of the Leased Property or the maximum amount available, whichever is less, if the Leased Property is located in an area designated by the Secretary of Housing and Urban Development or the Federal Emergency Management Agency as having special flood hazards; and
Appears in 2 contracts
Samples: Lease Agreement (Brookdale Senior Living Inc.), Lease Agreement (Brookdale Senior Living Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts Each policy of insurance described belowreferred to in Section 13.01 shall be issued by a company of recognized financial standing authorized to issue such insurance in the state where the Premises are located and having a general policyholders rating of not less than A and a financial rating of not less than VII in Best's Insurance Reports. Each liability policy shall name as the insured parties thereunder Landlord (including its agents and other parties designated by Landlord), or and Tenant, as their interest may appear, and each other policy shall name Landlord as an additional insured. Each such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance policy shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry. Every policy which Tenant is obligated to carry under the terms of Section 13.01 shall contain an agreement by companies authorized the insurer that it will not cancel or fail to issue insurance in renew or amend such policy or reduce the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses coverage thereunder except after thirty (30) days prior written notice to Landlord and that any loss otherwise payable thereunder shall be payable notwithstanding any act or negligence of Tenant which might, absent such agreement, result in a forfeiture of all or a part of such insurance payment. Prior to Lessor commencing Tenant's Work, Tenant shall deliver to Landlord certificates of the insurers, evidencing all of the insurance which is required to be maintained by Tenant hereunder together with evidence of the payment of all premiums therefor, and Tenant shall, within thirty (30) days prior to the expiration of any such insurance, deliver other certificates of the insurers evidencing the renewal or Lessee as replacement of such insurance together with evidence of the payment of all premiums therefor. Should Tenant fail to maintain or renew any insurance provided for in this Lease. Any loss adjustment shall require Section, or to pay the written consent of Lessor and Lesseepremium therefor, each acting reasonably or to deliver to Landlord any such certificates, then and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Propertyany said events, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintainLandlord, at its own expense:
option, but without obligation to do so may, upon five (i5) Building days notice to Tenant, procure such insurance, and any sums so expended by Landlord (together with Landlord's reasonable administrative expense in procuring such insurance and interest at the Default Rate) shall be additional rent hereunder and shall be paid by Tenant to Landlord on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% first day of the then full replacement cost thereof (as defined in Section 13.2) or month next following the date on which such other amount which expenditure is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessormade by Landlord.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 2 contracts
Samples: Shopping Center Lease (Carrollton Bancorp), Shopping Center Lease (Carrollton Bancorp)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee the Leased Property shall at all times keep the Leased Property be insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies (except crime, workers compensation, and safe deposit box legal liability) must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, and the Manager, if any, shall also be named as an additional insured, under the case may becoverages described in Subsection 13.1(b). Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment for coverages insuring both parties shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Furniture, Fixtures and Equipment and Lessee’s 's Personal Property, shall satisfy the requirements of the Franchise Agreement and of any ground lease, mortgage, security agreement or other financing lien affecting the Leased Property and at a minimum shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” "SPECIAL FORM" (formerly “All Risk” "ALL RISK" form) (including earthquake and flood in reasonable amounts (not to exceed $100,000,000 per occurrence and in the aggregate for the Existing Hotels) if and as determined by Lessor, in the exercise of its reasonable discretion, or Lessor's underwriters or lenders) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and LesseeLessor, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” "SPECIAL FORM" in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, air conditioning systems, piping and machinery, and sprinklers, if any, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customarycustomary or as may be reasonably requested by Lessor from time to time; and
(iii) Loss of income insurance on the “Special Form”"SPECIAL FORM", in the amount of one year twelve (12) months of the sum of Base Rent and Additional Charges plus Percentage Rent (based on the last Lease Year of operation or, to the extent quantifiablethe Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive Commercial general liability insurance, with amounts not less than $10,000,000 combined single limit for each occurrence and in the aggregate, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence and in the aggregate, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(ii) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessor, covering Lessee's and/or Manager's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(iii) Workers' compensation insurance (or its substantial equivalent as a non-subscribing employer in the State of Texas) to the extent necessary to protect Lessee against Lessee's and/or Manager's workers' compensation claims to the extent required by applicable state laws;
(iv) Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000;
(v) Garage keeper's legal liability insurance covering both comprehensive and collision-type losses with a limit of liability of $1,000,000 for any one occurrence;
(vi) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $2,000 per guest and $50,000 in any one occurrence or $100,000 annual aggregate;
(vii) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $5,000 in any one occurrence;
(viii) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, covered as may be reasonably requested determined by Lessor;; and
(ivix) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation Business interruption insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, "SPECIAL FORM" in the amount of $5,000,000; and
twelve (vii12) Such other insurance as Lessor may reasonably request months of gross profit, for facilities such as the Leased Property and the operation thereofbenefit of Lessee.
Appears in 2 contracts
Samples: Lease Agreement (Felcor Lodging Trust Inc), Lease Agreement (Bristol Hotels & Resorts Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property, and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIII. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property or any part thereof in accordance with the provisions of Article XXXII ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment in excess of $100,000.00 shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence of insurance shall be deposited with LessorLessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (" and all physical loss perils, including earthquake sprinkler leakage and flood in reasonable amounts as determined by Lessor) business interruption, in an amount not less than 100% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the after deductible with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; andmay be reasonably requested by Lessor from time to time;
(iiic) Loss of income insurance on the “Special Form”, or damage by hurricane and earthquake in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintainFull Replacement Cost, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofafter deductible;
(iid) Comprehensive Loss of rental under a business interruption insurance policy covering risk of loss during the first 12 months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 12.1(a), 12.1(b) or 12.1 (c), in an amount sufficient to prevent Lessee from becoming a co-insurer; provided that in the event that Lessee shall not be in default hereunder and Lessor shall receive any proceeds from such rental insurance which, when added to rental amounts received with respect to the applicable time period, exceed the amount of rental owed by Lessee hereunder, Lessor shall immediately pay such excess to Lessee;
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insuranceinsurance including insurance against assumed or contractual liability including indemnities under this Lease, with amounts not less than $10,000,000 covering each 1,000,000.00 per occurrence in respect of the following: bodily injury, injury and death, or $5,000,000.00 in the aggregate and $1,000,000.00 for property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, damage; provided that if liquor or alcoholic beverages are served on it becomes customary for tenants occupying similar buildings in the same City where the Leased Property) Property is located to be required to provide liability coverage with respect to higher limits than the foregoing, then Lessee shall provide Lessor and Lessee;with an insurance policy with coverage limits that are not less than such customary limits; and
(iiif) Insurance covering Flood (when the Leased Property is located in whole or in part within a designated flood plain area) and such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is if available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates state in which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofis located.
Appears in 2 contracts
Samples: Lease Agreement (Integrated Living Communities Inc), Lease Agreement (Integrated Living Communities Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
Borrower agrees that all insurance policies shall: (i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or be in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent form and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards endorsements and in such amounts as may be customary for comparable properties satisfactory to Lender; (ii) name Lender as an additional insured/loss payee and provide that all Insurance Proceeds be payable to Lender; (iii) contain a “Non Contributory Standard Lender Clause” and a Lender’s Loss Payable Endorsement or their equivalents naming Lender as the person to whom all payments shall be paid and a provision that payment of Insurance Proceeds in the area excess of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized Restoration Proceeds Threshold shall be made by a check payable only to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
Lender; (iv) Fidelity bonds with limits contain a waiver of subrogation endorsement as to Lender and deductibles as may its successors and assigns providing that no policy shall be reasonably requested impaired or invalidated by Lessorvirtue of any act, covering Lessee’s employees failure to act, negligence of, or violation of declarations, warranties or conditions contained in job classifications normally bonded under prudent hotel management practices in the United States such policy by Borrower, Lender or otherwise required by law;
any other named insured, additional insured or loss payee; (v) Worker’s compensation insurance coverage contain an endorsement indicating that neither Lender nor Borrower shall be or be deemed to be a co-insurer with respect to any risk insured by such policies and shall provide for an aggregate deductible per loss for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be policies not in accordance with the requirements excess of applicable local, state and federal law;
$30,000.00; (vi) Vehicle liability insurance for ownedcontain a provision that such policies shall not be canceled or amended in any adverse manner, non-ownedincluding any amendment reducing the scope or limits of coverage, without at least thirty (30) days prior notice to Lender in each instance; and hired vehicles, in the amount of $5,000,000; and
(vii) Such with respect to commercial general liability, provide for claims to be made on an occurrence basis.
(b) In the event of foreclosure of the lien of the Mortgage or other transfer of title or assignment of the Property in extinguishment, in whole or in part, of the Indebtedness, all right, title and interest of Borrower in and to all policies of casualty insurance as Lessor may reasonably request for facilities (or in the case of a blanket policy, the rights under such as policy which relate to the Leased Property) covering all or any part of the Property shall inure to the benefit of and pass to the operation successors in interest to Lender or the purchaser or grantee of the Property or any part thereof.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Digital Realty Trust, Inc.)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Operating Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may be required by the Franchise Agreement. This insurance described in this Article XIII shall be written by companies authorized maintained with respect to issue insurance in the StateLeased Property and Operating Property and operations thereon. The All third party liability policies must name Lessor and/or LesseeLandlord, and any Landlord Mortgagees, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. “Additional Insured.” Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor shall obtain Causes of Loss-Special Form (ISO CP 10 30 or its substantial equivalent) property insurance, including Terrorism, but not limited to, flood, earthquake, sprinkler leakage and maintainwindstorm, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable basis and including building ordinance and civil authority coverage; provided, that Tenant shall have the right (i) to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Fifteen Million Dollars ($15,000,000), and indirect(ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Fifteen Million Dollars ($15,000,000); provided, further, that in the event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage for these specified perils it deems most efficient and prudent to purchase, subject to Landlord’s reasonable approval, and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount less than the Maximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Tenant and approved by Landlord in its reasonable discretion;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in at the HotelLeased Property, in such limits with respect to any one accident of at least Fifteen Million Dollars ($15,000,000);
(c) Flood (when any of the minimum amount of $5,000,000 improvements comprising the Leased Property is located in whole or in such part within a designated 100-year flood plain area) in an amount not less than the greater amounts as are then customary; andof (i) probable maximum loss of a 100 year event, and (ii) Fifteen Million Dollars ($15,000,000);
(iiid) Loss of income insurance on rental value in an amount not less than twenty four (24) months’ Rent payable hereunder with an extended period of indemnity coverage of at least three hundred sixty five (365) days necessitated by the “Special Form”occurrence of any of the hazards described in Sections 13.1(a), in 13.1(b) or 13.1(c), provided that Tenant may self-insure the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) Leased Property for the benefit of Lessor.
(binsurance contemplated under this Section 13.1(d) Lessee with Landlord’s consent which shall obtain and maintainnot be unreasonably withheld, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofconditioned or delayed;
(iie) Comprehensive Claims for bodily injury or property damage under a policy of commercial general liability insurance, insurance with amounts not less than One Hundred Million Dollars ($10,000,000 covering 100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be satisfied through the purchase of the following: a primary commercial general liability policy and umbrella or excess liability policies;
(f) During such time as Tenant is constructing any improvements, Tenant and its contractors, at their sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance in statutory limits and stop-gap employers’ liability insurance with limits of at least One Million Dollars ($1,000,000) per occurrence for bodily injury, deathOne Million Dollars ($1,000,000) per employee for bodily injury by disease, or property damage and One Million Dollars ($1,000,000) in the aggregate for bodily injury by disease, covering all persons employed in connection with the improvements, with a Waiver of Subrogation in favor of Landlord and any Landlord Mortgagee, (ii) a commercial general liability insurance policy including coverage for ongoing and completed operations with a per occurrence, personal project limit of One Million Dollars ($1,000,000) per occurrence and advertising injury, general Two Million Dollars ($2,000,000) aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering umbrella/excess liability insurance with a minimum limits of Ten Million Dollars ($10,000,000) per occurrence and aggregate (iv) builder’s risk insurance, on a Causes of Loss-Special Form (ISO CP 10 30 of its substantial equivalent) and a completed value basis (or its equivalent), in an amount subject to the full replacement cost of the project, and (v) such other hazards and insurance, in such amounts amounts, as may be customary for comparable properties Landlord deems reasonably necessary to protect Landlord’s interest in the area of the Leased Property from any act or omission of Tenant’s contractors or subcontractors. Commercial General Liability and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, all Umbrella/Excess Liability policies must include Landlord and any Landlord Mortgagees as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits additional insured on a primary and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofcontributory basis.
Appears in 2 contracts
Samples: Ground Lease (Bally's Chicago, Inc.), Ground Lease (Bally's Chicago, Inc.)
General Insurance Requirements. During the Term of this LeaseTenant shall, Lessor and Lessee shall at all times during the Term and at any other time Tenant shall be in possession of any of the Collective Leased Properties, keep each of the Collective Leased Properties and Tenant's Personal Property insured with against the kinds risks and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, amounts as applicable, follows and shall maintain (for so long as such insurance is commercially available) the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing insurance:
(a) Lessor shall obtain and maintainAll-risk" property insurance, at its own expense:
(i) Building including insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for against loss or damage (direct by fire, vandalism and indirect) from steam boilersmalicious mischief, explosion of steamboilers, pressure vessels or other similar apparatus, now or hereafter installed in the HotelFacility located at such Leased Property, extended coverage perils, earthquake (providing annual aggregate limits of One Hundred Million Dollars ($100,000,000) as to all locations outside of California and annual aggregate limits of Fifty Million Dollars ($50,000,000) as to all locations within California) and all physical loss perils insurance, including, but not limited to, sprinkler leakage, in an amount (subject to Section 9.5) equal to one hundred percent (100%) of the minimum amount then full Replacement Cost thereof (as defined in Section 9.2), with the usual extended coverage endorsements, including a Replacement Cost Endorsement and Builder's Risk Coverage during the continuance of $5,000,000 or in any construction at such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.Leased Property;
(b) Lessee shall obtain Business interruption and maintain, at its own expense:
blanket earnings plus extra expense under a rental value insurance policy covering risk of loss during the lesser of the first twelve (i12) Personal property insurance on Lessee’s Personal Property on months of reconstruction or the “Special Form” actual reconstruction period necessitated by the occurrence of any of the hazards described in subparagraphs (a) and (b) above in such amounts as may be customary for comparable properties in the full area and in an amount of the replacement cost thereofsufficient to prevent Landlord or Tenant from becoming a co-insurer;
(iic) Comprehensive general liability insurance, including bodily injury and property damage (on the broadest form available, including broad form contractual liability, fire legal liability and completed operations coverage) having policy limits as to claims with amounts respect to the Collective Leased Properties of at least One Million Dollars ($1,000,000) per occurrence, Three Million Dollars ($3,000,000) aggregate per location, subject to a Five Million Dollar ($5,000,000) aggregate limit as to all locations, and with respect to claims arising out of malpractice in an amount not less than One Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 1,000,000) per occurrence, personal and advertising injurysubject to a Five Million Dollars ($5,000,000) aggregate limit as to all Facilities, general aggregateprovided that such limits shall be modified to conform to any required underlying statutory coverage, products and completed operationssuch as State Patient Compensation Funds, with respect to Lessoror the like, and “all risk legal liability” Umbrella coverage shall be provided having limits of Twenty Million Dollars (including liquor law or “dram shop” $20,000,000) per occurrence and in the aggregate and attaching in excess of policy limits as to general liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor malpractice, Patient Compensation Fund programs, where applicable, and Lesseeemployer's liability coverage;
(iiid) Flood (when the applicable Leased Property is located in whole or in part within an area identified as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance covering Act of 1968, as amended, or the Flood Disaster Protection Act of 1973, as amended (or any successor acts thereto)) and such other hazards and in such amounts as may be customary for comparable properties in the area area, said coverage to be in an amount equal to the lesser of the full Replacement Cost of the applicable Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessormaximum amount available;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(ve) Worker’s 's compensation insurance coverage for all persons, if any, persons employed by Lessee Tenant on the Leased Premises, to the extent necessary to protect Lessor and the applicable Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be with statutory limits and otherwise with limits of and provisions in accordance with the requirements of applicable local, state State and federal law;
(vi) Vehicle , and employer's liability insurance for owned, non-owned, and hired vehicles, in the amount having a limit of $5,000,0001,000,000; and
(viif) Such other additional insurance and endorsements (and/or increased amounts of insurance hereinabove required) as Lessor may be reasonably request for facilities such as the Leased Property and the operation thereofrequired, from time to time, by Landlord.
Appears in 2 contracts
Samples: Master Lease Agreement (Crescent Real Estate Equities Co), Master Lease Agreement (Crescent Real Estate Equities Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee and/or Lessor, as applicable shall at all times keep the Leased Property insured (or cause the Leased Property to be insured) with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with LessorLessor (with a copy to Lessee). The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followinginclude:
(a) To be paid for by Lessor shall obtain and maintainas primary insured, at its own expensewith Lessee (lender or ground lessor, as applicable) as additional insured:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and LesseeLessor, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; andcustomary or as may be reasonably requested by Lessor from time to time;
(iiib) To be paid for by Lessee as primary insured, with Lessor, franchisor and Manager, as required, as additional insured:
(i) Personal property insurance on the “Special Form” in the full amount of the replacement cost thereof for any personal property owned by Lessee;
(ii) Loss of income insurance on the “Special Form”, in the amount of one year of the sum of Base Rent and Additional Charges plus Percentage Rent (based on the most recently completed Lease Year of operation or, to the extent quantifiablethe Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor.
(b) Lessee shall obtain , and maintain, at its own expense:
(i) Personal property business interruption insurance on Lessee’s Personal Property on the “Special Form” in the full amount of one year of gross operating profit, for the replacement cost thereofbenefit of Lessee;
(iiiii) Comprehensive Commercial general liability insurance, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limited of at least $35,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, liability if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(c) To be paid for by Lessee for the benefit of Manager as primary insured, with Lessor and Lessee as additional insured:
(i) Automobile insurance on vehicles operating in conjunction with the Facility with limits of liability of at least $1,000,000 combined, single limit coverage;
(ii) Workers’ compensation and employer’s liability insurance as may be required under applicable laws to the extent necessary to protect Lessor, Lessee, and the Leased Property against workers’ compensation claims covering all employees at the Facility, with such deductible limits or self insured retentions as may be established from time to time by Lessee and/or it’s Manager;
(iii) Insurance Fidelity bonds, or dishonest employee insurance with limits and deductibles as may be reasonably requested by Lessor, covering Manager’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law; and
(d) Such other insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property to be paid for and carried by Lessor or Lessee, as customary, and which is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, covered as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 2 contracts
Samples: Lease Agreement (MHI Hospitality CORP), Lease Agreement (MHI Hospitality CORP)
General Insurance Requirements. During the Term of this LeaseTenant shall obtain, Lessor pay for and Lessee shall maintain at all times keep during the Term, subject to Sections 11.2 and 11.4(a), the following insurance with respect to the Demised Premises and all property located therein or thereon, including Tenant’s Property:
(a) Insurance against all risk of physical loss or damage to the Leased Property insured with the kinds Improvements and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee Fixtures as provided in this Lease. Any loss adjustment shall require the written consent under “Special Causes of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased PropertyLoss” form coverage (“All-Risk Insurance”), including the perils of hail, windstorm, flood coverage (which coverage shall apply to all Properties without exclusions for Properties located in special flood hazard areas), earthquake and acts of terrorism, in amounts not less than the actual replacement cost of the Leased Improvements, Fixtures and LesseeTenant’s Personal PropertyProperty without deduction for depreciation and waiving all co-insurance provisions or to be written on a no co-insurance form, which coverage may be fulfilled by a loss limit provided it otherwise meets the requirements herein. Such policy or policies shall contain limits for loss or damage caused by water, sprinkler leakage, debris removal, flood (including back-up of sewers and drains, seepage and surface water), subsidence, earthquake (including tsunami, if applicable), ordinance or law, and demolition and other commercially available coverages with amounts and terms determined by Tenant and reasonably acceptable to Landlord from time to time. If Tenant’s insurance company is unable or unwilling, or if Tenant otherwise elects, to include any or all of such excluded perils, then Tenant shall have the following:option of purchasing coverage against such perils from another insurer on a “Difference in Conditions” form or through one or more stand-alone policies. Such policies shall contain replacement cost and “Law and Ordinance” coverage (at full replacement cost) and joint loss agreements, and such policies shall not contain a “same or adjacent site clause” within the definition of replacement cost. Subject to Section 11.2, such policies and endorsements shall contain deductibles not more than Two Hundred Fifty Thousand Dollars ($250,000) per occurrence, with the exceptions of windstorm, hail, flood or earthquake (including tsunami, if applicable), which may have deductibles not more than five percent (5%) of the total insurable value of the individual Demised Premises or such other amount as approved by Landlord in its reasonable discretion;
(ab) Lessor shall obtain Comprehensive boiler and maintain, at its own expense:
(i) Building machinery/equipment breakdown insurance on any of the “Special Form” (formerly “All Risk” form) (including earthquake and flood Fixtures or any other equipment on or in reasonable amounts as determined by Lessor) the Demised Premises, with a policy limit in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofLeased Improvements per accident for damage to property, which coverage may be fulfilled by a loss limit provided it otherwise meets the requirements herein (and which may be carried as part of the coverage required pursuant to clause (a) above or pursuant to separate policies or endorsements);
(c) To the extent required by Landlord, and at Landlord’s sole cost and expense, subject to the further provisions of this clause (c), rental value insurance (a “BI Policy”) in an amount determined by Landlord in its sole discretion, with an extended period of indemnity coverage of at least three hundred sixty-five (365) days necessitated by the occurrence of any of the hazards described in Section 11.1(a) or 11.1(b). Upon Notice from Landlord to Tenant that Landlord would like Tenant to obtain competitive quotes (each, a “BI Policy Quote” and collectively, the “BI Policy Quotes”) for a BI Policy (with Landlord specifying in such Notice the desired number of months of coverage) and the provision of required information requested by any insurer or insurance agent in order for Tenant to obtain such quotes (to the extent such information is not available to Tenant), each of Landlord and Tenant shall use commercially reasonable efforts to deliver to the other Party not less than one (1) BI Policy Quote each (and any documentation, reasonably satisfactory to the other party, that evidences the pursuit of such quotes) for such BI Policy within fifteen (15) days of such Notice. Upon delivery of the BI Policy Quotes, Landlord shall, in its sole discretion, either (i) require Tenant to procure the BI Policy with the lower or lowest of the premiums among the BI Policy Quotes; provided, however, that the Parties acknowledge and agree that Tenant shall not be required to procure a BI Policy if obtaining such BI Policy will increase the cost of any other insurance coverages that Tenant’s Parent and/or any of its Subsidiaries are then maintaining for their properties (unless Landlord agrees to be solely responsible for such increased costs, with Tenant having the right to credit the same against installments of Base Rent coming due and payable hereunder if Landlord does not pay or reimburse Tenant for the same within ten (10) Business Days after Tenant’s request therefor, accompanied by reasonable supporting documentation), (ii) Insurance obtain and maintain its own BI Policy or (iii) elect not to obtain a BI Policy. Regardless of whether Landlord or Tenant obtains and maintains the BI Policy, Landlord shall pay all premiums required to obtain and maintain any such BI Policy. The Net Proceeds of any BI Policy shall be exclusively paid to and retained by Landlord and Tenant shall have no right to receive such proceeds;
(d) Claims for loss personal injury or property damage under a policy of comprehensive general liability insurance, including coverage for acts of terrorism, with (direct 1) limits of not less than One Million Dollars ($1,000,000) each occurrence and indirectTwo Million Dollars ($2,000,000) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotelannual aggregate and with a retention or deductible not in excess of Two Hundred Fifty Thousand Dollars ($250,000) (subject to the provisions of Section 11.2), plus (2) at least Fifty Million Dollars ($50,000,000) excess and/or umbrella liability insurance shall be obtained and maintained on terms consistent with the commercial general liability insurance required above;
(e) Workers’ compensation insurance evidenced by Tenant on a per-state basis (with respect to the state in which each Demised Premises is located) and by a certificate of insurance on a “statutory basis” with minimum limits of “employers’ liability” coverage of Five Hundred Thousand Dollars ($500,000) per occurrence;
(f) Motor vehicle liability insurance with coverage for all owned, non-owned and hired vehicles with a combined single limit of not less than One Million Dollars ($1,000,000) per occurrence for bodily injury and property damage. If no vehicles are owned or leased, the commercial general liability insurance shall be extended to provide insurance for non-owned and hired vehicles;
(g) During such time as Tenant is performing (or causing to be performed) any Work, (i) workers’ compensation insurance (if required by law) and employers’ liability insurance covering all Persons employed in connection with such Work in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions reasonably satisfactory to Landlord, and (iv) such other insurance (including amounts of coverage, deductibles and/or form of mortgagee clause) as Landlord deems reasonably necessary to protect Landlord’s interest in the minimum amount Demised Premises from any act or omission of $5,000,000 Tenant’s contractors or in such greater amounts as are then customarysubcontractors; and
(iiih) Loss Such other insurance (or other terms with respect to any insurance required pursuant to this Section 11.1, including amounts of income insurance coverage, deductibles and/or form of mortgagee clause) on or in connection with the “Special Form”, in the amount of one year of Base Rent Demised Premises as Landlord may reasonably require and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
that is (i) Personal property insurance on Lessee’s Personal Property on the customarily carried or required by prudent “Special Formtriple-net” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary tenants for comparable properties in the area of the applicable Demised Premises and (ii) available on commercially reasonable terms (as agreed to between the Parties). Subject to the provisions of Article XII, by this Section 11.1, Tenant intends that the risk of loss or damage to each and every Demised Premises and all property thereon, including all Leased Property Improvements, Fixtures and is available Tenant’s Property, shall be borne solely by Tenant and its respective property insurance carriers and Tenant hereby agrees to look solely to, and to seek recovery only from insurance companiessuch carriers, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States event of any such loss or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, damage to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, that such worker’s compensation insurance coverage is agreed to be in accordance with the requirements of provided hereunder. For this purpose, any applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance deductible shall be treated as Lessor may reasonably request for facilities though it were recoverable under such as the Leased Property and the operation thereofpolicies.
Appears in 2 contracts
Samples: Distribution Center Master Lease (Copper Property CTL Pass Through Trust), Distribution Center Master Lease (J C Penney Co Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee subject to Section 11.2(a), Tenant shall at all times keep the Demised Premises, and all property located therein or thereon, including the Leased Property Improvements, Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other and otherwise as permitted in the Insurance Requirements. Each element of insurance coverage(s) as may described in this Section 11.1 shall be required by maintained with respect to the Franchise AgreementDemised Premises and Tenant’s Property and the operations of each Store thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third-party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Property. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee,” each holder of any mortgage, deed of trust or other security agreement (“Landlord Mortgagee”) securing any Indebtedness or any other Encumbrance placed on the Demised Premises in accordance with the provisions of Article XIV (“Landlord Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant and Lesseeeach Landlord Mortgagee (to the extent required under the applicable Landlord Mortgage Documents), each acting reasonably and unless the amount of the loss net of the applicable deductible is less than the lesser of twenty-five percent (25%) of the value of the Leasehold Improvements or five hundred thousand dollars ($500,000), in good faithwhich event no consent shall be required by Landlord. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Landlord Mortgagee. The insurance policies on required to be carried by Tenant hereunder shall insure against at least the Leased following risks with respect to each Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain Insurance against fire, vandalism, malicious mischief and maintainsuch other perils as are from time to time included in a standard extended coverage insurance policy, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) insuring Tenant’s merchandise, inventory, trade fixtures, furnishings, equipment, plate and window glass and all other such items of personal property and Tenant’s Property (including earthquake all exterior and flood interior improvements, including those existing in reasonable amounts the Store as determined by Lessor) of the Commencement Date), and all modifications, replacements and substitutions thereof, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the actual replacement cost thereof;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Store, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operationslimits, with respect to Lessorany one accident, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect as may be reasonably requested by Landlord from time to Lessor and Lesseetime;
(iiic) Insurance covering Flood (when any of the improvements comprising the Demised Premises is located in whole or in part within a FEMA designated high-hazard flood zone) in an amount not less than the full replacement cost of such improvements or such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessorarea;
(ivd) Fidelity bonds Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including ninety (90) days’ ordinary payroll and Rent payable hereunder, with limits and deductibles as may be reasonably requested an extended period of indemnity coverage of at least ninety (90) days necessitated by Lessorthe occurrence of any of the hazards described in Section 11.1(a), covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States 11.1(b) or otherwise required by law11.1(c);
(ve) Worker’s compensation Claims for personal injury or property damage under a policy of comprehensive general public liability insurance coverage for all personswith amounts not less than one hundred million dollars ($100,000,000) each occurrence and one hundred million dollars ($100,000,000) in the annual aggregate and with a retention or deductible not in excess of five million dollars ($5,000,000); provided, if any, employed by Lessee on that such requirements may be satisfied through the Leased Premisespurchase of a primary general liability policy and excess liability policies. In addition, to the extent that Landlord maintains any policy(ies) of comprehensive general public liability insurance with respect to any Common Areas, Landlord shall name Tenant as an additional insured on each such policy as to all matters arising with respect to such Common Areas from and after the Multi-Tenant Occupancy Date. The coverage under each such policy shall be on a Primary and Non-Contributory Basis;
(f) Workers’ compensation insurance evidenced by Tenant on a per-state basis (with respect to the state in which each Demised Premises are located) and by a certificate of insurance on a “statutory basis” with minimum limits of “employers liability” coverage of five hundred thousand dollars ($500,000) per occurrence;
(g) Motor vehicle liability insurance with coverage for all owned, nonowned and hired vehicles with a combined single limit of not less than Three Million and No/100 Dollars ($3,000,000) per occurrence for bodily injury and property damage. If no vehicles are owned or leased, the commercial general liability insurance shall be extended to provide insurance for nonowned and hired vehicles;
(h) During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions reasonably satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Lessor and Landlord’s interest in the Leased Property against LesseeDemised Premises from any act or omission of Tenant’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal lawcontractors or subcontractors;
(vii) Vehicle Without duplicating any of the above insurance coverages, as and to the extent Tenant engages in (i) the sale or serving of alcoholic beverages, liquor liability insurance, and (ii) the sale of gasoline or other petroleum products and/or the operation of SACs, Tenant shall procure pollution legal liability insurance covering each location with a retroactive date corresponding to the first occupation by Tenant with a minimum limit of ten million dollars ($10,000,000) for ownedeach incident which coverage shall be primary and noncontributory and should also include coverage for any underground storage tanks located on the Land.
(j) By this Section 11.1, non-ownedTenant intends that the risk of loss or damage to the Demised Premises and all property thereon, including the Leased Improvements, Fixtures and Tenant’s Property described above, be borne by responsible property insurance carriers and Tenant hereby agrees to look solely to, and hired vehiclesto seek recovery only from, its respective property insurance carriers, in the event of a loss of a type described above to the extent that such coverage is agreed to be provided hereunder. For this purpose, any applicable deductible or self-insured amount of $5,000,000shall be treated as though it were recoverable under such policies; and
(viik) Such other Tenant, may self-insure any or all of the above-stated risks by maintaining (or causing Tenant’s Parent or a Subsidiary thereof to maintain) a program of insurance. In the event Tenant elects to self-insure (or cause an Affiliate to insure) for any such risk, it shall use reasonable efforts to endeavor to notify Landlord of such election. Failure to so notify Landlord, however, shall not be considered a default under the terms of this Lease and shall not subject Tenant to any additional liability hereunder. Upon request by Landlord, Tenant shall promptly disclose to Landlord whether or not Tenant self-insures (or cause an Affiliate to insure) any of its insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofrisks under this Master Lease.
Appears in 2 contracts
Samples: Master Lease (Sears Holdings Corp), Master Lease (Seritage Growth Properties)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee Tenant shall at all times keep the Leased Property, and all property located in or on the Leased Property insured insured, with the kinds and amounts of insurance as described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies authorized to issue do insurance business in the State. state in which the Leased Property is located, having an A.M. Best Insurance Reports rating of not less than “A,” and a financial size category of not less than “VIII.” The policies must name Lessor and/or Lessee, as applicable, Landlord as the insured or primary insured, except that any liability policy shall name Landlord as an additional named insured. In addition, the policies shall name as an additional insured the case may be. Losses shall be holder ( “Facility Mortgagee”) of any mortgage, deed of trust or other security agreement securing any encumbrance placed on the Leased by Landlord ( “Facility Mortgage”), if any, by way of a standard form of mortgagee’s loss payable to Lessor or Lessee as provided in this Leaseendorsement. Any loss adjustment in excess of $100,000.00 under a liability policy shall require the written consent of Lessor Landlord and Lesseeeach affected Facility Mortgagee. Upon Landlord’s written request, each acting reasonably a copy of the insurance policy (and in good faith. Evidence endorsements) or such other evidence of insurance reasonably acceptable to Landlord and its Facility Mortgagee(s) shall be deposited with Lessorsupplied to Landlord and such Facility Mortgagee(s). The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the extended coverage perils commonly known as “Special Form” (formerly “All Risk” form”) (and all physical loss perils, including earthquake and flood in reasonable amounts as determined by Lessor) sprinkler leakage, in an amount not less than 100% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.211.2) or such other with a replacement cost endorsement sufficient to prevent Tenant from becoming a co-insurer together with an agreed value endorsement and business interruption insurance (in an amount which is acceptable at least equal to Lessor and Lesseetwelve (12) months of Rent due under this Lease), and personal property insurance (on other than Lessee’s Personal Property) on losses shall be payable to Landlord or the “Special Form” in the full amount of the replacement cost thereofFacility Mortgagee;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in such limits with respect to any one accident as may be reasonably requested by Landlord from time to time, and losses shall be payable to Landlord or the minimum amount of $5,000,000 or in such greater amounts as are then customary; andFacility Mortgagee;
(iiic) Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”first twelve (12) months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 11.1(a) or 11.1(b), in an amount sufficient to prevent Tenant from becoming a co-insurer, and losses shall be payable to Landlord or the Facility Mortgagee; provided that in the event that Tenant shall not be in default hereunder and Landlord shall receive any proceeds from such rental insurance which, when added to rental amounts received by Landlord from Tenant with respect to the applicable time period, exceed the amount of rental owed by Tenant hereunder, Landlord shall immediately pay such excess to Tenant;
(d) Loss or damage by hurricane, earthquake, or any natural disaster in the amount of one year of Base Rent the Full Replacement Cost, after deductible, and Additional Charges (losses shall be payable to Landlord or the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofFacility Mortgagee;
(iie) Comprehensive Claims for personal injury or property damage under a policy of comprehensive general public liability insuranceinsurance including insurance against assumed or contractual liability including indemnities, under this Lease, with amounts not less than $10,000,000 covering each 2,000,000.00 per occurrence in respect of the following: bodily injury, death, or injury and death and $6,000,000.00 for property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseean umbrella policy in an amount of $2,000,000.00;
(iiif) Insurance covering Flood (only if the Leased Property is located in whole or in part within a flood hazard area beginning with the letter “A” or “V”) and such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is if available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates state in which are economically practicable in relation the Leased Property is located, and losses shall be payable to Landlord or the risks covered, as may be reasonably requested by LessorFacility Mortgagee;
(ivg) Fidelity bonds with limits and deductibles as may If Tenant shall engage or cause to be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee engaged any contractor to perform any material work on the Leased PremisesProperty (for purposes of this particular provision material shall mean in excess of $200,000.00), including work related to the extent necessary construction of any Capital Addition by Tenant, Tenant shall require such contractor to protect Lessor carry and maintain insurance coverage comparable to the foregoing requirements set forth in Section 11.1(e) above and builder’s risk insurance in amounts sufficient to cover the Full Replacement Cost of the Leased Property against Lessee(excluding the Land), at no expense to Landlord; provided that Tenant may allow any such contractor to carry or maintain alternative coverage in reasonable amounts upon Landlord’s workerprior written consent, which shall not be unreasonably withheld. In the event of the construction of any Capital Addition to the Leased Property, Tenant and/or its general contractor(s) shall obtain and maintain during the course of such Capital Addition construction, builder’s compensation claims, such worker’s compensation risk insurance in amounts sufficient to be in accordance with cover the requirements budgeted cost of applicable local, state the Capital Addition and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount Full Replacement Cost of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and (excluding the operation thereofLand).
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Global Medical REIT Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property, including Lessee's Personal Property, insured with against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, the Lessee shall obtain and maintain in effect throughout the Lease Term, the kinds and amounts of insurance deemed reasonably necessary by the Lessor and as described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized (i) reasonably acceptable to issue the Lessor, (ii) that are rated at least an "A-XII" or better by Best's Insurance Guide and Key Ratings and a claim payment rating by Standard & Poor's Corporation of AA or better, and (iii) authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. The aggregate amount of coverage by a single company must not exceed five percent (5%) of the insurance company's policyholders' surplus. The policies must name Lessor and/or Lessee, (and any other entities as applicable, as the insured or Lessor may deem necessary) as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in Article XIV. Each insurance policy required hereunder must (i) provide primary insurance without right of contribution from any other insurance carried by Lessor, (ii) contain, unless the Lessee provides to Lessor written confirmation and verification from the insurer that such insurer will not subrogate against Lessor, an express waiver by the insurer of any right of subrogation, setoff or counterclaim against any insured party thereunder including Lessor (provided, however, that if such insurance does not contain such waiver, Lessee shall use its best efforts to obtain a policy which does contain such waiver, provided the same is obtainable at commercially reasonable rates; and provided further, however, that Lessee, to the extent it is able to obtain such waiver, shall not be required to replace its existing insurance coverage until three (3) months following the Commencement Date), (iii) permit Lessor to pay premiums at Lessor's discretion, and (iv) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as an additional insured thereunder. In the event Lessee is unable to obtain such waiver of subrogation, Lessee shall use its best efforts to secure from the insurance company its agreement that all claims and disputes concerning insurance coverage for the Lessee's Personal Property shall be deemed contractual disputes and all litigation and proceedings in connection therewith shall be tried by jury in Jefferson County, Alabama. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property in accordance with the provisions of this LeaseLease ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any Lessee shall use its best efforts to secure from the insurance company its agreement that any disputes regarding loss adjustment shall require the written consent of Lessor be deemed to be contractual disputes and Lesseeall litigation and proceedings in connection therewith shall be tried by jury in Jefferson County, each acting reasonably and in good faithAlabama. Evidence of insurance and/or Impositions shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building All Risks or Special Form Property insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for against loss or damage (direct to the building and indirect) from steam boilersimprovements, pressure vessels or similar apparatusincluding but not limited to, now or hereafter installed perils of fire, lightning, water, wind, theft, vandalism and malicious mischief, plate glass breakage, and perils typically provided under an Extended Coverage Endorsement and other forms of broadened risk perils, and insured on a "replacement cost" value basis to the extent of the full replacement value of the Leased Property. The policy shall include coverage for subsidence. The deductible amount thereunder shall be borne by the Lessee in the Hotelevent of a loss and the deductible must not exceed Fifty Thousand and 00/100 Dollars ($50,000.00) per occurrence. Further, in the minimum amount event of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss a loss, the Lessee shall abide by all provisions of income the insurance on contract, including proper and timely notice of the “Special Form”loss to the insurer, and the Lessee further agrees that it will notify the Lessor of any loss in the amount of one year of Base Rent Fifty Thousand and Additional Charges 00/100 Dollars (to the extent quantifiable$50,000.00) for the benefit of Lessoror greater.
(b) Lessee shall obtain Flood and maintain, at its own expense:
earthquake insurance (i) Personal property insurance on Lessee’s Personal Property on the “Special Form” rated A-VIII)shall be required only in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on event that the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and Property is located in such a flood plain or earthquake zone in amounts as may be customary for comparable properties in the geographic area of the Leased Property.
(c) Insurance against loss of earnings in an amount sufficient to cover not less than twelve (12) months' lost earnings and written in an "all risks" form, either as an endorsement to the insurance required under subparagraph 13.1(a) above, or under a separate policy.
(d) Worker's compensation insurance covering all employees in amounts that are customary for the Lessee's industry.
(e) Commercial General Liability in a primary amount of at least One Million and 00/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and One Hundred Thousand and 00/100 Dollars ($100,000.00) for Property Damage for damage to or loss of property of others, subject to a Three Million and is available from insurance companies00/100 Dollars ($3,000,000.00) annual aggregate with a Ten Million Dollar ($10,000,000.00) policy aggregate limit for all Associated Facilities for all bodily injury and property damage claims, insurance occurring on or about the Leased Property or in any way related to the Leased Property, including but not limited to, any swimming pools or other appropriate companies authorized to do business in rehabilitation and recreational facilities or areas that are located on the State at rates which are economically practicable in relation Leased Property otherwise related to the risks coveredLeased Property. Such policy shall include coverages of a Broad Form nature, as may be reasonably requested by Lessor;including, but not limited to, Explosion, Collapse and Underground (XCU), Products Liability, Completed Operations, Broad Form Contractual Liability, Broad Form Property Damage, Personal Injury, Incidental Malpractice Liability, and Host Liquor Liability.
(ivf) Fidelity bonds with limits Automobile and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation vehicle liability insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, leased or hired automobiles and hired vehicles, vehicles in a primary limit amount of One Million and 00/100 Dollars ($1,000,000.00) per occurrence for bodily injury; One Hundred Thousand and 00/100 Dollars ($100,000.00) per occurrence for property damage; subject to an annual aggregate policy limit of One Million and 00/100 Dollars ($1,000,000.00).
(g) Umbrella liability insurance in the minimum amount of Five Million and 00/100 Dollars ($5,000,000; and5,000,000.00) for each occurrence and aggregate combined single limit for all liability, with a Ten Thousand and 00/100 Dollars ($10,000.00) self-insured retention for exposure not covered in underlying primary policies. The umbrella liability policy shall name in its underlying schedule the policies of commercial general liability, garage keepers liability, automobile/vehicle liability and employer's liability under the Worker's Compensation Policy.
(viih) Such Professional liability insurance for any physician or other insurance as Lessor may reasonably request for facilities such as employee or agent of the Lessee providing services at the Leased Property in an amount not less than One Million and 00/100 Dollars ($1,000,000.00) per individual claim and Three Million and 00/100 Dollars ($3,000,000.00) annual aggregate with a Ten Million Dollar ($10,000,000.00) policy aggregate limit for all Associated Facilities.
(i) A commercial blanket bond covering all employees of the Lessee, including its officers and the operation thereofindividual owners of the insured business entity, whether a joint-venture, partnership, proprietorship or incorporated entity, against loss as a result of their dishonesty. Policy limit shall be in an amount of at least One Million and 00/100 Dollars ($1,000,000.00) subject to a deductible of no more than Ten Thousand and 00/100 Dollars ($10,000.00) per occurrence.
Appears in 2 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property, including Lessee's Personal Property, insured with against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, the Lessee shall obtain and maintain in effect throughout the Lease Term, the kinds and amounts of insurance deemed reasonably necessary by the Lessor and as described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized (i) reasonably acceptable to issue the Lessor, (ii) that are rated at least an "A-XII" or better by Best's Insurance Guide and Key Ratings and a claim payment rating by Standard & Poor's Corporation of AA or better, and (iii) authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. The aggregate amount of coverage by a single company must not exceed five percent (5%) of the insurance company's policyholders' surplus. The policies must name Lessor and/or Lessee, (and any other entities as applicable, as the insured or Lessor may deem necessary) as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in Article XIV. Each insurance policy required hereunder must (i) provide primary insurance without right of contribution from any other insurance carried by Lessor, (ii) contain, unless the Lessee provides to Lessor written confirmation and verification from the insurer that such insurer will not subrogate against Lessor, an express waiver by the insurer of any right of subrogation, setoff or counterclaim against any insured party thereunder including Lessor (provided, however, that if such insurance does not contain such waiver, Lessee shall use its best efforts to obtain a policy which does contain such waiver, provided the same is obtainable at commercially reasonable rates; and provided further, however, that Lessee, to the extent it is able to obtain such waiver, shall not be required to replace its existing insurance coverage until three (3) months following the Commencement Date), (iii) permit Lessor to pay premiums at Lessor's discretion, and (iv) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as an additional insured thereunder. In the event Lessee is unable to obtain such waiver of subrogation, Lessee shall use its best efforts to secure from the insurance company its agreement that all claims and disputes concerning insurance coverage for the Lessee's Personal Property shall be deemed contractual disputes and all litigation and proceedings in connection therewith shall be tried by jury in Jefferson County, Alabama. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property in accordance with the provisions of this LeaseLease ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any Lessee shall use its best efforts to secure from the insurance company its agreement that any disputes regarding loss adjustment shall require the written consent of Lessor be deemed to be contractual disputes and Lesseeall litigation and proceedings in connection therewith shall be tried by jury in Jefferson County, each acting reasonably and in good faithAlabama. Evidence of insurance and/or Impositions shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building All Risks or Special Form Property insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for against loss or damage (direct to the building and indirect) from steam boilersimprovements, pressure vessels or similar apparatusincluding but not limited to, now or hereafter installed perils of fire, lightning, water, wind, theft, vandalism and malicious mischief, plate glass breakage, and perils typically provided under an Extended Coverage Endorsement and other forms of broadened risk perils, and insured on a "replacement cost" value basis to the extent of the full replacement value of the Leased Property. The policy shall include coverage for subsidence. The deductible amount thereunder shall be borne by the Lessee in the Hotelevent of a loss and the deductible must not exceed Fifty Thousand and 00/100 Dollars ($50,000.00) per occurrence. Further, in the minimum amount event of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss a loss, the Lessee shall abide by all provisions of income the insurance on contract, including proper and timely notice of the “Special Form”loss to the insurer, and the Lessee further agrees that it will notify the Lessor of any loss in the amount of one year of Base Rent Fifty Thousand and Additional Charges 00/100 Dollars (to the extent quantifiable$50,000.00) for the benefit of Lessoror greater.
(b) Lessee Flood and earthquake insurance (rated A-VIII) shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” be required only in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on event that the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and Property is located in such a flood plain or earthquake zone in amounts as may be customary for comparable properties in the geographic area of the Leased Property.
(c) Insurance against loss of earnings in an amount sufficient to cover not less than twelve (12) months' lost earnings and written in an "all risks" form, either as an endorsement to the insurance required under subparagraph 13.1(a) above, or under a separate policy.
(d) Worker's compensation insurance covering all employees in amounts that are customary for the Lessee's industry.
(e) Commercial General Liability in a primary amount of at least One Million and 00/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and One Hundred Thousand and 00/100 Dollars ($100,000.00) for Property Damage for damage to or loss of property of others, subject to a Three Million and is available from insurance companies00/100 Dollars ($3,000,000.00) annual aggregate with a Ten Million Dollar ($10,000,000.00) policy aggregate limit for all Associated Facilities for all bodily injury and property damage claims, insurance occurring on or about the Leased Property or in any way related to the Leased Property, including but not limited to, any swimming pools or other appropriate companies authorized to do business in rehabilitation and recreational facilities or areas that are located on the State at rates which are economically practicable in relation Leased Property otherwise related to the risks coveredLeased Property. Such policy shall include coverages of a Broad Form nature, as may be reasonably requested by Lessor;including, but not limited to, Explosion, Collapse and Underground (XCU), Products Liability, Completed Operations, Broad Form Contractual Liability, Broad Form Property Damage, Personal Injury, Incidental Malpractice Liability, and Host Liquor Liability.
(ivf) Fidelity bonds with limits Automobile and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation vehicle liability insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, leased or hired automobiles and hired vehicles, vehicles in a primary limit amount of One Million and 00/100 Dollars ($1,000,000.00) per occurrence for bodily injury; One Hundred Thousand and 00/100 Dollars ($100,000.00) per occurrence for property damage; subject to an annual aggregate policy limit of One Million and 00/100 Dollars ($1,000,000.00).
(g) Umbrella liability insurance in the minimum amount of Five Million and 00/100 Dollars ($5,000,000; and5,000,000.00) for each occurrence and aggregate combined single limit for all liability, with a Ten Thousand and 00/100 Dollars ($10,000.00) self-insured retention for exposure not covered in underlying primary policies. The umbrella liability policy shall name in its underlying schedule the policies of commercial general liability, garage keepers liability, automobile/vehicle liability and employer's liability under the Worker's Compensation Policy.
(viih) Such Professional liability insurance for any physician or other insurance as Lessor may reasonably request for facilities such as employee or agent of the Lessee providing services at the Leased Property in an amount not less than One Million and 00/100 Dollars ($1,000,000.00) per individual claim and Three Million and 00/100 Dollars ($3,000,000.00) annual aggregate with a Ten Million Dollar ($10,000,000.00) policy aggregate limit for all Associated Facilities.
(i) A commercial blanket bond covering all employees of the Lessee, including its officers and the operation thereofindividual owners of the insured business entity, whether a joint-venture, partnership, proprietorship or incorporated entity, against loss as a result of their dishonesty. Policy limit shall be in an amount of at least One Million and 00/100 Dollars ($1,000,000.00) subject to a deductible of no more than Ten Thousand and 00/100 Dollars ($10,000.00) per occurrence.
Appears in 2 contracts
Samples: Lease Agreement (Medical Properties Trust Inc), Lease Agreement (Medical Properties Trust Inc)
General Insurance Requirements. During (a) All insurance required under this Article 9 shall be issued by such good and reputable insurance companies qualified to do and doing business in California and having a rating of not less than "A" or a class rating of not less than "13" and a financial rating of not less than "X" as rate in the Term most current copy to Best's Insurance report in the form customary to the locality. All such Lessee insurance shall include (i) an endorsement expressly providing that such policies shall not be cancelable or subject to reduction or coverage or otherwise by subject to modification except after thirty (30) days prior written notice to the parties named as insureds in this Article 9, (ii) an endorsement providing that Lessor, its successors, assigns, and nominees holding any interest in the Premises, including without limitation any ground lessor and the holder to any fee or leasehold mortgage, shall be named as additional insureds under such policy of insurance maintained by Lessee pursuant to this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss an endorsement providing that such insurance as is afforded under Lessee's policy in primary as respects lessor and that any other insurance maintained by Lessor is excess and non-contributing with other insurance required under this Article 9, (iv) an endorsement deleting any employee exclusion on personal injury covered, (v) an endorsement including employees as additional insureds, (vi) an endorsement deleting any liquor liability exclusion and (vii) an endorsement providing for coverage of income employer's automobile ownership liability. All such insurance on the “Special Form”, in the amount shall provide for severability of interests: shall provide that an act or omission of one year of Base Rent the named insureds; and Additional Charges (shall not reduce or avoid coverage to the extent quantifiableother named insured: and shall afford coverage for all claims based in acts, omissions injury and damage which claims occurred or arose (or the onset of which occurred or arose) for in full or in part during the benefit policy period. Expiration of Lessor.
(b) Lessee's policy shall not limit recovery thereunder: "claims made" insurance policies are not acceptable to satisfy Lessee's insurance requirements under this Article 9. Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect furnish to Lessor, upon the Commencement Date and “all risk legal liability” thereafter within thirty (including liquor law or “dram shop” liability30) days prior to the expiration of each such policy, if liquor or alcoholic beverages are served on the Leased Propertya Certificate of Insurance and endorsement(s) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area affording evidence of the Leased Property and is available from above insurance companies, requirements issued by the insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation carrier of each policy of insurance coverage for all persons, if any, employed carried by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofpursuant hereto.
Appears in 2 contracts
Samples: Office Lease (Citysearch Inc), Office Lease (Ticketmaster Online Citysearch Inc)
General Insurance Requirements. During Subject to the Term provisions of this LeaseSECTION 13.8, Lessor and during the Term, Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Lessee's Personal Property, insured with the kinds and amounts of insurance described below, or such other below and any additional insurance coverage(s) as may be reasonably required by Lessor to protect its interest in the Franchise AgreementLeased Property. This insurance shall be written by companies authorized to issue do insurance business in the StateStates in which the Leased Property is located. The policies must name Lessor as an additional insured and/or Lesseeloss payee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this LeaseARTICLE XIV. In addition, upon Lessor's written request, the policies shall name as an additional insured and/or loss payee, as applicable, the holder ("FACILITY MORTGAGEE") of any mortgage, deed of trust or other security agreement and any other Encumbrance placed on the Leased Property in accordance with the provisions of ARTICLE XXXII and expressly including, without limitation, the Existing Encumbrances (a "FACILITY MORTGAGE") by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessor, Lessee, and each acting reasonably and in good faithFacility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee. If any provision of any Facility Mortgage requires deposits of premiums for insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
13.1.1 Insurance against loss or damage by fire, casualty and other hazards as now are or subsequently may be covered by an "all risk" policy or a policy covering "special" causes of loss, with such endorsements as Lessor (aor a Facility Mortgagee) Lessor shall obtain may from time to time reasonably require and maintainwhich are customarily required by institutional lenders of similar properties similarly situated, at its own expense:
(i) Building insurance on including, without limitation, building ordinance law, lightning, windstorm, civil commotion, hail, riot, strike, water damage, sprinkler leakage, collapse, malicious mischief, explosion, smoke, aircraft, vehicles, vandalism, falling objects and weight of snow, ice or sleet, and covering the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) Leased Property in an amount not less than equal to 100% of the then full insurable replacement cost thereof value of the Leased Property (as defined in Section 13.2exclusive of footings and foundations below the lowest basement floor) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount without deduction for depreciation. The determination of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in amount shall be adjusted annually to comply with the Hotel, in requirements of the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on insurer issuing the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintaincoverage or, at Lessor's (or a Facility Mortgagee's) election, by reference to such indexes, appraisals or information as Lessor's (or a Facility Mortgagee's) determines in its own expense:
(i) Personal property reasonable discretion, and, unless the insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed this paragraph shall be effected by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be blanket and/or umbrella policies in accordance with the requirements of applicable localthis Lease, state the policy shall include inflation guard coverage that ensures that the policy limits will be increased over time to reflect the effect of inflation. Each policy shall, subject to Lessor's (or a Facility Mortgagee's) approval, contain (i) a replacement cost endorsement, without deduction for depreciation, (ii) either an agreed amount endorsement or a waiver of any co-insurance provisions, and federal law(iii) an ordinance or law coverage or enforcement endorsement if the Improvements or the use of the Property constitutes any legal nonconforming structures or uses, and shall provide for deductibles in such amounts as Lessor (or a Facility Mortgagee) may permit in its sole discretion.;
13.1.2 If the Leased Property contains steam boilers, steam pipes, steam engines, steam turbines or other high pressure vessels, insurance covering the major components of the central heating, air conditioning and ventilating systems, boilers, other pressure vessels, high pressure piping and machinery, elevators and escalators, if any, and other similar equipment installed in the Leased Improvements, in an amount equal to one hundred percent (vi100%) Vehicle of the full replacement cost of the Leased Improvements, which policies shall insure against physical damage to and loss of occupancy and use of the Leased Improvements arising out of an accident or breakdown covered thereunder;
13.1.3 Business and rental interruption insurance (i) covering the same perils of loss as are required to be covered by the property insurance required under SECTION 13.1.1 AND 13.1.2 above, (ii) in an amount equal to the projected annual net income from the Leased Property plus carrying costs and extraordinary expenses of the Leased Property for a period of twelve (12) months, based upon Lessee's reasonable estimate thereof as approved by Lessor (or a Facility Mortgagee), (iii) including either an agreed amount endorsement or a waiver of any co-insurance provisions, so as to prevent Lessee, Lessor and any other insured thereunder from being a co-insurer, and (iv) providing that any covered loss thereunder shall be payable to Lessor;
13.1.4 Commercial general liability insurance under a policy containing "Comprehensive General Liability Form" of coverage (or a comparably worded form of coverage) and the "Broad Form CGL" endorsement (or a policy which otherwise incorporates the language of such endorsement), which policy shall include, without limitation, coverage against claims for ownedpersonal injury, non-ownedbodily injury, death and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as property damage liability without respect to the Leased Property and the operation thereof.operations related thereto, whether on or off the Leased Property, and the following coverages: Employee as Additional Insured, Product Liability/Completed Operations; Broad Form Contractual Liability, Independent Contractor, Personal Injury and Advertising Injury Protection, Medical Payment (with a minimum limit of $5,000 per person), Broad Form Cross Suits Liability Endorsement, where applicable, hired and non-owned automobile coverage (including rented and leased vehicles), and, if any alcoholic beverages shall be sold, manufactured or distributed in the Leased Property, liquor liability coverage, all of which shall be in such amounts as Lessor may from time to time reasonably require, but not less than One Million Dollars ($1,000,000) per occurrence, and Five Million Dollars ($5,000,000) in the aggregate. If such policy shall cover more than one Facility, such limits shall apply on a "per location" basis. If any swimming pool is located at any Facility in the future, umbrella coverage shall be provided in the amount of Ten Million Dollars ($10,000,000). Such liability policy shall delete the contractual exclusion under the personal injury coverage, if possible, and if available, shall include the following endorsements: Notice of Accident, Knowledge of Occurrence, and Unintentional Error and Omission;
13.1.5 Professional liability insurance coverage in an amount equal to not less than One Million Dollars ($1,000,000) per occurrence and Five Million Dollars ($5,000,000) in the aggregate;
13.1.6 Flood insurance in an amount equal to the full insurable value of the Leased Property or the maximum amount available, whichever is less, if the Leased Property is located in an area designated by the Secretary of Housing and Urban Development or the Federal Emergency Management Agency as having special flood hazards; and
Appears in 2 contracts
Samples: Master Lease Agreement (Brookdale Senior Living Inc.), Master Lease Agreement (Brookdale Senior Living Inc.)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Improvements that are central office locations, and all property located in or on such Leased Improvements, including Capital Improvements thereto (collectively, the “Insured Leased Improvements”) and Tenant’s Property, insured with the kinds and amounts of insurance described belowbelow at each location where the Insured Leased Improvements and the Tenant’s Property located therein have a combined estimated total value exceeding Five Hundred Thousand Dollars ($500,000.00) (“Insured Location”). The $500,000.00 combined estimated total value amount (“Insurable Amount”) is subject to annual review by Tenant. Tenant may increase the Insurable Amount without first obtaining Landlord’s consent so long as: (i) the increased Insurable Amount is consistent with Tenant’s practice for its retained properties, and (ii) the increased Insurable Amount would not prevent Tenant from self-insuring its insurance obligations pursuant to Section 13.9 if it chose to do so. Otherwise, Tenant must obtain Landlord’s consent, which will not be unreasonably withheld or such other delayed, to increase the Insurable Amount. Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementInsured Leased Improvements of each Facility and Tenant’s Property and operations thereon at an Insured Location. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Facility. Losses Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Insured Location of a Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm in an amount not less than 100% of the then full replacement cost thereof insurable value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable to Lessor basis and Lesseeincluding a building ordinance coverage endorsement, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” provided that in the full event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount of less than the replacement cost thereofMaximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Tenant;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Insured Leased Improvement, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (may be reasonably requested by Landlord from time to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereoftime;
(iic) Comprehensive general liability insurance, with amounts Flood (when any of the improvements comprising the Insured Leased Improvement is located in whole or in part within a designated 000-xxxx xxxxx xxxxx xxxx) in an amount not less than $10,000,000 covering each the Probable Maximum Loss of the following: bodily injury, death, or property damage liability per occurrence, personal a 500 year event and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessorarea;
(ivd) Fidelity bonds Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with limits amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and deductibles as One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in satisfied through the United States or otherwise required by lawpurchase of a primary general liability policy and excess liability policies;
(ve) Worker’s During such time as Tenant is performing any Capital Improvements to an Insured Leased Improvement, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance coverage for and employers’ liability insurance covering all personspersons employed in connection with the improvements in statutory limits, if any, employed by Lessee on the Leased Premises, (ii) a completed operations endorsement to the extent commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Lessor and the Leased Property against LesseeLandlord’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, interest in the amount Insured Leased Improvement from any act or omission of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofTenant’s contractors or subcontractors.
Appears in 2 contracts
Samples: Master Lease (Windstream Services, LLC), Master Lease (Communications Sales & Leasing, Inc.)
General Insurance Requirements. (a) During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Property and Lessee’s Personal Property, insured against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, and subject to the provisions below, Lessee shall obtain and maintain in effect throughout the Term with respect to the Leased Property the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by insurance companies authorized (i) reasonably acceptable to issue Lessor (Lessor acknowledging that Auriga Insurance Group (“Auriga”) is acceptable to Lessor for the provision of the coverages described in subsections (vii) and (viii) below), (ii) that are rated at least an “A-VIII” or better by Best’s Insurance Guide (except for Auriga, for which no rating is required), and (iii) unless otherwise approved by Lessor, authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. Lessee will pay or cause to be paid all Insurance Premiums for the insurance coverage required to be maintained pursuant to this Article XIII during the Term. The commercial property, rental value and business interruption policies must shall name Lessor and/or (and any other entity that Lessor may deem reasonably necessary) as additional insureds and loss payees as respects coverage afforded the Leased Property under standard Insurance Services Offices (ISO) commercial property insurance endorsements CP1219 and CP1503, or manuscript equivalents, and as additional insureds and loss payees under boiler and machinery and any other property insurance policy. All other coverage policies (including commercial general liability, professional liability and excess or umbrella liability policies) shall name Lessor (and any other entity that Lessor may deem reasonably necessary) as additional insureds as respects liability arising from Lessee’s use, as applicableoccupancy or maintenance of the Leased Property. All property, as the insured or as an additional named insured, as the case may be. Losses business interruption and boiler and machinery losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must, unless otherwise expressly provided herein (w) provide primary insurance without right of contribution from any other insurance carried by Lessor, (x) contain express permission for Lessee to enter into a waiver of subrogation rights in favor of Lessor, or any right of setoff or counterclaim against any insured party thereunder including Lessor, (y) permit Lessor to pay premiums at Lessor’s discretion, and (z) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as an additional insured thereunder. In addition, the property, business interruption and boiler and machinery policies shall name as an insured loss payee all Facility Lenders as their interests appear, if any, by way of a standard or other acceptable form of mortgagee’s loss payable endorsement. Any loss adjustment in excess of One Million Dollars ($1,000,000) shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender. Evidence or verification (as defined herein) of insurance and/or Impositions shall be deposited with LessorLessor and, if requested, with any Facility Lender. The With respect to each Property, the policies on the Leased required hereunder relating to Lessee and such Property, including the Leased Improvements, Fixtures Improvements and Lessee’s Personal PropertyProperty relating thereto, shall include insure against the following:
(a) Lessor shall obtain and maintain, at its own expensefollowing risks:
(i) Building Commercial Property insurance written on a broad “all risk” policy form covering physical loss or damage to the Leased Property including building and improvements and betterments. Insured perils shall include, but not be limited to, terrorism (only if the applicable Property is located inside metropolitan city limits with population exceeding 5,000,000). Unless otherwise provided such coverage shall be in an amount equal to the “Special FormFull Replacement Cost” (formerly “All Risk” formas herein defined) value basis to the extent of the full insurable replacement value of each Property to be determined by Lessor. The policy shall not exclude coverage for subsidence. The policy exclusion applicable to faulty or defective design, workmanship or materials shall not apply to resultant damage to otherwise sound property. The policy must provide a sublimit of at least One Hundred Thousand and No/100 Dollars (including earthquake $100,000.00) to cover reasonable expenses incurred by the insured or loss payee for professional services necessary to measure, quantify or determine the amount of any loss covered by this subparagraph (i), such as appraisers, auditors, accountants, architects, and flood engineers (such expenses shall not include the insured’s or loss payee’s own employees or public adjusters). Unless otherwise provided hereunder, all policy deductibles shall be borne in reasonable amounts full by Lessee and must not exceed, per occurrence, an amount in excess of Three Percent (3%), of the insurable value of such Property as determined by Lessor) . Further, in an amount not less than 100% the event of a loss, Lessee shall abide by all provisions of the then full replacement cost thereof insurance contract, including proper and timely notice of the loss to the insurer. Lessee further agrees that it will notify Lessor of any loss in the amount of One Million Dollars (as defined in Section 13.2$1,000,000) or such other amount greater and that no claim at or in excess of One Million Dollars ($1,000,000) shall be settled without the prior written consent of Lessor, which is acceptable to Lessor and Lesseeconsent shall not be unreasonably withheld, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;conditioned or delayed.
(ii) Insurance for loss or damage (direct Flood and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed earthquake insurance shall be required only in the Hotel, event that a Property is located in a flood plain or earthquake zone. Such insurance to be in an amount equal to the minimum amount lesser of $5,000,000 50,000,000 or in the Lease Base of such greater amounts as are then customary; andProperty, subject to no more than a Five Percent (5%) per location per occurrence deductible and such policy shall include coverage for subsidence.
(iii) Loss of income Rental Value insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, deathusing standard ISO endorsement CP 1503, or its equivalent, as respects rental value coverage on such Property. Such endorsement shall require property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect insurer to Lessor, and “all risk legal liability” (including liquor law send notice of cancellation or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect non-renewal to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;per Section 13.4.
(iv) Fidelity bonds with limits Business interruption insurance covering lost earnings and deductibles as may be reasonably requested by Lessorcontinuing expenses, covering less rents due Lessor to the extent covered under subparagraph (iii) above, in an amount sufficient to cover not less than the aggregate amount of Lessee’s employees earnings during (1) the actual time required to rebuild such Property following loss or damage, or (2) twelve (12) months, whichever is longer, plus an additional extended period of indemnity of not less than ninety (90) days shall be provided. Coverage shall be written on an “actual loss sustained” form, for the same perils and other events as described in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;subparagraph (v) below.
(v) Worker’s compensation Commercial General Liability in a primary amount of at least One Million and No/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and for Property Damage for damage to or loss of the property of others, subject to a Two Million and No/100 Dollars ($2,000,000.00) annual aggregate policy limit applicable separately to such Property for all bodily injury and property damage claims, occurring on or about such Property or in any way related to such Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on such Property otherwise related to such Property. The above requirements may be satisfied through an umbrella liability insurance policy. Lessee shall be responsible for funding all deductibles and retentions, including those which may be applicable to Lessor as an additional insured thereunder.
(vi) Automobile and vehicle liability insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, leased or hired automobiles and hired vehicles, vehicles in the a primary limit amount of One Million and No/100 Dollars ($5,000,000; and1,000,000.00) per occurrence for bodily injury and property damage.
(vii) Such Umbrella liability insurance in the minimum amount of Twenty Million and No/100 Dollars ($20,000,000.00) for each occurrence and aggregate combined single limit for all liability. The umbrella shall providing primary and non-contributory coverage to Lessor as an additional insured when required by written contract or agreement. The umbrella liability policy shall name in its underlying schedule the policies of commercial general liability, automobile/vehicle liability, professional liability and employer’s liability under the workers compensation policy.
(viii) Professional liability insurance for Lessee and all employed professionals (including any physicians) in an amount, with respect to each Facility, of not less than One Million and No/100 Dollars ($1,000,000.00) per individual claim and Three Million and No/100 Dollars ($3,000,000.00) annual aggregate. All contractors, agents and other persons (including physicians) who perform professional services for Lessee shall meet such required minimum insurance as Lessor requirements of One Million and No/100 Dollars ($1,000,000.00) per individual claim and Three Million and No/100 Dollars ($3,000,000.00) annual aggregate; provided, however, that the above requirements may reasonably request for facilities such as the Leased Property be satisfied through an umbrella liability insurance policy.
(ix) Employee Dishonesty coverage covering all employees with a limit of insurance, with respect to each Facility, of not less than Two Hundred Fifty Thousand and the operation thereofNo/100 Dollars ($250,000.00) per claim.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
General Insurance Requirements. During the Term of this Lease, ------------------------------ Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “"Special Form” " (formerly “"All Risk” " form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s 's Personal Property) on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “"Special Form”", in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s 's Personal Property on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s 's compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s 's worker’s 's compensation claims, such worker’s 's compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Facility. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, following risks with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.each Facility:
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant or a Tenant Party shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All policies required under this Master Lease must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, ” or “additional insured” as the case may beappropriate. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional named insured” or “additional insured” as appropriate, and “mortgagee/loss payee”, as their interest may appear, each Permitted Leasehold Mortgagee and as an “additional insured” and/or “mortgagee/loss payee” as their interest may appear, the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of 438BFU or other standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than One Hundred Million Dollars ($100,000,000) in good faithwhich event no such consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant or a Tenant Party hereunder shall insure against all the Leased Property, including following risks with respect to the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingFacilities:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, collapse, windstorm and terrorism in an amount not less than 100% of One Billion Dollars ($1,000,000,000) and including a building ordinance coverage endorsement, provided, that Tenant shall have the then full replacement cost thereof right (as defined in Section 13.2i) or such other amount which is acceptable to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any earthquake, flood, windstorm (including named windstorm) or terrorism peril coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the three years preceding the date of determination for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum amount of insurance coverage it reasonably deems most efficient and prudent to purchase for such peril and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that certain property coverages other than earthquake, flood and windstorm may be sub-limited as long as each sub-limit (x) is commercially reasonable and prudent as determined by Tenant and (y) to the extent that the amount of such sub-limit is less than the amount of such sub-limit in effect as of the Commencement Date, such sub-limit is approved by Landlord, such approval not to be unreasonably withheld;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, any one accident as may be reasonably requested by LessorLandlord from time to time;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Lease (VICI Properties L.P.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Properties, and all property located in or on the Leased Properties, including Lessor’s Personal Property and Lessee’s Personal Property, insured with insurance meeting the kinds and amounts of insurance described below, or such other insurance coverage(sfollowing requirements: (a) as may be required by the Franchise Agreement. This all insurance shall be written by companies authorized to issue do insurance business in the State. The applicable States and having a rating classification of not less than A- and a financial size category of “Class VII” or larger, according to the then most recent issue of Best’s Key Rating Guide; (b) all policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, and name as an additional insured any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement in use in the case applicable States and in accordance with any such other requirements as may be. Losses shall be established by such Facility Mortgagee; (c) casualty losses must be payable to Lessor or Lessee as provided in this Lease. Any Article XIV, and loss adjustment adjustments shall require the written consent of Lessor, any Facility Mortgagee and, provided no Event of Default has occurred and is continuing at the time, Lessee, which consent shall not be unreasonably withheld by either Lessor or Lessee; (d) each insurer must agree that it will give Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance any Facility Mortgagee at least thirty (30) days’ written notice before its policy shall be deposited with Lessor. The policies on the Leased Propertyaltered, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
allowed to expire or canceled; (ae) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (any deductible or retention must be approved by Lessor prior to the extent quantifiableissuance of any policy, which approval will not be unreasonably withheld, conditioned or delayed; and (f) for the benefit form of Lessor.
(b) Lessee all policies shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to be approved by Lessor and Lessee;
(iii) Insurance covering any Existing Facility Mortgagee, whose approval shall not unreasonably be withheld, conditioned or delayed, provided that such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized policies conform to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable localthis article XIII. Notwithstanding the foregoing, state Lessee may obtain so-called “umbrella” policies, comprehensive liability policies and federal law;
(vi) Vehicle professional liability policies of insurance for owned, from non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofadmitted surplus line carriers acceptable to Lessor.
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee the Leased Property shall at all times keep the Leased Property be insured with the kinds and amounts of insurance described below, or such other insurance coverage(s.
(a) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, the party obtaining the policy as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor Landlord or Lessee Tenant as provided in this Lease. Any loss adjustment shall require the written consent of Lessor Landlord and LesseeTenant, each acting reasonably and in good faith. Evidence of insurance shall be deposited with LessorLandlord. The policies on the Leased Property, including the Leased Improvements, Fixtures and LesseeTenant’s Personal Property, shall include the followinginclude:
(a) Lessor shall obtain and maintain, at its own expense:
(ib) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by LessorLandlord) in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and LesseeLandlord, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(iic) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (customary or as may be reasonably requested by Landlord from time to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereoftime;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iiid) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, covered as may be reasonably requested by LessorLandlord;
(ive) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent for the benefit of Landlord, and business interruption insurance on the “Special Form” in the amount of one (1) year of gross profit, for the benefit of Tenant;
(f) Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Landlord, and “all risk legal liability” (including liquor law or “dram shop” liability if liquor or alcoholic beverages are served on the Leased Property) with respect to Landlord and Tenant;
(g) Fidelity bonds with limits and deductibles as may be reasonably requested by LessorLandlord, covering LesseeTenant’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(vh) Worker’s Workers’ compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor Landlord and the Leased Property against LesseeTenant’s worker’s workers’ compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vii) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and1,000,000;
(viij) Such other insurance as Lessor Landlord may reasonably request for facilities such as the Leased Property and the operation thereof; and
(k) Tenant shall obtain the insurance and pay the premiums for the coverages described in (d) through (i) above, and Landlord shall obtain the insurance and pay the premiums for the coverages described in (a) through (c) above. The Tenant shall also be responsible for any and all deductibles in connection with such coverages. In the event that the Landlord can obtain comparable insurance coverage required to be carried by Tenant from comparable insurers at a cost significantly less than that at which Tenant can obtain such coverage, the parties shall cooperate in good faith to obtain such coverage at the lower cost and the Tenant shall pay the premiums therefor.
Appears in 1 contract
Samples: Lease Agreement (American Realty Capital Hospitality Trust, Inc.)
General Insurance Requirements. During All coverages described in this section shall (1) include Landlord, Landlord's property manager, and the Term members, managers, partners, trustees, officers, directors, shareholders, parents affiliates and subsidiaries of this LeaseLandlord, Lessor its representatives, assigns, licensees, beneficiaries, agents and Lessee shall at all times keep employees (the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s"Landlord Entities") as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the additional insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures commercial general liability policy and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance as additional insured/loss payee on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, policy with respect to Lessor, Landlord's interest in improvements and “all risk legal liability” alterations; (including liquor law 2) be issued by an insurance company rated A-VII or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor better in "Best's Insurance Guide" and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation of Washington; (3) be primary and provide that any insurance coverage maintained by Landlord shall be considered excess and non-contributing to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise policies required by law;
this section; (v4) Worker’s compensation insurance coverage endeavor to provide Landlord with forty-five (45) days' notice of cancellation (ten (10) days for all persons, if any, employed by Lessee on the Leased Premises, cancellation due to non-payment of premium); and (5) to the extent necessary permitted by law, waive all rights of subrogation by the insurance carrier against Landlord. The certificates for such insurance policies shall be delivered to Landlord by Tenant upon the earlier of (x) Tenant's possession of the Premises, or (y) the Commencement Date of this Lease, and upon each renewal of such insurance throughout the term of this Lease. The coverage afforded to Landlord must be at least as broad as that afforded to Tenant and may not contain any terms, conditions, exclusions or limitations applicable to Landlord that do not apply to Tenant. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under this section is, in Landlord's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by Tenants of properties located in the general area in which the Premises are located, or if Tenant's use of the Premises changes with or without Landlord's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under this section. If Tenant fails to procure such insurance, or to deliver such policies or certificates, Landlord may, after written notice to Tenant and expiration of a thirty (30) day cure period, at Landlord's option and in addition to Landlord's other remedies in the event of a default by Tenant hereunder, procure and maintain insurance for such items and interests to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, Landlord in such worker’s compensation insurance amounts as Landlord may determine to be in accordance with appropriate and any and all premiums paid or payable by Landlord therefore shall be deemed to be additional rent and shall be due on the requirements payment date of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount next installment of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofRent hereunder.
Appears in 1 contract
Samples: Office Lease (Trupanion Inc.)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Facility, and all property located in or on the Facility, including all Capital Additions, the FFF&E and the Personal Property, insured with the kinds and amounts of insurance described below, or such other . Each element of the insurance coverage(s) as may described in this Article shall be required by maintained with respect to the Franchise AgreementFacility and the Personal Property and operations thereon. This insurance 05191N:091419:828868:7:NASHVILLE shall be written by companies authorized to issue do insurance business in the StateState in which the Facility is located. The All liability type policies (except professional liability and workers compensation) must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured.” All property, loss of rental and business interruption type policies shall name Landlord as “loss payee” to the case may beextent of Landlord’s insurable interest therein as respects property required to be insured by Tenant. Losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle 15. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Facility in accordance with the provisions of Article 23 (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement; provided that Landlord delivers the name and address and insurance requirements of any such Facility Mortgagee to Tenant. Any loss adjustment in excess of One Hundred Fifty Thousand Dollars ($150,000.00) shall require the written consent of Lessor and LesseeLandlord, each acting reasonably and in good faithTenant and, if required by the terms of the applicable Facility Mortgage, the Facility Mortgagee. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with the Facility Mortgagee(s). The policies on shall insure against the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor shall obtain 14.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the extended coverage and other perils commonly known as “Special Form” (formerly “All Risk” form) all risk or special perils”, earthquake (including earthquake earth movement), sinkhole and flood in reasonable amounts as determined by Lessor) windstorm in an amount not less than 100% of the then full insurable value on a replacement cost thereof basis (as defined below in Section 13.2l4.2) and including a building ordinance or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereoflaw coverage endorsement;
(ii) Insurance for loss 14.1.2 Loss or damage (direct by mechanical breakdown, electrical injury and indirect) from explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect any one accident as may be reasonably requested by Landlord from time to Lessor and Lesseetime;
14.1.3 Flood (iiiwhen the improvements comprising the Facility are located in whole or in part within a designated 000-xxxx xxxxx xxxxx xxxx) Insurance covering and such other hazards and in such amounts as may be customary for comparable properties in the area area;
14.1.4 Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State period of indemnity by at rates which are economically practicable in relation least ninety (90) days. The Increased Period of Restoration shall include any increase due to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States operation of building ordinances or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, laws to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000arising from a covered loss; and
14.1.5 Bodily injury or property damage under a policy of commercial general liability insurance (viiincluding broad form property damage and broad form contractual liability) Such other and (b) medical professional liability, with amounts not less than One Million and No/100 Dollars ($1,000,000) per occurrence and Three Million and No/100 Dollars ($3,000,000) in the annual aggregate (or such lesser amounts 33 05191N:091419:828868:7:NASHVILLE as Landlord may from time to time approve in writing, such approval not to be unreasonably withheld, delayed or conditioned). Any combination of primary or umbrella/excess insurance as Lessor may reasonably request for facilities such as be utilized to provide the Leased Property total required general and the operation thereofprofessional liability insurance limits set forth in this Section 14.1.5.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee ------------------------------ shall at all times keep the Leased Property, and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle 13. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property or any part thereof in accordance with the provisions of Article 32 ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment in excess of $100,000.00 shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence of insurance shall be deposited with LessorLessor and, if requested, with any Facility Mortgagee(s). The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (" and all physical loss perils, including earthquake sprinkler leakage and flood in reasonable amounts as determined by Lessor) business interruption, in an amount not less than 100% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the after deductible with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in such limits with respect to any one accident as may be reasonably requested by Lessor from time to time;
(c) Loss or damage by hurricane, tornado and earthquake in the minimum amount of $5,000,000 or in such greater amounts as are then customary; andthe Full Replacement Cost, after deductible;
(iiid) Loss of income under a business interruption insurance on policy covering risk of loss during the “Special Form”first 12 months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 12. 1(a), 12.1(b) or 12.1(c), in an amount sufficient to prevent Lessee from becoming a co-insurer; provided that in the event that Lessee shall not be in default hereunder and Lessor shall receive any proceeds from such income insurance which, when added to income amounts received with respect to the applicable time period, exceed the amount of one year of Base Rent and Additional Charges (income owed by Lessee hereunder, Lessor shall immediately pay such excess to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(iie) Comprehensive Claims for personal injury or property damage under a policy of commercial general liability insuranceinsurance including insurance against assumed or contractual liability including indemnities under this Lease, with amounts not less than $10,000,000 covering each 5,000,000.00 per occurrence in respect of the following: bodily injury, death, or injury and death and $10,000,000.00 for property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” damage; and
(including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on f) Flood (when the Leased PropertyProperty is located in whole or in part within a designated flood plain area) with respect to and upon written request of Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is if available at commercially reasonable rates from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates state in which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofis located.
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
General Insurance Requirements. During the Term of this LeaseTenant shall, Lessor and Lessee shall at all times during the Term and at any other time Tenant shall be in possession of the Leased Property, keep the Leased Property insured against the following risks in the following amounts:
(a) “All-risk” property insurance (and to the extent applicable, Builder’s Risk Insurance) on the Leased Improvements and all items of business personal property, including but not limited to signs, awnings, canopies, gazebos, fences and retaining walls, and all FF&E, including, without limitation, insurance against loss or damage from the perils under “All Risk” (Special Cause of Loss) form, including but not limited to the following: fire, windstorm, sprinkler leakage, vandalism and malicious mischief, water damage, explosion of steam boilers, pressure vessels and other similar apparatus, and other hazards 42 Master Lease generally included under extended coverage, all in an amount equal to one hundred percent (100%) of the replacement value of the Leased Improvements (excluding excavation and foundation costs), business personal property and FF&E, without a co-insurance provision, and shall include an Agreed Value endorsement;
(b) Ordinance or Law Coverage with limits of not less than the kinds Leased Improvements for Coverage A (Loss to the undamaged portion of the building), limits not less than $500,000.00 for Coverage B (Demolition Cost Coverage), and amounts limits not less than $500,000.00 for Coverage C (Increased Cost of Construction Coverage);
(c) Business income insurance described belowto be written on “Special Form” (and on “Earthquake” and “Flood” forms if such insurance for those risks is required) including “Extra Expense”, without a provision for co-insurance, including an amount of rent loss coverage payable directly to Landlord sufficient to pay at least twelve (12) months of Rent for the benefit of Landlord, as its interest may appear, and at least twelve (12) months of “Net Operating Income” less Rent for the benefit of Tenant;
(d) Claims-made form commercial general liability insurance, including bodily injury and property damage, liquor liability (if applicable), fire legal liability, contractual liability and independent contractor’s hazard and completed operations coverage in an amount not less than $1,000,000.00 per occurrence and $2,000,000.00 per location, aggregate;
(e) Malpractice insurance/professional liability insurance in an amount not less than $1,000,000.00 per claim/$3,000,000 aggregate;
(f) Flood insurance (if the applicable Leased Improvements are located in whole or in part within an area identified as an area having special flood hazards under the National Flood Insurance Program) for the full (100%) replacement value of such other insurance coverage(s) improvements and all items of business personal property at such Leased Improvements or any greater amount as may be required by the Franchise Agreement. This insurance shall be written National Flood Insurance Program;
(g) Worker’s compensation coverage for all persons employed by companies authorized to issue Tenant on the Premises with statutory limits, and Employers’ Liability insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent amount of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Propertyat least $1,000,000.00 per accident/disease;
(h) Business auto liability insurance, including the Leased Improvementsowned, Fixtures non-owned and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain hired vehicles for combined single limit of bodily injury and maintain, at its own expense:property damage of not less than $1,000,000.00 per occurrence;
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofIntentionally Omitted;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Lease Agreement (Care Investment Trust Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise AgreementManagement Agreement and the Loan Documents; provided, however, all insurance coverage for which Lessor is required to reserve funds pursuant to the Loan Documents shall be the obligation of the Lessor. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased PropertyProperly, including the Leased Improvements, Fixtures and Lessee’s Personal Property, if any, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building All Risks Property insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) Leased Improvements in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the Leased Improvements with a Replacement Cost Endorsement. “Full replacement cost” as used herein means the cost of replacing the Leased Improvements (exclusive of the cost of excavations, foundation and footings below the lowest basement floor) without deduction for physical depreciation thereof;
(ii) Insurance for loss or Boiler and Machinery insurance as may reasonably be required to cover physical damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for Improvements and to the benefit major components of Lessor.
(b) Lessee shall obtain and maintainany central hearing, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, air-conditioning or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseeventilation systems;
(iii) Insurance covering such other hazards and Provided that the Leased Property, or any portion thereof, is located in such amounts an area designated as may be customary for comparable properties a flood prone area participating in the area of National Flood Insurance Program, flood insurance in an amount equal to the full replacement cost or the maximum amount then available, unless neither the Leased Property and Property, nor any portion thereof, is available from insurance companies, insurance pools or other appropriate companies authorized to do business in located within a 100 year flood plain as determined by the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by LessorFederal Insurance Administration;
(iv) Fidelity bonds with limits During any changes or alternations of the Leased Property or any part thereof and deductibles as may be reasonably requested by Lessorduring any Restoration following a Taking or a casualty, covering Lesseeall risk builder’s employees risk insurance in job classifications normally bonded under prudent hotel management practices in an amount not less than 100% of the United States or otherwise required by lawfull replacement cost of the Improvements;
(v) Worker’s compensation Insurance against loss of profits or rental under a business interruption insurance coverage for all personspolicy or under a rental value insurance policy covering risk of loss due to the occurrence of any of the hazards covered by the policies described in (i), if any(ii), employed by Lessee on the Leased Premisesand (iii) above, and (to the extent necessary to protect Lessor insurance covering hazards is generally obtainable) in (iv) in an amount not less than the aggregate requirements for the period of 12 months following the occurrence of the insured casualty for: (i) Base Rent and the Leased Property against Lessee’s worker’s compensation claimsPercentage Rent, such worker’s compensation and (ii) Additional Charges, including premiums on insurance required to be in accordance with the requirements of applicable local, state and federal lawcarried pursuant to this Section;
(vi) Vehicle Comprehensive general liability insurance including contractual liability insurance specifically covering the indemnification obligations of Lessee under this Lease, on an occurrence basis against claims for ownedpersonal injury, non-owned(including, without limitation, elevators and/or escalators) and hired vehiclesthe sidewalks, driveways and curbs adjacent thereto with limits not less than $1,000,000 combined single limit and $2,000,000 in the amount annual aggregate in the event of $5,000,000bodily injury or death to any number of persons in any accident; and
(vii) Such Any other insurance as Lessor may reasonably request for facilities such as or coverages applicable to the Leased Property and which are required to be maintained by the operation thereofowner or operator of the Leased Property pursuant to the terms of any Permitted Mortgage; provided that such insurance shall only be required to be maintained by Lessee during the term of the Permitted Mortgage.
Appears in 1 contract
Samples: Hotel Lease Agreement (Moody National REIT II, Inc.)
General Insurance Requirements. During Subject to the Term provisions of this LeaseParagraph 13.8, Lessor and during the Term, Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Lessee's Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an loss payee and additional named insured, as the case shall contain a provision that such insurance may be. Losses not be cancelled or amended without at least thirty (30) days' notice to Lessor and shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. Any In addition, upon Lessor's written request, the policies shall name as mortgagee, loss adjustment shall require payee and additional insured the written consent holder ("Facility Mortgagee") of Lessor any mortgage, deed of trust or other security agreement and Lesseeany other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXII, each acting reasonably and as well as any other entity interested in good faiththe Leased Property ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of premiums for insurance to be made with such Facility Mortgagee, or, pursuant to written direction by Lessor upon the occurrence of any Event of Default hereunder (and irrespective of whether such Event of Default is continuing or has been cured), Lessee shall make such deposits directly with such Facility Mortgagee or with Lessor, as required. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (including earthquake ," and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section Paragraph 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, if any, in the minimum amount of $5,000,000 or in such greater amounts with respect to any one accident as are then customary; andmay be reasonably requested by Lessor from time-to-time;
(iii) 13.1.3 Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”, first twelve (12) months of reconstruction necessitated by the occurrence of any of the hazards described in the Paragraph 13.1.1 or 13.1.2 in an amount of one year of Base Rent and Additional Charges (sufficient to the extent quantifiable) for the benefit of Lessorprevent Lessor from becoming a co-insurer.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal 13.1.4 Claims for personal injury or property damage under a policy of comprehensive general public liability insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than One Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 1,000,000) per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessoran annual aggregate of Three Million Dollars ($3,000,000.00);
13.1.5 Claims arising out of malpractice or other professional actions or omissions under a policy of professional liability insurance with amounts not less than One Million Dollars ($1,000,000) per occurrence, and “all risk legal liability” with an annual aggregate of Three Million Dollars (including liquor law or “dram shop” liability, $3,000,000);
13.1.6 Flood (if liquor or alcoholic beverages are served on the Leased PropertyProperty is located in whole or in part within a flood plain area, as designated by any governmental or other responsible agency and if such insurance is available pursuant to applicable law) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000area; and
(vii) Such 13.1.7 Any other insurance kinds of insurance, and in such amounts, as Lessor may reasonably request for facilities such as require from time to time to the extent available in the state where the Leased Property and the operation thereofis located.
Appears in 1 contract
Samples: Lease (Sterling House Corp)
General Insurance Requirements. During the Term of this Lease, Lessor (a) The insurance and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(scertificates required in subsections 13.2(a) as may be required by the Franchise Agreement. This insurance through (c) above shall be written endorsed (using form CG 2010 (11/85) or its equivalent) to include Landlord (and any other parties requested by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord) as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in insured for the full amount of the replacement cost thereof;
(ii) Insurance insurance herein required, contain a Primary and not Contributory Endorsement, and confirm that such policy provides coverage for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed damages which the Tenant is obligated to pay by reason of the assumption of liability in the Hotelindemnity agreement(s) within this Lease. Each policy required to be maintained by Tenant or any Contractor/Vendor under this Lease shall contain an endorsement requiring the insurer to give Landlord (30) days' prior written notice of cancellations, in the minimum amount nonrenewal of $5,000,000 or material changes in such greater amounts as are then customary; and
policy. With respect to each and every policy of such insurance required to be maintained by Tenant and each renewal thereof, Tenant, at least five (iii5) Loss days prior to the beginning of income insurance the Lease Term (and prior to Tenant entering on the “Special Form”, in the amount of one year of Base Rent Demised Premises) and Additional Charges thereafter not less than twenty (20) days prior to the extent quantifiable) for expiration of any such policy, shall furnish Landlord with a certificate of insurance executed by the benefit of Lessorinsurer evidencing the insurance required to be maintained by Tenant under this Lease.
(b) Lessee shall obtain Notwithstanding anything to the contrary contained in this Lease, each party hereto, on behalf of itself and maintainon behalf of anyone claiming under or through it by way of subrogation or otherwise, at its own expense:waives all rights and causes of action against the other party, and the officers, directors or employees of the other party, for any liability arising out of any loss or damage in or to the Building, the Demised Premises and their contents caused by
(i1) Personal property insurance on Lessee’s Personal Property on the “any peril normally covered under "all-risk" or "Special Form” " policies issued in the full State of New Jersey (whether or not such party actually carries such insurance policies and without giving effect to any deductibles or self-insurance retainage), or
(2) if the scope of coverage is broader than in (1) above, then any peril actually covered under the insurance maintained by such party. To the extent permitted by applicable laws, this release and waiver shall be complete and total even if such loss or damage may have been caused by the negligence of the other party, its officers, employees, agents, directors, contractors or invitees and shall not be affected or limited by the amount of insurance proceeds available to the replacement cost thereof;
(ii) Comprehensive general liability insurancewaiving party, with amounts regardless of the reason for such deficiency in proceeds. If any additional charge or increase in premium is made by the insurer because of this waiver of subrogation, then the party in whose favor the waiver was obtained shall pay such additional charge or increase in premium; failure to pay the increase in premium will void the release and waiver benefiting such party but shall not affect the benefit of the corresponding release and waiver enjoyed by the other party. However, if one party's insurance carrier prohibits waiver of subrogation regardless of premium, then the other party's release and waiver shall become null and void, it being understood that in this instance each waiver is given in consideration for the other. Each party covenants that from and after the date possession of the Leased Premises is delivered to Tenant its property damage insurance policies will contain waiver of subrogation endorsements, and that if such endorsements, for any reason whatsoever, are about to become unavailable, it will give the other party not less than $10,000,000 covering thirty (30) days prior written notice of such impending unavailability. In the event of such unavailability each of party shall use its commercially reasonable efforts to name the following: bodily injury, death, or other party as an additional insured (but not loss payee) on its property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofpolicies.
Appears in 1 contract
Samples: Lease Agreement (Immunomedics Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Properties, and all property located in or on Leased Property, including Lessor's Personal Property and Lessee's Personal Property, insured with the kinds and amounts of insurance described below. Except as otherwise provided in this Article XIII, or such other insurance coverage(s(a) as may be required by the Franchise Agreement. This this insurance shall be written by companies authorized to issue do insurance business in the StateState and , (b) all such policies provided and maintained during the Term shall be written by companies having a rating classification of not less than "A-" and a financial size category of "Class X," according to the then most recent issue of Best's Key Rating Guide. The policies (other than Workers' Compensation policies) must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. In addition, the policies shall name as an additional insured, the holder of any mortgage deed of trust or other security agreement on the Leased Properties ("Facility Mortgagee") securing any Assumed Indebtedness and any other Encumbrance placed on the Leased Properties in accordance with the provisions of Article XXXIV ("Facility Mortgage"), as its interest may appear, by way of a standard form of mortgagee's loss payable endorsement in use in the State and in accordance with any such other requirements as may be established by the Facility Mortgagee. Any loss adjustment in the excess of the Self-Administered Amount shall require the written consent of Lessor and Lessor, Lessee, each acting reasonably and in good faiththe Facility Mortgagee, which consent shall not be unreasonably withheld by either Lessor or Lessee. Evidence of insurance shall be deposited with Lessor and, if requested, with the Facility Mortgagee(s). If any provision of a Facility Mortgage requires deposits of premiums for insurance to be made with the Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts so required and Lessor shall transfer such amounts to the Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. Upon Lessee's request, Lessor shall provide Lessee with evidence of its transfer of such amounts. The policies on the Leased PropertyProperties, including the Leased Improvements, Fixtures and Lessor's Personal Property, and on Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
13.1.1 Loss or damage by fire, vandalism and malicious mischief, earthquake (aif available at commercially reasonable rates) Lessor shall obtain and maintainextended coverage perils commonly known as "Special Risk," and all physical loss perils normally included in such Special Risk insurance, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) but not limited to sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotelany Facility, in the minimum amount of $5,000,000 or in such greater amounts with respect to any one accident as are then customary; andmay be required by Lessor from time to time;
(iii) 13.1.3 Loss of rental included in a business income or rental value insurance on policy covering risk of loss during reconstruction necessitated by the “Special Form”, in the amount occurrence of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount any of the replacement cost thereofhazards described in Sections 13.1.1 or 13.1.2 (but in no event for a period of less than twelve (12) months) in an amount sufficient to prevent either Lessor or Lessee from becoming a co-insurer;
3.1.4 Claims for personal injury or property damage under a policy of commercial general public liability insurance with a combined single limit per occurrence in respect of bodily injury and death and property damage of One Million Dollars (ii) Comprehensive general $1,000,000), and an aggregate limitation of Three Million Dollars ($3,000,000), which insurance shall include contractual liability insurance, with amounts ;
3.1.5 Claims arising out of professional malpractice in an amount not less than One Million Dollars ($10,000,000 covering 1,000,000) for each person and for each occurrence and an aggregate limit of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” Three Million Dollars (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee$3,000,000);
3.1.6 Flood (iiiwhen any Leased Property is located in whole or in part within a designated flood plain area) Insurance covering and such other hazards and in such amounts as may be customary for comparable properties in the area of area;
3.1.7 During such time as Lessee is constructing any improvements, Lessee, at its sole cost and expense, shall carry, or cause to be carried (i) workers' compensation insurance and employers' liability insurance covering all persons employed in connection with the Leased Property and is available from insurance companiesimprovements in statutory limits, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation (ii) a completed operations endorsement to the risks coveredcommercial general liability insurance policy referred to above, as may be reasonably requested by (iii) builder's risk insurance, completed value form, covering all physical loss, in an amount and subject to policy conditions satisfactory to Lessor;
, and (iv) Fidelity bonds with limits and deductibles such other insurance, in such amounts, as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent Lessor deems necessary to protect Lessor and Lessor's interest in the Leased Property against Properties from any act or omission of Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law's contractors or subcontractors;
(vi) Vehicle 3.1.8 Lessee shall procure, and at all times during the Term of this Master Lease shall maintain, a policy of primary automobile liability insurance with limits of One Million Dollars ($1,000,000) per occurrence for owned, owned and non-owned, owned and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities 3.1.9 If Lessee chooses to carry umbrella liability coverage to obtain the limits of liability required hereunder, all such policies must cover in the same manner as the Leased Property primary commercial general liability policy and must contain no additional exclusions or limitations materially different from those of the operation thereofprimary policy.
Appears in 1 contract
General Insurance Requirements. During the Term term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the StateState of California. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and LesseeLessxx xxx Lessxx, each xxch acting reasonably reasonably, promptly and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, Property shall include the followinginclude:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”an "All Risk" form, in the amount of one year of the greater of (a) Base Rent, as applicable, or (b) Percentage Rent and Additional Charges (based on the last Lease Year of operation or, to the extent quantifiablethe Leased Property has not been operated for an entire 12-month Lease Year, based on prorated Percentage Rent) for the benefit of Lessor., and business interruption insurance on an "All Risk" form in the amount of one year of gross profit, for the benefit of Lessee;
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive Commercial general liability insurance, with contractual indemnity endorsement, with amounts not less than $10,000,000 1,000,000 combined single limit for each occurrence and $2,000,000 for the aggregate of all occurrences within each policy year, as well as excess liability (umbrella) insurance with limits of at least $50,000,000 per occurrence, covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to LessorLessee, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iiic) Fidelity bonds or blanket crime policies with limits and deductibles as may be reasonably determined by Lessxx xxx approved by Lessor (such approval not to be unreasonably withheld), covering Lessxx'x xmployees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(d) Comprehensive form automobile liability insurance for owned, non-owned and hired vehicles, in the amount of $1,000,000;
(e) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Lessor is legally responsible with a limit of not less than $5,000 in any one occurrence or $25,000 annual aggregate;
(f) Safe deposit box legal liability insurance covering property of guests while in a safe deposit box on the Leased Property for which Lessor is legally responsible with a limit of not less than $25,000 in any one occurrence;
(g) Employers liability insurance with limits of not less than $500,000 per occurrence; and
(h) Insurance covering such other hazards (such as plate glass or other common risks) and in such amounts as may be (A) required by a holder of a lien on the Leased Property, or (B) customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State of California at rates which are economically practicable in relation to the risks covered, covered as may be reasonably requested determined by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessor or Lessee’s employees . Lessee shall keep in job classifications normally bonded under prudent hotel management practices in force the United States or otherwise required by law;
(v) Worker’s compensation foregoing insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofcoverages at its expense.
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease, Lessor ------------------------------ and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “"Special Form” " (formerly “"All Risk” " form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s 's Personal Property) on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “"Special Form”", in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s 's Personal Property on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s 's compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s 's worker’s 's compensation claims, such worker’s 's compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee subject to Section 11.2(a), Tenant shall at all times keep the Demised Premises, and all property located therein or thereon, including the Leased Property Improvements, Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other and otherwise as permitted in the Insurance Requirements. Each element of insurance coverage(s) as may described in this Section 11.1 shall be required by maintained with respect to the Franchise AgreementDemised Premises and Tenant’s Property and the operations of each Store thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third-party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Property. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee,” each holder of any mortgage, deed of trust or other security agreement (“Landlord Mortgagee”) securing any Indebtedness or any other Encumbrance placed on the Demised Premises in accordance with the provisions of Article XIV (“Landlord Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant and Lesseeeach Landlord Mortgagee (to the extent required under the applicable Landlord Mortgage Documents), each acting reasonably and unless the amount of the loss net of the applicable deductible is less than the lesser of twenty-five percent (25%) of the value of the Leasehold Improvements or five hundred thousand dollars ($500,000), in good faithwhich event no consent shall be required by Landlord. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Landlord Mortgagee. The insurance policies on required to be carried by Tenant hereunder shall insure against at least the Leased following risks with respect to each Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain Insurance against fire, vandalism, malicious mischief and maintainsuch other perils as are from time to time included in a standard extended coverage insurance policy, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) insuring Tenant’s merchandise, inventory, trade fixtures, furnishings, equipment, plate and window glass and all other such items of personal property and Tenant’s Property (including earthquake all exterior and flood interior improvements, including those existing in reasonable amounts the Store as determined by Lessor) of the Commencement Date), and all modifications, replacements and substitutions thereof, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the actual replacement cost thereof;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Store, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operationslimits, with respect to Lessorany one accident, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect as may be reasonably requested by Landlord from time to Lessor and Lesseetime;
(iiic) Insurance covering Flood (when any of the improvements comprising the Demised Premises is located in whole or in part within a FEMA designated high-hazard flood zone) in an amount not less than the full replacement cost of such improvements or such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessorarea;
(ivd) Fidelity bonds Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including ninety (90) days’ ordinary payroll and Rent payable hereunder, with limits and deductibles as may be reasonably requested an extended period of indemnity coverage of at least ninety (90) days necessitated by Lessorthe occurrence of any of the hazards described in Section 11.1(a), covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States 11.1(b) or otherwise required by law11.1(c);
(ve) Worker’s Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with amounts not less than one hundred million dollars ($100,000,000) each occurrence and one hundred million dollars ($100,000,000) in the annual aggregate and with a retention or deductible not in excess of five hundred thousand dollars ($500,000); provided, that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) Workers’ compensation insurance evidenced by Tenant on a per-state basis (with respect to the state in which each Demised Premises are located) and by a certificate of insurance on a “statutory basis” with minimum limits of “employers liability” coverage of five hundred thousand dollars ($500,000) per occurrence;
(g) Motor vehicle liability insurance with coverage for all personsowned, if anynonowned and hired vehicles with a combined single limit of not less than Three Million and No/100 Dollars ($3,000,000) per occurrence for bodily injury and property damage. If no vehicles are owned or leased, the commercial general liability insurance shall be extended to provide insurance for nonowned and hired vehicles;
(h) During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed by Lessee on in connection with the Leased Premisesimprovements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions reasonably satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord’s interest in the Demised Premises from any act or omission of Tenant’s contractors or subcontractors;
(i) Without duplicating any of the above insurance coverages, as and to the extent necessary Tenant engages in (i) the sale or serving of alcoholic beverages, liquor liability insurance, and (ii) the sale of gasoline or other petroleum products and/or the operation of SACs, Tenant shall procure pollution legal liability insurance covering each location with a retroactive date corresponding to protect Lessor the first occupation by Tenant with a minimum limit of ten million dollars ($10,000,000) for each incident which coverage shall be primary and noncontributory and should also include coverage for any underground storage tanks located on the Land.
(j) By this Section 11.1, Tenant intends that the risk of loss or damage to the Demised Premises and all property thereon, including the Leased Improvements, Fixtures and Tenant’s Property against Lessee’s worker’s compensation claimsdescribed above, such worker’s compensation be borne by responsible property insurance carriers and Tenant hereby agrees to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-ownedlook solely to, and hired vehiclesto seek recovery only from, its respective property insurance carriers, in the event of a loss of a type described above to the extent that such coverage is agreed to be provided hereunder. For this purpose, any applicable deductible or self-insured amount of $5,000,000shall be treated as though it were recoverable under such policies; and
(viik) Such other Tenant, may self-insure any or all of the above-stated risks by maintaining (or causing Tenant’s Parent or a Subsidiary thereof to maintain) a program of insurance. In the event Tenant elects to self-insure (or cause an Affiliate to insure) for any such risk, it shall use reasonable efforts to endeavor to notify Landlord of such election. Failure to so notify Landlord, however, shall not be considered a default under the terms of this Lease and shall not subject Tenant to any additional liability hereunder. Upon request by Landlord, Tenant shall promptly disclose to Landlord whether or not Tenant self-insures (or cause an Affiliate to insure) any of its insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofrisks under this Master Lease.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseLease (except that the coverages in Sections 13.1(a) and 13.1(c) and those relating to professional liability referenced in Sections 13.1(g) and 13.1(h) below shall be required from and after the Completion Date), Lessor and Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property, including Lessee's Personal Property (it being agreed that, for purposes of this Article XIII, the ASC and its assets shall be similarly insured with for all periods prior to the cessation of the Ambulatory Surgery Center business by ASC as provided in this Lease), insured against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, Lessee shall obtain and maintain in effect throughout the Lease Term, the kinds and amounts of insurance deemed necessary by the Lessor and as described below. At Lessor's option and provided that the costs of such coverages collectively do not exceed the costs of such insurance obtained by Lessee, Lessor may
(a) All Risks or such Special Form Property insurance against loss or damage to the building and improvements, including but not limited to, perils of fire, lightning, water, wind, theft, vandalism and malicious mischief, plate glass breakage, and perils typically provided under an Extended Coverage Endorsement and other insurance coverage(s) as may forms of broadened risk perils, and insured on a "replacement cost" value basis to the extent of the full replacement value of the Leased Property. The policy shall include coverage for subsidence. The deductible amount thereunder shall be required borne by the Franchise AgreementLessee in the event of a loss and the deductible must not exceed Ten Thousand and 00/100 Dollars ($10,000.00) per occurrence. This Further, in the event of a loss, Lessee shall abide by all provisions of the insurance contract, including proper and timely notice of the loss to the insurer, and Lessee further agrees that it will notify the Lessor of any loss in the amount of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) or greater and that no claim at or in excess of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) shall be settled without the prior written consent of Lessor, which consent shall not be unreasonably withheld or delayed.
(b) Flood and earthquake insurance shall be written by companies authorized to issue insurance required only in the Stateevent that the Leased Property is located in a flood plain or earthquake zone. The policies must name Lessor and/or LesseeSuch insurance to be in an amount equal to the Full Replacement Cost value of the Facility, as applicablesubject to no more than a Twenty-Five Thousand Dollar ($25,000.00) per occurrence deductible and such policy shall include coverage for subsidence.
(c) Insurance against loss of earnings in an amount sufficient to cover not less than twelve (12) months' lost earnings and written in an "all risks" form, as the insured or either as an additional named insuredendorsement to the insurance required under subparagraph 13.1(a) above, as or under a separate policy.
(d) Worker's compensation insurance covering all employees in amounts that are customary for the case may be. Losses shall be payable Lessee's industry.
(e) Commercial General Liability in a primary amount of at least One Million and 00/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and One Hundred Thousand and 00/100 Dollars ($100,000.00) for Property Damage for damage to Lessor or Lessee as provided loss of property of others, subject to a Two Million and 00/100 Dollars ($2,000,000.00) annual aggregate policy limit for all bodily injury and property damage claims, occurring on or about the Leased Property or in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on any way related to the Leased Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on the Leased Improvements, Fixtures and Lessee’s Personal Property otherwise related to the Leased Property, . Such policy shall include the following:
coverages of a Broad Form nature, including, but not limited to, Explosion, Collapse and Underground (a) Lessor shall obtain and maintainXCU), at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and LesseeProducts Liability, Completed Operations, Broad Form Contractual Liability, Broad Form Property Damage, Personal Injury, Incidental Malpractice Liability, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of LessorHost Liquor Liability.
(bf) Lessee shall obtain Automobile and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general vehicle liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, leased or hired automobiles and hired vehicles, vehicles in a primary limit amount of One Million and 00/100 Dollars ($1,000,000.00) per occurrence for bodily injury; One Hundred Thousand and 00/100 Dollars ($100,000.00) per occurrence for property damage; subject to an annual aggregate policy limit of One Million and 00/100 Dollars ($1,000,000.00).
(g) Umbrella liability insurance in the minimum amount of Twenty Million and 00/100 Dollars ($5,000,000; and
20,000,000.00) for each occurrence and aggregate combined single limit for all liability, with a Ten Thousand and 00/100 Dollars (vii$10,000.00) Such other insurance as Lessor may reasonably request self-insured retention for facilities such as exposure not covered in underlying primary policies. The umbrella liability policy shall name in its underlying schedule the Leased Property policies of professional liability, commercial general liability, garage keepers liability, automobile/vehicle liability and employer's liability under the operation thereofWorker's Compensation Policy.
Appears in 1 contract
General Insurance Requirements. (a) During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Property and Lessee’s Personal Property, insured against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, and subject to the provisions below, Lessee shall obtain and maintain in effect throughout the Term with respect to the Leased Property the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by insurance companies authorized (i) reasonably acceptable to issue Lessor (Lessor acknowledging that Auriga Insurance Group (“Auriga”) is acceptable to Lessor for the provision of the coverages described in subsections (vii) and (viii) below), (ii) that are rated at least an “A-VIII” or better by Best’s Insurance Guide (except for Auriga, for which no rating is required), and (iii) unless otherwise approved by Lessor, authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. The aggregate amount of coverage by a single company must not exceed Five Percent (5%) of the insurance company’s policyholders’ surplus. Lessee will pay or cause to be paid all Insurance Premiums for the insurance coverage required to be maintained pursuant to this Article XIII during the Term. The commercial property, rental value and business interruption policies must shall name Lessor and/or and MPT Real Estate Owner (and any other entity that Lessor may deem reasonably necessary) as additional insureds and loss payees as respects coverage afforded the Leased Property under standard Insurance Services Offices (ISO) commercial property insurance endorsements CP1219 and CP1503, or manuscript equivalents, and as additional insureds and loss payees under boiler and machinery and any other property insurance policy. Except as provided below with respect to commercial general liability, professional liability and excess or umbrella liability policies, all other coverage policies shall name Lessor and MPT Real Estate Owner (and any other entity that Lessor may deem reasonably necessary) as additional insureds as respects liability arising from Lessee’s use, occupancy or maintenance of the Leased Property. The commercial general liability, professional liability and the excess or umbrella liability policies shall name Lessor and MPT Real Estate Owner (and any other entity that Lessor may deem reasonably necessary) as applicablenamed insureds. All property, as the insured or as an additional named insured, as the case may be. Losses business interruption and boiler and machinery losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must, unless otherwise expressly provided herein (w) provide primary insurance without right of contribution from any other insurance carried by Lessor, (x) contain express permission for Lessee to enter into a waiver of subrogation rights in favor of Lessor, or any right of setoff or counterclaim against any insured party thereunder including Lessor, (y) permit Lessor to pay premiums at Lessor’s discretion, and (z) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as a named insured thereunder. In addition, the property, business interruption and boiler and machinery policies shall name as an insured loss payee all Facility Lenders as their interests appear, if any, by way of a standard or other acceptable form of mortgagee’s loss payable endorsement. Any loss adjustment in excess of One Million Dollars ($1,000,000) shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender. Evidence or verification (as defined herein) of insurance and/or Impositions shall be deposited with LessorLessor and, if requested, with any Facility Lender. The With respect to each Property, the policies on the Leased required hereunder relating to Lessee and such Property, including the Leased Improvements, Fixtures Improvements and Lessee’s Personal PropertyProperty relating thereto, shall include insure against the following:
(a) Lessor shall obtain and maintain, at its own expensefollowing risks:
(i) Building Commercial Property insurance written on a broad “all risk” policy form covering physical loss or damage to the Leased Property including building and improvements and betterments. Insured perils shall include, but not be limited to, terrorism (only if the applicable Property is located inside metropolitan city limits with population exceeding 5,000,000). Unless otherwise provided such coverage shall be in an amount equal to the “Special FormFull Replacement Cost” (formerly “All Risk” formas herein defined) value basis to the extent of the full insurable replacement value of each Property to be determined by Lessor. The policy shall not exclude coverage for subsidence. The policy exclusion applicable to faulty or defective design, workmanship or materials shall not apply to resultant damage to otherwise sound property. The policy must provide a sublimit of at least One Hundred Thousand and No/100 Dollars (including earthquake $100,000.00) to cover reasonable expenses incurred by the insured or loss payee for professional services necessary to measure, quantify or determine the amount of any loss covered by this subparagraph (i), such as appraisers, auditors, accountants, architects, and flood engineers (such expenses shall not include the insured’s or loss payee’s own employees or public adjusters). Unless otherwise provided hereunder, all policy deductibles shall be borne in reasonable amounts full by Lessee and must not exceed, per occurrence, an amount in excess of Three Percent (3%), of the insurable value of such Property as determined by Lessor) . Further, in an amount not less than 100% the event of a loss, Lessee shall abide by all provisions of the then full replacement cost thereof insurance contract, including proper and timely notice of the loss to the insurer. Lessee further agrees that it will notify Lessor of any loss in the amount of One Million Dollars (as defined in Section 13.2$1,000,000) or such other amount greater and that no claim at or in excess of One Million Dollars ($1,000,000) shall be settled without the prior written consent of Lessor, which is acceptable to Lessor and Lesseeconsent shall not be unreasonably withheld, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;conditioned or delayed.
(ii) Insurance for loss or damage (direct Flood and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed earthquake insurance shall be required only in the Hotelevent that a Property is located in a flood plain or earthquake zone. Such insurance to be in an amount equal to the lesser of (A) $50,000,000 or (B) the Applicable Option Price, in the minimum amount of $5,000,000 or in subject to no more than a Five Percent (5%) per location per occurrence deductible and such greater amounts as are then customary; andpolicy shall include coverage for subsidence.
(iii) Loss of income Rental Value insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, deathusing standard ISO endorsement CP 1503, or its equivalent, as respects rental value coverage on such Property. Such endorsement shall require property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect insurer to Lessor, and “all risk legal liability” (including liquor law send notice of cancellation or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect non-renewal to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;per Section 13.4.
(iv) Fidelity bonds with limits Business interruption insurance covering lost earnings and deductibles as may be reasonably requested by Lessorcontinuing expenses, covering less rents due Lessor to the extent covered under subparagraph (iii) above, in an amount sufficient to cover not less than the aggregate amount of Lessee’s employees earnings during (1) the actual time required to rebuild such Property following loss or damage, or (2) twelve (12) months, whichever is longer, plus an additional extended period of indemnity of not less than ninety (90) days shall be provided. Coverage shall be written on an “actual loss sustained” form, for the same perils and other events as described in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;subparagraph (v) below.
(v) Worker’s compensation Commercial General Liability in a primary amount of at least One Million and No/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and for Property Damage for damage to or loss of the property of others, subject to a Two Million and No/100 Dollars ($2,000,000.00) annual aggregate policy limit applicable separately to such Property for all bodily injury and property damage claims, occurring on or about such Property or in any way related to such Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on such Property otherwise related to such Property. All allocated loss adjustment expenses, including defense costs, shall be in addition to the policy limits required above. Such policy shall include coverages found on the ISO Commercial General Liability Policy form CG 0001, occurrence policy form, current edition, with deductible amounts reasonably acceptable to Lessor. Lessee shall be responsible for funding all deductibles and retentions, including those which may be applicable to Lessor as an additional insured thereunder.
(vi) Automobile and vehicle liability insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, leased or hired automobiles and hired vehicles, vehicles in the a primary limit amount of One Million and No/100 Dollars ($5,000,000; and1,000,000.00) per occurrence for bodily injury and property damage. All allocated loss adjustment expenses, including defense costs, shall be in addition to the policy limits required above.
(vii) Such Umbrella liability insurance in the minimum amount of Ten Million and No/100 Dollars ($10,000,000.00) for each occurrence and aggregate combined single limit for all liability. The umbrella shall follow form with the primary commercial general liability with respect to providing primary and non-contributory coverage to Lessor as an additional insured when required by written contract or agreement. The umbrella liability policy shall name in its underlying schedule the policies of commercial general liability, automobile/vehicle liability, professional liability and employer’s liability under the workers compensation policy.
(viii) Professional liability insurance for Lessee and all employed professionals (including any physicians) in an amount, with respect to each Facility, of not less than One Million and No/100 Dollars ($1,000,000.00) per individual claim and Three Million and No/100 Dollars ($3,000,000.00) annual aggregate. All contractors, agents and other persons (including physicians) who perform professional services for Lessee shall meet such required minimum insurance as Lessor may reasonably request for facilities such as the Leased Property requirements of One Million and the operation thereofNo/100 Dollars ($1,000,000.00) per individual claim and Three Million and No/100 Dollars ($3,000,000.00) annual aggregate.
(ix) Employee Dishonesty coverage covering all employees with a limit of insurance, with respect to each Facility, of not less than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) per claim.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
General Insurance Requirements. During Subject to the Term provisions of this LeaseParagraph 13.8, Lessor and during the Term, Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Lessee's Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the Statestate in which the Leased Property is located, having an A.M. Best rating of A X or higher or otherwise approved by Lessor in its sole discretion. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an loss payee and additional named insured, as the case shall contain a provision that such insurance may be. Losses not be canceled or amended without at least thirty (30) days' notice to Lessor and shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. Any In addition, upon Lessor's written request, the policies shall name as mortgagee, loss adjustment shall require payee and additional insured the written consent holder ("Facility Mortgagee") of Lessor any mortgage, deed of trust or other security agreement and Lesseeany other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXIII, each acting reasonably and as well as any other entity interested in good faiththe Leased Property ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of premiums for insurance to be made with such Facility Mortgagee, or, pursuant to written direction by Lessor upon the occurrence of any Event of Default hereunder (and irrespective of whether such Event of Default is continuing or has been cured), Lessee shall make such deposits directly with such Facility Mortgagee or with Lessor, as required. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (including earthquake ," and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section Paragraph 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotelany of the Facilities, if any, in the minimum amount of $5,000,000 or in such greater amounts with respect to any one accident as are then customary; andmay be reasonably requested by Lessor from time-to-time;
(iii) 13.1.3 Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”, first twelve (12) months of reconstruction necessitated by the occurrence of any of the hazards described in the Paragraph 13.1.1 or 13.1.2 in an amount of one year of Base Rent and Additional Charges (sufficient to the extent quantifiable) for the benefit of Lessorprevent Lessor from becoming a co-insurer.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal 13.1.4 Claims for personal injury or property damage under a policy of comprehensive general public liability insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than One Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 1,000,000.00) per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” an annual aggregate of Three Million Dollars (including liquor law or “dram shop” liability, $3,000,000.00);
13.1.5 Flood (if liquor or alcoholic beverages are served on the Leased PropertyProperty is located in whole or in part within a flood plain area, as designated by any governmental or other responsible agency and if such insurance is available pursuant to applicable law) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000area; and
(vii) Such 13.1.6 Any other insurance kinds of insurance, and in such amounts, as Lessor may reasonably request for facilities such as require from time to time to the extent available in the state where the Leased Property and the operation thereofis located.
Appears in 1 contract
Samples: Lease (Tesseract Group Inc)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee ------------------------------ shall at all times keep the Leased Property, and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle 13. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property or any part thereof in accordance with the provisions of Article 32 ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment in excess of $100,000.00 shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence of insurance shall be deposited with LessorLessor and, if requested, with any Facility Mortgagee(s). The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (" and all physical loss perils, including earthquake sprinkler leakage and flood in reasonable amounts as determined by Lessor) business interruption, in an amount not less than 100% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the after deductible with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, any one accident as may be reasonably requested by LessorLessor from time to time;
(ivc) Fidelity bonds with limits Loss or damage by hurricane, tornado and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, earthquake in the amount of $5,000,000; andthe Full Replacement Cost, after deductible;
(viid) Such other Loss of income under a business interruption insurance as policy covering risk of loss during the first 12 months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 12.1(a), 12.1(b) or 12.1(c), in an amount sufficient to prevent Lessee from becoming a co-insurer; provided that in the event that Lessee shall not be in default hereunder and Lessor may reasonably request for facilities shall receive any proceeds from such as income insurance which, when added to income amounts received with respect to the Leased Property and applicable time period, exceed the operation thereof.amount of income owed by Lessee hereunder, Lessor shall immediately pay such excess to Lessee;
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
General Insurance Requirements. During Subject to the provisions of Section 13.9, during the Term of this LeaseMaster Lease Document, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. In addition, the policies shall name as an additional insured the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any Assumed Indebtedness and any other encumbrance placed on the Leased Property in accordance with the provisions of Article XXXVII (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Lessor Lessor, Lessee and Lessee, each acting reasonably and in good faithFacility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage existing at the time of execution of any Lease requires deposits of premiums for insurance to be made with such Facility Mortgagees, provided that the Facility Mortgagee has not elected to waive such provision, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (extended coverage perils, and all physical loss perils insurance, if available and economically feasible, including earthquake and flood in reasonable amounts as determined by Lessor) but not limited to sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofeconomically feasible;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, if available and economically feasible, in the minimum amount of $5,000,000 or in such greater amounts with respect to any one accident as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (may be reasonably requested by Lessor from time to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereoftime;
(iic) Comprehensive Business interruption or loss of rental under a rental value insurance policy covering risk of loss during the lesser of the first twelve (12) months of reconstruction or the actual reconstruction period necessitated by the occurrence of any of the hazards described in Sections 13.1(a) or 13.1(b), if available and economically feasible, in an amount sufficient to prevent Lessor from becoming a co-insurer;
(d) Claims for personal injury or property damage under a policy of comprehensive commercial general liability insurance, if available and economically feasible, with amounts not less than One Million and No/100 Dollars ($10,000,000 covering each 1,000,000.00) per occurrence in respect of the following: bodily injury, death, or injury and death and One Million Dollars and No/100 ($1,000,000.00) for property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseedamage;
(iiie) Insurance covering Claims arising out of malpractice in an amount not less than Five Million Dollars ($5,000,000.00) for each person and for each occurrence; provided, however, that if such malpractice insurance, with such limit, at any time is not available at rates which are economically feasible in relation to the risks covered, Lessee may self-insure as to such malpractice claims regardless of the provisions of Section 13.9 below; and
(f) Flood (if the Leased Property is located in whole or in part within a designated flood plain area) and such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Lease Agreement (Universal Health Realty Income Trust)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee ------------------------------ Tenant shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(sat its expense, except for those set forth in Sections 13.1(a) as may and (b), which shall be required paid for by the Franchise AgreementLandlord. This insurance shall be written by companies authorized to issue insurance in the StateState and shall have a rating by A.M. Best of at least B+. The policies must name Lessor and/or Lessee, Landlord (as applicable, well as any lenders identified by Landlord) as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor Landlord or Lessee Tenant as provided in this Lease. Any loss adjustment shall require the written consent of Lessor Landlord and LesseeTenant, each acting reasonably and in good faith. Evidence of insurance Tenant shall be deposited provide Landlord with Lessorevidence that it has obtained the required insurance. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Tenant's Personal Property, shall include the followinginclude:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “"Special Form” " (formerly “"All Risk” " form) (including earthquake and flood in reasonable amounts as determined by LessorLandlord) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and LesseeLandlord, and personal property insurance (on other than Lessee’s Personal Property) on the “"Special Form” " in the full amount of the replacement cost thereof;
(iib) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; andcustomary or as may be reasonably requested by Landlord from time to time;
(iiic) Loss of income insurance on the “"Special Form”", in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain Landlord, and maintain, at its own expense:
(i) Personal property business interruption insurance on Lessee’s Personal Property on the “"Special Form” " in the full amount of one year of gross profit, for the replacement cost thereofbenefit of Tenant;
(iid) Comprehensive Commercial general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to LessorLandlord, and “"all risk legal liability” " (including liquor law or “"dram shop” liability, " liability if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor Landlord and LesseeTenant;
(iiie) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, covered as may be reasonably requested by LessorLandlord;
(ivf) Fidelity bonds with limits and deductibles as may be reasonably requested by LessorLandlord, covering Lessee’s Tenant's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(vg) Worker’s Workers' compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor Landlord and the Leased Property against Lessee’s worker’s Tenant's workers' compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vih) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of not less than $5,000,000; and1,000,000;
(viii) Such other insurance as Lessor Landlord may reasonably request for facilities such as the Leased Property and the operation thereofthereof and in all events Landlord shall have the right to require that all insurance and insurance carriers fulfill the terms and conditions that may be required in connection with financing the Leased Property pursuant to any "conduit" or other capital market loan program; and
(j) Other insurance in such forms and amounts as would reasonably be carried by a prudent owner of a similarly situated property.
1. The Tenant shall also be responsible for any and all deductibles in connection with such coverages. In the event that Landlord can obtain comparable insurance coverage required to be carried by Tenant from comparable insurers and at a cost significantly less than that at which Tenant can obtain such coverage, the parties shall cooperate in good faith to obtain such coverage at the lower cost and the Tenant shall pay the premiums therefor.
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property, and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insuredinsured (where applicable and as its interests may appear under this Lease only), as the case may be. Losses and losses shall be payable to Lessor or and/or Lessee as provided in Article 13. In addition, the policies shall name as an additional insured, as its interests may appear under this LeaseLease only, the holder (“Facility Mortgagee”) of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property in accordance with the provisions of Article 32 (“Facility Mortgage”), if any, by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment in excess of $750,000 shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence Certificates of insurance shall be deposited with LessorLessor and, if requested, with any Facility Mortgagee(s). The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk” form) (and all physical loss perils, including earthquake and flood in reasonable amounts as determined by Lessor) sprinkler leakage, in an amount not less than 10090% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the after deductible with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in the minimum amount with a limit of $5,000,000 or in such greater amounts as are then customary; and25,000,000 with respect to any one accident;
(iiic) Loss of income rental under an insurance on policy covering risk of loss during the “Special Form”first 12 months of reconstruction necessitated by the occurrence of any of the covered hazards described in Sections 12.1(a), (b) or (d), in an amount sufficient to prevent Lessee from becoming a co-insurer;
(d) Loss or damage by hurricane and earthquake in the amount of one year the Full Replacement Cost, after deductible, subject to an annual aggregate limit of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof$50,000,000;
(iie) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” Flood (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on when the Leased PropertyProperty is located in whole or in part within a designated flood plain area) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is if available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates state in which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;is located; and
(vif) Vehicle General and professional liability insurance in the minimum amount of $1,000,000 for ownedeach occurrence and $3,000,000 in the aggregate, non-owned, and hired vehicles, with excess coverage in the amount of $5,000,00010,000,000 in the aggregate; andprovided that before the lapse of any such policy, Lessee shall obtain at Lessee’s sole expense an extended reporting period insurance coverage endorsement covering a period of at least two years (“tail coverage endorsement”) beyond the lapse of any such Policy.
(viig) Such other Workers’ Compensation and Employer’s Liability Insurance as required by law or regulation. Employer’s Liability insurance as Lessor may reasonably request shall be provided in amounts not less than $ 1,000,000 per accident for facilities such as the Leased Property bodily injury by accident; $1,000,000 policy limit by disease; and the operation thereof$1,000,000 per employee for bodily injury by disease.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Global Medical REIT Inc.)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and the Personal Property and operations thereon. This insurance shall be written by companies authorized approved to issue insurance conduct business in the StateState in which the Leased Property is located. The All liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee.” All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee unless the amount of the loss is less than One Hundred Fifty Thousand Dollars ($150,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The policies on shall insure against the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the extended coverage perils commonly known as “Special FormRisk,” (formerly “All Risk” form) and all physical loss perils normally included in such Special Risk insurance, including but not limited to sprinkler leakage, earthquake (including earthquake earth movement) and flood in reasonable amounts as determined by Lessor) windstorm in an amount not less than 100% of the then full insurable value on a replacement cost thereof basis (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofincluding a building ordinance coverage endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (may be reasonably requested by Landlord from time to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereoftime;
(iic) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each Flood (when any of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on improvements comprising the Leased PropertyProperty of a Facility is located in whole or in part within a designated 100-xxxx xxxxx xxxxx xxxx) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessorarea;
(ivd) Fidelity bonds Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with limits and deductibles as may be reasonably requested an endorsement extending the period of indemnity by Lessorat least ninety (90) days (Building Ordinance—Increased Period of Restoration Endorsement) necessitated by the occurrence of any of the hazards described in Sections 13.1(a), covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States 13.1(b) or otherwise required by law13.1(c);
(ve) Worker’s compensation Claims for personal injury or property damage under a policy of comprehensive general public liability insurance coverage for all persons, if any, employed by Lessee on with amounts not less than One Million Dollars ($1,000,000) combined single limit and Three Million Dollars ($3,000,000) in the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal lawannual aggregate;
(vif) Vehicle Medical professional liability insurance for owned, non-owned, with amounts not less than One Million Dollars ($1,000,000) combined single limit and hired vehicles, Three Million Dollars ($3,000,000) in the amount of $5,000,000annual aggregate; and
(viig) Such During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form, covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance insurance, in such amounts, as Lessor may Landlord deems reasonably request for facilities such as necessary to protect Landlord’s interest in the Leased Property and the operation thereoffrom any act or omission of Tenant’s contractors or subcontractors.
Appears in 1 contract
Samples: Master Lease (SHG Services, Inc.)
General Insurance Requirements. During All coverages described in this Paragraph 8.B. shall be endorsed to (i) provide Landlord with thirty (30) days' notice of cancellation or change in terms; and (ii) waive all rights of subrogation by the insurance carrier against Landlord. If at any time during the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts amount or coverage of insurance described belowwhich Tenant is required to carry under this Paragraph 8.B. is, in Landlord's reasonable judgment, materially less than the amount or such other type of insurance coverage(s) coverage typically carried by owners or tenants of properties located in the general area in which the Premises are located which are similar to and operated for similar purposes as may the Premises or if Tenant's use of the Premises should change with or without Landlord's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under this Paragraph 8.B. All insurance policies required to be required carried by the Franchise Agreement. This insurance Tenant under this Lease shall be written by companies authorized to issue insurance rated A X or better in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor "Best's Insurance Guide" and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State of California. In any event deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed Ten Thousand Dollars ($10,000.00) per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at rates which are economically practicable least thirty (30) days before the expiration dates of the expired policies, copies of Tenant's insurance certificate evidencing the same issued by the insurer thereunder; and, if Tenant shall fail to procure such insurance, or to deliver such certificates, Landlord may, at Landlord's option and in relation addition to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices Landlord's other remedies in the United States or otherwise required event of a default by law;
(v) Worker’s compensation insurance coverage Tenant hereunder, procure the same for all personsthe account of Tenant, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance cost thereof shall be paid to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance Landlord as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofAdditional Rent.
Appears in 1 contract
Samples: Sublease (Imanage Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” For its interests in each Facility. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (including earthquake ," and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm in an amount not less than 100% of the then full replacement cost thereof insurable value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable to Lessor basis and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” including a building ordinance coverage endorsement; provided that in the full event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided further that some property coverages might be sub-limited in an amount of less than the replacement cost thereofMaximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Tenant;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (may be reasonably requested by Landlord from time to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereoftime;
(iic) Comprehensive general liability insurance, with amounts Flood (when any of the improvements comprising the Leased Property of a Facility is located in whole or in part within a designated 000-xxxx xxxxx xxxxx xxxx) in an amount not less than $10,000,000 covering each the probable maximum loss of the following: bodily injury, death, or property damage liability per occurrence, personal a 500 year event and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
(d) Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses, including 90-days ordinary payroll and Rent payable hereunder, with an extended period of indemnity coverage of at least ninety (90) days, necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c);
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate; provided that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) During such time as Tenant is performing any Capital Improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers' compensation insurance and employers' liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder's risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord's interest in the Leased Property and is available from insurance companies, insurance pools any act or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States omission of Tenant's contractors or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofsubcontractors.
Appears in 1 contract
Samples: Master Lease
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee ------------------------------ shall at all times keep the Leased Property of each Facility, and all property located in or on the Leased Property of each such Facility, including all Capital Additions, Fixtures and Lessee's Personal Property thereon, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the Leased Property of each such Facility is located. The All liability type policies must name Lessor and/or Lessee, as applicable, as the insured or as an "additional named insured"; provided, however, that with respect to any medical professional liability policy, Lessee shall only be required to name Lessor as the case may bean "additional insured" on such policy if such coverage is available on commercially reasonable terms. All property, loss of rental and business interruption type policies shall name Lessor as "loss payee." Losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. In addition, the policies, as appropriate, shall name as an "additional insured" or "loss payee" the holder of any mortgage, deed of trust or other security agreement ("Facility Mortgagee") securing any indebtedness or any other Fee Encumbrance placed on the Leased Property of any Facility in accordance with the provisions of Article XXXVI ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment in excess of One Hundred Fifty Thousand Dollars ($150,000.00) shall require the written consent of Lessor and Lessor, Lessee, and each acting reasonably and in good faithFacility Mortgagee. Evidence of insurance shall be deposited with LessorLessor and, if requested, with any Facility Mortgagee(s). The policies on shall insure against the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) extended coverage perils commonly known as special form perils, earthquake (including earthquake earth movement), sinkhole and flood in reasonable amounts as determined by Lessor) windstorm in an amount not less than 100% of the then full insurable value on a replacement cost thereof basis (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofincluding a building ordinance coverage endorsement;
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotelsuch Facility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” any one accident as may be reasonably requested by Lessor from time to time;
13.1.3 Flood (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on when the Leased PropertyProperty of such Facility is located in whole or in part within a designated 000-xxxx xxxxx xxxxx xxxx) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
13.1.4 Loss of rental value in an amount not less than twelve (12) months' Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance - Increased Period of Restoration Endorsement) necessitated by the occurrence of any of the Leased Property and is available from insurance companieshazards described in Sections 13.1.1, insurance pools 13.1.2 or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor13.1.3;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Management Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and Mortgagee and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “"Special Form” " (formerly “"All Risk” " form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s 's Personal Property) on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “"Special Form”", in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s 's Personal Property on the “"Special Form” " in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “"all risk legal liability” " (including liquor law or “"dram shop” " liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s 's employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s 's compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s 's worker’s 's compensation claims, such worker’s 's compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Facility. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant hereunder shall insure against all the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks with respect to each Facility:
(a) Lessor shall obtain Loss or damage by fire, vandalism, collapse and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm, in an amount not less than 100% of the then full replacement cost thereof insurable value on a Maximum Foreseeable Loss (as defined below in Section 13.2) or such other amount which is acceptable basis and including a building ordinance coverage endorsement; provided, that Tenant shall have the right (i) to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any or all of earthquake, flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount less than the Maximum Foreseeable Loss as long as the sub-limits are commercially reasonable and prudent as deemed by Xxxxxx;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in such limits with respect to any one accident as may be reasonably requested by Landlord from time to time;
(c) Flood (when any of the minimum amount improvements comprising the Leased Property of $5,000,000 a Facility is located in whole or in such part within a designated 100-year flood plain area) in an amount not less than the greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount probable maximum loss of the replacement cost thereof;
a 250 year event, and (ii) Comprehensive general liability insurance, with amounts not less than One Hundred Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor100,000,000), and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
(d) Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with an extended period of indemnity coverage of at least ninety (90) days necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c), provided that Tenant may self-insure specific Facilities for the insurance contemplated under this Section 13.1(d), provided that (i) such Facilities that Tenant chooses to self-insure are not expected to generate more than ten percent (10%) of Net Revenues anticipated to be generated from all the Facilities and (ii) Tenant deposits in any impound account created under Section 4.3 hereof an amount equal to the product of (1) the sum of (A) the insurance premiums paid by Tenant for such period under this Section 13.1(d) to insurance companies and (B) the amount deposited by Tenant in an impound account pursuant to this provision, and (2) the percentage of Net Revenues that are anticipated to be generated by the Facilities that are being self-insured by Tenant under this provision;
(e) Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) During such time as Tenant is constructing any improvements, Tenant, at its sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord’s interest in the Leased Property and is available from insurance companies, insurance pools any act or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lesseeomission of Tenant’s employees in job classifications normally bonded under prudent hotel management practices in the United States contractors or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofsubcontractors.
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Lessee's Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXVIII ("Facility Mortgage"), if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known all "All Risk” form) (" and all physical loss perils, including earthquake and flood in reasonable amounts as determined by Lessor) but not limited, to sprinkler leakage in an amount not less than one hundred percent (100% %) of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customary; andmay be reasonably requested by Lessor from time to time;
(iiic) Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”first twelve (12) months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 13.1(a) or 13.1(b), in the an amount of one year of Base Rent and Additional Charges (sufficient to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofprevent Lessor from becoming a co-insurer;
(iid) Comprehensive Claims for personal injury or property damage under a policy of comprehensive general public liability insurance, insurance including but not limited to insurance against assumed or contractual liability including any indemnities under this Lease with amounts not less than Five Million Dollars ($10,000,000 covering each 5,000,000) per occurrence in respect of the following: bodily injury, death, or injury and death and Ten Million Dollars ($10,000,000) for property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lesseedamage;
(iiie) Insurance covering Claims arising out of malpractice in an amount not less than Five Million Dollars ($5,000,000) for each person and Ten Million Dollars ($10,000,000) for each occurrence; and
(f) Flood (when the Leased Property is located in whole or in part within a designated flood plain area) and such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is if available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State state in which the Leased Property are located at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;.
(ivg) Fidelity bonds with limits and deductibles as may If Lessee shall engage or cause to be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee engaged any contractor to perform work on the Leased PremisesProperty, Lessee shall require such contractor to the extent necessary carry and maintain, at no expense to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for ownedLessor, non-owneddeductible comprehensive general liability insurance, including but not limited to contractor's liability coverage, completed operations coverage, broad form property damage endorsement and hired vehicles, contractor's protection liability coverage in the amount of $5,000,000; and
(vii) Such other insurance such amounts and with such companies as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofshall approve.
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease(i) Tenant shall, Lessor or shall --- ------------------------------ cause Manager to, subject to Landlord's prior approval, not to be unreasonably withheld, at Tenant's sole cost and Lessee shall expense, at all times during the Term keep the Leased Property and all property located therein or thereon, insured with against the kinds risks and in the amounts of as follows and shall maintain the following insurance described belowon, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lesseewith respect to, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain Commercial general liability insurance, including bodily injury and maintainproperty damage (on an occurrence basis and on a 1994 1SO CGL form or on a form otherwise maintained by similarly situated tenants, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake including, without limitation, liquor liability exposure, broad form contractual liability, independent contractor's hazard and flood in reasonable amounts as determined by Lessorcompleted operations coverage) in an amount not less than 100% **[Sea View-- Fifty Million Dollars ($50,000,000.00)]**[Others -- Ten Million Dollars ($10,000,000)]** per occurrence which limit can be obtained through a combination of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor primary and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofumbrella coverage;
(iib) Insurance for loss Worker's compensation insurance or damage other similar insurance which may be required by Government Agencies or Legal Requirements;
(direct c) Such additional insurance as may be reasonably required, from time to time, by Landlord, any Hotel Mortgagee **[Sea View --, or under the Ground Lease,]** and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed which is customarily carried by comparable lodging properties in the Hotel, area;
(d) Innkeeper's legal liability insurance covering property of guests while on the Leased Property for which Landlord is legally responsible with a limit of not less than $1,000 in the minimum amount of any one occurrence or $5,000,000 or in such greater amounts as are then customary25,000 annual aggregate; and
(iiie) Loss Safe deposit box legal liability insurance covering property of income insurance guests while in a safe deposit box on the “Special Form”, in the amount Leased Property for which Landlord is legally responsible with a limit of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per 25,000 in any one occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;.
(iiif) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle Comprehensive form vehicle liability insurance for owned, non-owned, and hired vehiclesvehicles used in connection with the operation of the Leased Property, in the amount of $5,000,000; and10,000,000.00.
(viiii) Such other insurance as Lessor may reasonably request for facilities such as [LaGuardia--Landlord shall]** Tenant shall, or shall cause Manager to, at Landlord's sole cost and expense, at all times during the Term keep the Leased Property and all property located therein or thereon, insured against the operation thereof.risks and in the amounts as follows and shall maintain the following insurance:
Appears in 1 contract
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property, including Lessee's Personal Property, insured with against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities, which the kinds parties hereto agree shall include only those coverages and amounts of insurance described below, endorsements currently maintained by Lessee or such other insurance coverage(s) Management Company as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the Stateset forth on Schedule 13.1. The policies of insurance relating to property coverages must name Lessor and/or Lessee, (and any other entities affiliated with Lessor as applicable, as the insured or Lessor shall deem necessary) as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must (i) provide primary insurance without right of contribution from any other insurance carried by Lessor, (ii) contain an express waiver by the insurer of any right of subrogation, setoff or counterclaim against any insured party thereunder including Lessor, (iii) permit Lessor to pay premiums at Lessor's discretion, and (iv) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as an additional insured thereunder. In addition, the policies shall name as an additional insured all Facility Lenders, if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender. Evidence of insurance and/or Impositions shall be deposited with LessorLessor and, if requested, with any Facility Lender. The policies on If any provision of any Facility Instrument requires deposits of insurance to be made with such Facility Lender, Lessee shall either pay to Lessor monthly the Leased Property, including the Leased Improvements, Fixtures amounts required and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in transfer such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companiesto such Facility Lender or, insurance pools or other appropriate companies authorized pursuant to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested written direction by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, shall make such worker’s compensation insurance to be in accordance deposits directly with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofFacility Lender.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseLessee shall, Lessor and Lessee shall at all times during the Term and at any other time Lessee shall be in possession of the Leased Property, keep the Leased Property and all property located therein or thereon, including all Capital Additions, Fixtures and Personal Property, insured with against the kinds and amounts risks described below. Each element of the insurance described belowin this Article shall be maintained with respect to the Leased Property including all Capital Additions, Fixtures and Personal Property, and operations thereon. The policies shall insure against the following risks with respect to each Facility:
13.1.1 “All-risk” property insurance (and to the extent applicable, Builder’s Risk Insurance) on the Leased Property and all items of business personal property, including but not limited to signs, awnings, canopies, gazebos, fences and retaining walls, and all Personal Property, including without limitation, insurance against loss or damage from the perils under “All Risk” (Special) form, including but not limited to the following: fire, windstorm, sprinkler leakage, vandalism and malicious mischief, flood, water damage, explosion of steam boilers, pressure vessels and other similar apparatus, and other hazards generally included under extended coverage, all in an amount equal to one hundred percent (100%) of the replacement value of the Leased Property (excluding excavation and foundation costs), business personal property and Personal Property, without a co-insurance provision, and shall include an “Agreed Value” endorsement. Such coverage may be purchased under a master policy which includes other facilities managed, leased or owned by the Lessee, which provides for a “Blanket Limit” to apply on a per occurrence basis and which shall not be lower than one hundred percent (100%) of the replacement value of the Leased Property (excluding excavation and foundation costs), business personal property and Personal Property. Notwithstanding anything to the contrary in this Section 13.1.1, the limits for windstorm shall be in an amount not less than the projected probable maximum loss for the Leased Property, business personal property and Personal Property as calculated using RMS or another generally industry accepted modeling system using a 250 year return period, nor shall the deductible be greater than five percent (5%) of the replacement cost and business interruption value of the Leased Property and business personal property unless such deductible is commercially unavailable, in which event Lessee shall maintain the lowest deductible that is available;
13.1.2 Ordinance or Law Coverage with limits of not less than the Leased Property for loss to the undamaged portion of the building, limits not less than $500,000.00 for Demolition Cost Coverage, and limits not less than $500,000.00 for Increased Cost of Construction Coverage;
13.1.3 Business income insurance to be written on “Special Form” (and on “Earthquake” and “Flood” forms if such insurance for those risks is required) including “Extra Expense”, without a provision for co-insurance, including an amount sufficient to pay at least twelve (12) months of Rent for the benefit of Lessor, as its interest may appear, and at least twelve (12) months of “Net Operating Income” less Rent for the benefit of Lessee. Such insurance may be purchased under a master policy which includes other facilities managed, leased or owned by the Lessee, which provides for a “Blanket Limit” to apply on a per occurrence basis and which shall not be lower than twelve (12) months loss of Rent and twelve (12) months of “Net Operating Income” of such Facility (excluding excavation and foundation costs), business personal property and Personal Property.
13.1.4 Occurrence form commercial general liability insurance, including bodily injury and property damage, liquor liability (if applicable), fire legal liability, contractual liability and independent contractor’s hazard and completed operations coverage in an amount not less than $1,000,000.00 per occurrence and covering claims arising from the use or operation of such Facility both before and after the Commencement Date;
13.1.5 Umbrella liability coverage which shall be on a following form for the general liability, automobile liability, malpractice and liquor liability (if applicable), with limits in a minimum amount of not less than $25,000,000.00 per occurrence/aggregate and covering claims arising from the use or operation of such Facility both before and after the Commencement Date;
13.1.6 Malpractice insurance/professional liability insurance coverage(sin an amount not less than $1,000,000.00 for each person and each occurrence to cover claims arising out of the professional services provided by Lessee at such Facility, whether arising from the use or operation of such Facility before or after the Commencement Date;
13.1.7 Flood insurance (if the Leased Property is located in whole or in part within an area identified as an area having special flood hazards under the National Flood Insurance Program) for the full (100%) replacement value of the Leased Property and all items of business personal property or any greater amount as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or LesseeNational Flood Insurance Program, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
a deductible no greater than five percent (a5%) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area business interruption value of the Leased Property and business personal property unless such deductible is available from insurance companiescommercially unavailable, insurance pools or other appropriate companies authorized to do business in which event Lessee shall maintain the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessorlowest deductible that is available;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) 13.1.8 Worker’s compensation coverage, or equivalent excess insurance coverage for self insured or non-subscriber states, for all persons, if any, persons employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor Property with statutory limits and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be containing a waiver of subrogation in accordance with the requirements favor of applicable local, state and federal lawLessor;
(vi) Vehicle 13.1.9 Business auto liability insurance for insurance, including owned, non-owned, owned and hired vehicles, in the amount vehicles for combined single limit of bodily injury and property damage of not less than $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.1,000,000.00 per occurrence;
Appears in 1 contract
General Insurance Requirements. (a) During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Property and Lessee’s Personal Property insured with against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, Lessee shall obtain and maintain in effect throughout the Term the kinds and amounts of insurance as described belowbelow (provided that, or with respect to each Facility, the coverages required under subsections (a)(iii), (a)(iv), (a)(vii) and (a)(viii) below and for all other coverages under this subsection (a) that are obtained under and in accordance with the applicable Project Development Agreement, such other insurance coverage(s) as may coverages shall be required by from and after the Franchise Agreementapplicable Completion Date). This insurance shall be written by insurance companies authorized (i) acceptable to issue Lessor, (ii) that are rated at least an “A-VIII” or better by Best’s Insurance Guide, and (iii) unless otherwise approved by Lessor, authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. Lessee will pay or cause to be paid all Insurance Premiums for the insurance coverage required to be maintained pursuant to this Article XIII during the Term. The commercial property, rental value and business interruption policies must shall name Lessor and/or Lessee(and any other entity that Lessor may deem necessary) as additional insureds and loss payees as respects coverage afforded the Leased Property under standard Insurance Services Offices (ISO) commercial property insurance endorsements CP1219 and CP1503, or manuscript equivalents, and as applicableadditional insureds and loss payees under boiler and machinery and any other property insurance policy. All casualty insurance policies shall name Lessor (and any other entity that Lessor may deem necessary) as additional insureds. All property, as the insured or as an additional named insured, as the case may be. Losses business interruption and boiler and machinery losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must, unless otherwise expressly provided herein (i) provide primary insurance without right of contribution from any other insurance carried by Lessor, (ii) contain express permission for Lessee to enter into a waiver of subrogation rights in favor of Lessor, or any right of setoff or counterclaim against any insured party thereunder including Lessor, (iii) permit Lessor to pay premiums at Lessor’s discretion, and (iv) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as named insured thereunder. In addition, the property, business interruption and boiler and machinery policies shall name as an additional insured all Facility Lenders, if any, by way of a standard or other acceptable form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender. Evidence or verification (as defined in Section 13.4 below) of insurance and/or Impositions shall be deposited with Lessor and, if requested, with any Facility Lender. If Insurance Premiums are required to be deposited or escrowed in accordance with Section 3.2, then Lessee shall pay or deposit the amount of such Insurance Premiums in accordance with Section 3.2. With respect to each Facility, the policies required hereunder relating to Lessee, the portion of the Leased Property relating to each Facility, including the Leased Improvements and Lessee’s Personal Property relating to such Facility, shall insure against the following risks:
(i) Commercial Property insurance written on a broad “all risk” or “special perils” policy form covering physical loss or damage to such portion of the Leased Property including building and improvements and betterments. Unless otherwise provided such coverage shall be in an amount equal to the full replacement cost (as herein defined) value basis to the extent of the full insurable replacement value of such portion of the Leased Property. Unless otherwise provided hereunder, all policy deductibles shall be borne in full by Lessee and must not exceed, per occurrence, an amount in excess of Three Percent (3%), of the insurable value of such portion of the Leased Property. Lessee further agrees that it will notify Lessor of any loss in the amount equal to One-Half of One Percent (0.5%) of the Allocated Development Costs relating to such Facility or greater and that no claim at or in excess of such amount shall be settled without the prior written consent of Lessor, which consent shall not be unreasonably withheld, conditioned or delayed.
(ii) Flood and earthquake insurance shall be required at a minimum amount equal to Twenty Percent (20%) of the Full Replacement Cost. The policies deductible for any such insurance shall not exceed Three Percent (3%) of the insured values.
(iii) Rental Value insurance using standard ISO endorsement CP 1503, or its equivalent, as respects rental value coverage on such portion of the Leased Property. Such endorsement shall require property insurer to send notice of cancellation or non-renewal to Lessor per Section 13.4.
(iv) Business interruption insurance covering lost earnings and continuing expenses, less rents due Lessor to the extent covered under subparagraph (iii), in an amount sufficient to cover not less than the aggregate amount of Lessee’s earnings during (A) the actual time required to rebuild such portion of the Leased Property following loss or damage, or (B) twelve (12) months, whichever is longer, plus an additional extended period of indemnity of not less than ninety (90) days shall be provided. Coverage shall be written on an “actual loss sustained” form, for the same perils and other events as described in subparagraph (v) below.
(v) Commercial General Liability in a primary amount of at least One Million and No/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and for Property Damage for damage to or loss of the property of others, subject to a Two Million and No/100 Dollars ($2,000,000.00) annual aggregate policy limit applicable separately to such portion of the Leased Property for all bodily injury and property damage claims, occurring on or about such Leased Property or in any way related to such portion of the Leased Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on such portion of the Leased ImprovementsProperty otherwise related to such portion of the Leased Property. All allocated loss adjustment expenses, Fixtures and Lessee’s Personal Propertyincluding defense costs, shall be in addition to the policy limits required above. Such policy shall include coverages found on the following:ISO Commercial General Liability Policy form CG 0001, occurrence policy form, current edition, with deductible amounts reasonably acceptable to Lessor. Lessee shall be responsible for funding all deductibles and retentions, including those which may be applicable to Lessor as an additional insured thereunder.
(avi) Umbrella liability insurance in the minimum amount of Ten Million and No/100 Dollars ($10,000,000.00) for each occurrence and aggregate combined single limit for all liability. The umbrella shall follow form with the primary commercial general liability with respect to providing primary and non-contributory coverage to Lessor as an additional insured when required by written contract or agreement. The umbrella liability policy shall obtain name in its underlying schedule the policies of commercial general liability, professional liability and maintain, at its own expense:employer’s liability under the workers compensation policy.
(ivii) Building Professional liability insurance on the “Special Form” (formerly “All Risk” form) for Lessee and all employed professionals (including earthquake and flood in reasonable amounts as determined by Lessorany physicians) of Lessee in an amount not less than 100% One Million and No/100 Dollars ($1,000,000.00) per individual claim and Three Million and No/100 Dollars ($3,000,000.00) annual aggregate. All medical professionals (including physicians) who perform professional services at such Facility shall meet the required minimum insurance requirements of the then full replacement cost thereof One Million and No/100 Dollars (as defined in Section 13.2$1,000,000.00) or such other amount which is acceptable to Lessor per individual claim and Lessee, Three Million and personal property insurance No/100 Dollars (on other than Lessee’s Personal Property$3,000,000.00) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessorannual aggregate.
(bviii) Lessee shall obtain Worker’s Compensation and maintain, at its own expense:
(i) Personal property Employers Liability insurance on Lessee’s Personal Property on the “Special Form” in the full amount covering all of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) amounts that are customary for Lessee’s industry. Any Worker’s compensation Compensation or Employers Liability insurance that is customary for Lessee’s industry should provide coverage for all personsany subcontractors, if anyincluding physicians, employed by who use the Facility but are not deemed “employees” of Lessee. If such coverage is not available, then Lessee on must ensure that the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lesseesubcontractor has adequate Worker’s worker’s compensation claims, such worker’s compensation Compensation and/or Liability insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofcoverage.
Appears in 1 contract
Samples: Master Funding and Development Agreement (Adeptus Health Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property and all property located in or on the Leased Property insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be below and written by companies reasonably acceptable to Lessor authorized to issue do insurance business in the Statestate in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses insured and losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIII. In addition, the policies shall name as an additional insured the holder ("Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Leased Property or any part thereof in accordance with the provisions of Article XXXII ("Facility Mortgagee), if any, by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment in excess of $50,000.00 shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to such Facility Mortgagee or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, the Fixtures and Lessee’s the Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (" and all physical loss perils, including earthquake sprinkler leakage and flood in reasonable amounts as determined by Lessor) business interruption, in an amount not less than 100% of the then full replacement cost Full Replacement Cost thereof (as defined below in Section 13.212.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the after deductible with a replacement cost thereofendorsement sufficient to prevent Lessee from becoming a co-insurer together with an agreed value endorsement;
(iib) Insurance for loss Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, apparatus now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts limits with respect to any one accident as are then customarymay be reasonably requested by Lessor from time to time; and15
(iiic) Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”first 12 months of reconstruction necessitated by the occurrence of any of the hazards described in Sections 12.1(a) or 12.1(b), in an amount sufficient to prevent Lessee from becoming a co- insurer; provided that in the event that Lessee shall not be in default -------- hereunder and Lessor shall receive any proceeds from such rental insurance which, when added to rental amounts received with respect to the applicable time period, exceed the amount of rental owed by Lessee hereunder, Lessor shall immediately pay such excess to Lessee;
(d) Loss or damage by hurricane and earthquake in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintainFull Replacement Cost, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereofafter deductible;
(iie) Comprehensive Claims for personal injury or property damage under a policy of comprehensive general public liability insuranceinsurance including insurance against assumed or contractual liability including indemnities under this Lease, with amounts not less than $10,000,000 covering each 5,000,000.00 per occurrence in respect of bodily injury and death and $10,000,000.00 for property damage; provided -------- that if it becomes customary for tenants occupying similar buildings in the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on same City where the Leased Property) Property is located to be required to provide liability coverage with respect to higher limits than the foregoing, then Lessee shall provide Lessor and Lesseewith an insurance policy with coverage limits that are not less than such customary limits;
(iiif) Insurance Claims for personal injury under such policies of hospital professional liability insurance and physicians malpractice and professional liability insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by providers of similar health care services in the same general areas in which Lessee operates, provided that the first $500,000 of -------- such insurance may be pursuant to a plan of self-insurance for which adequate provision has been made; and
(g) Flood (when the Leased Property is located in whole or in part within a designated flood plain area) and such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from issued by insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates state in which are economically practicable in relation the Leased Property is located. If Lessee shall engage or cause to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee engaged any contractor to perform work on the Leased PremisesProperty, Lessee shall require such contractor to carry and maintain insurance coverage comparable to the extent necessary foregoing requirements, at no expense to protect Lessor and Lessor; except that in cases where such coverage is excessive in light of the Leased Property against Lessee’s worker’s compensation claims------ work being done, Lessee may allow any such worker’s compensation insurance contractor to carry or maintain alternative coverage in reasonable amounts upon Lessor's prior written consent, which shall not be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofunreasonably withheld.
Appears in 1 contract
General Insurance Requirements. During Subject to the Term provisions of this LeaseParagraph 13.8, Lessor and during the Term, Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Lessee's Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the Statestate in which the Leased Property is located, having an A.M. Best rating of A X or higher or otherwise approved by Lessor in its sole discretion. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an loss payee and additional named insured, as the case shall contain a provision that such insurance may be. Losses not be canceled or amended without at least thirty (30) days' notice to Lessor and shall be payable to Lessor or Lessee as provided in this LeaseArticle XIV. Any In addition, upon Lessor's written request, the policies shall name as mortgagee, loss adjustment shall require payee and additional insured the written consent holder ("Facility Mortgagee") of Lessor any mortgage, deed of trust or other security agreement and Lesseeany other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXIII, each acting reasonably and as well as any other entity interested in good faiththe Leased Property ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of premiums for insurance to be made with such Facility Mortgagee, or, pursuant to written direction by Lessor upon the occurrence of any Event of Default hereunder (and irrespective of whether such Event of Default is continuing or has been cured), Lessee shall make such deposits directly with such Facility Mortgagee or with Lessor, as required. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s 's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (including earthquake ," and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section Paragraph 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, if any, in the minimum amount of $5,000,000 or in such greater amounts with respect to any one accident as are then customary; andmay be reasonably requested by Lessor from time-to-time;
(iii) 13.1.3 Loss of income rental under a rental value insurance on policy covering risk of loss during the “Special Form”, first twelve (12) months of reconstruction necessitated by the occurrence of any of the hazards described in the Paragraph 13.1.1 or 13.1.2 in an amount of one year of Base Rent and Additional Charges (sufficient to the extent quantifiable) for the benefit of Lessorprevent Lessor from becoming a co-insurer.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal 13.1.4 Claims for personal injury or property damage under a policy of comprehensive general public liability insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than One Million Dollars ($10,000,000 covering each of the following: bodily injury, death, or property damage liability 1,000,000.00) per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” an annual aggregate of Three Million Dollars (including liquor law or “dram shop” liability, $3,000,000.00);
13.1.5 Flood (if liquor or alcoholic beverages are served on the Leased PropertyProperty is located in whole or in part within a flood plain area, as designated by any governmental or other responsible agency and if such insurance is available pursuant to applicable law) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000area; and
(vii) Such 13.1.6 Any other insurance kinds of insurance, and in such amounts, as Lessor may reasonably request for facilities such as require from time to time to the extent available in the state where the Leased Property and the operation thereofis located.
Appears in 1 contract
Samples: Lease (Tesseract Group Inc)
General Insurance Requirements. During (i) All of the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts policies of insurance described below, or such other insurance coverage(srequired to be maintained by Borrower under this Section 8.1 shall (A) as may be required by the Franchise Agreement. This insurance shall be written in form satisfactory to Lender and issued by insurance companies (x) with a policyholder and financial rating of not less than “A-”/“VII” in the most recent version of Best’s Key Rating Guide and (y) authorized to issue do insurance business in the State. The ; (B) provide that any insurance maintained by Lender for or with respect to the Facility shall be excess and noncontributory with Borrower’s insurance; and (C) include a waiver of all rights of subrogation and recovery against Lender.
(ii) All liability type policies (with the exception of Borrower’s workers’ compensation/employer’s liability insurance and professional liability insurance) must name Lessor and/or Lessee, as applicable, as the insured or Lender as an “additional named insured, .” All property policies (other than the business interruption policies) shall name Lender as the case may be. “loss payee.” Losses shall be payable to Lessor or Lessee Lender and/or Borrower as provided in this Leaseherein. Any loss adjustment shall require the written consent of Lessor Lender and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on Borrower unless the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in is less than the HotelRestoration Threshold, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; andwhich event no consent shall be required.
(iii) Loss Borrower shall provide Lender copies of income the original policies or a satisfactory XXXXX evidencing the existence of the insurance on required by this Agreement and showing the “Special Form”, in the amount interest of one year of Base Rent and Additional Charges (Lender prior to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount commencement of the replacement cost thereof;
(ii) Comprehensive general liability insuranceLoan Term or, with amounts for a renewal policy, not less than $10,000,000 covering each ten (10) days prior to the expiration date of the following: bodily injurypolicy being renewed. If Lender is provided with an XXXXX certificate, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as it may be customary for comparable properties in the area demand that Borrower provide a complete copy of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;related policy within ten (10) days.
(iv) Fidelity bonds with limits and deductibles as Borrower’s obligations to carry the insurance provided for herein may be reasonably requested brought within the coverage of a so-called “blanket” policy or policies of insurance carried and maintained by LessorBorrower; provided, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in however, that the United States coverage afforded Lender will not be reduced or diminished or otherwise required be materially different from that which would exist under a separate policy meeting all other requirements hereof by law;reason of the use of the blanket policy, and provided further that the requirements of this Section 8.1 are otherwise satisfied, and provided further that Borrower maintains specific allocations acceptable to Lender. For any liability policies covering one or more other properties in addition to the Facility, Lender may require excess limits as Lender reasonably determines.
(v) Worker’s compensation insurance coverage for all personsEach insurer under the property policies maintained by Borrower pursuant to this Section 8.1 shall agree, if any, employed by Lessee endorsement on the Leased Premisespolicy or policies issued by it, or by independent instrument furnished to Lender, each to the extent necessary available in the State, that it will give to protect Lessor and Lender thirty (30) days’ written notice before the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance policy or policies in question shall be altered or cancelled. Borrower shall provide thirty (30) days’ written notice to be in accordance with the requirements of applicable local, state and federal law;
Lender (viten (10) Vehicle liability insurance days for owned, non-owned, and hired vehicles, in payment of premium) prior to the amount cancellation of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofany liability type policies maintained by Borrower pursuant to this Section 8.1.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property Premises, and all property located in or on the Premises, including all Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance described below, or such other . Each element of the insurance coverage(s) as may described in this Section shall be required by maintained with respect to the Franchise AgreementPremises and the Personal Property and operations thereon. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the Premises is located. The All liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured.” All property, loss of rental and business interruption type policies shall name Landlord as the case may be. “loss payee.” Losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseSection 14. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Mortgagee”) securing any indebtedness or any other encumbrance placed on any Premises in accordance with the provisions of Section 36.3.1 (“Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement; provided that Landlord delivers the name and address of any such Mortgagee to Tenant. Any loss adjustment shall require the written consent of Lessor Landlord, Tenant and Lessee, each acting reasonably and in good faithMortgagee. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Mortgagee(s). The policies on shall insure against the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) extended coverage perils commonly known as special form perils, earthquake (including earthquake earth movement), sinkhole and flood in reasonable amounts as determined by Lessor) windstorm in an amount not less than 100% of the then full insurable value on a replacement cost thereof basis (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofincluding a building ordinance coverage endorsement;
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelPremises, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect any one accident as may be reasonably requested by Landlord from time to Lessor and Lesseetime;
13.1.3 Flood (iiiwhen the Premises is located in whole or in part within a designated 100-xxxx xxxxx xxxxx xxxx) Insurance covering and such other hazards and in such amounts as may be customary for comparable properties in the area area;
13.1.4 Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance Increased Period of Restoration Endorsement) necessitated by the occurrence of any of the Leased Property and is available from insurance companieshazards described in Sections 13.1.1, insurance pools 13.1.2 or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,00013.1.3; and
13.1.5 (viia) Such other Bodily injury and property damage under a policy of commercial general liability insurance as Lessor may reasonably request for facilities such as (including broad form property damage and broad form contractual liability) and (b) medical professional liability, with amounts not less than Five Million and No/100 Dollars ($5,000,000.00) per occurrence and Ten Million and No/100 Dollars ($10,000,000.00) in the Leased Property and the operation thereofannual aggregate.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the Leased Property is located. The All liability type policies must name Lessor and/or Lessee, as applicable, as the insured or as an "additional named insured, ." All property policies shall name Lessor as the case may be"loss payee. " All business interruption policies shall name Lessor as "loss payee" with respect to Rent only. Losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. In addition, the policies, as appropriate, shall name as an "additional insured" or "loss payee" the holder of any mortgage, deed of trust or other security agreement ("Facility Mortgagee") securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXVI ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessor, Lessee, and each acting reasonably and Facility Mortgagee unless the amount of the loss is less than $10,000 in good faithwhich event no consent shall be required. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on shall insure against the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) extended coverage perils commonly known as special form perils, earthquake (including earthquake earth movement) and flood in reasonable amounts as determined by Lessor) windstorm in an amount not less than 100% of the then full insurable value on a replacement cost thereof basis (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofincluding a building ordinance coverage endorsement;
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessorany one accident as may be reasonably requested by, and “all risk legal liability” Lessor from time to time;
13.1.3 Flood (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on when the Leased PropertyProperty is located in whole or in part within a designated 000-xxxx xxxxx xxxxx xxxx) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area area;
13.1.4 Loss of rental value in an amount not less than twelve (12) months' Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance - Increased Period of Restoration Endorsement) necessitated by the occurrence of any of the Leased Property and is available from insurance companieshazards described in Sections 13.1.1, insurance pools 13.1.2 or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor13.1.3 ;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Lease Agreement (Emeritus Corp\wa\)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall ------------------------------ at all times keep the each Leased Property Property, and all property located in or on any Leased Property, including Leasehold Improvements, Fixtures and Tenant's Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the applicable Leased Property is located, which companies shall have a rating at least as high as the rating required by any applicable Facility Mortgagee. The policies must name as loss payee (i) the holder of any mortgage, deed of trust or other security agreement ("Facility -------- Mortgagee") securing any Encumbrance placed on the applicable Leased Property in --------- accordance with the provisions of Article XXXVIII ("Facility Mortgage") by way --------------- ----------------- of a standard form of mortgagee's loss payable endorsement or (ii) if no such Facility Mortgage encumbers the applicable Leased Property, Lessor and/or Lesseeand, as applicable, as the insured or as an additional named insured, as in the case may beof any commercial general liability and/or umbrella liability insurance coverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor or Lessee and/or Superior Mortgagee as provided in this LeaseArticle XIV. Any loss adjustment shall require the written consent ----------- of Lessor Lessor, Tenant, Leasehold Mortgagee and Lessee, each acting reasonably and Facility Mortgagee whenever the loss exceeds Two Hundred Fifty Thousand Dollars ($250,000.00) (or such larger amount as is agreed to in good faithwriting by Lessor's Facility Mortgagee(s)). Evidence of insurance shall be deposited with Lessor and, if requested, with any Superior Lessor, Leasehold Mortgagee and Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of insurance premiums to be made with such Facility Mortgagee, Tenant shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Tenant shall make such deposits directly with such Facility Mortgagee. The policies on the each Leased Property, including the Leased Leasehold Improvements, and Fixtures and Lessee’s Tenant's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Section 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (", including earthquake flood, the backup of sewers and flood in reasonable amounts as determined by Lessor) drains, earthquake, breakage of plate glass and all physical loss perils including but not limited to sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2), subject to no coinsurance ------------ requirement or on an agreed amount basis;
Section 13.1.2 Broad form comprehensive boiler and machinery insurance, on a blanket repair and replace basis, with limits for each accident in an amount not less than one hundred percent (100%) of the then full replacement cost (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;Leased Property; ------------
Section 13.1.3 Business Interruption insurance on a Business Interruption, Gross Profits or Gross Rents form, including all standing charges, with a period of indemnity of no less than twelve (ii12) Insurance for months, resulting from loss or damage as described in Section 13.1.1 or 13.1.2, subject to no -------------- ------ coinsurance requirement or on an agreed amount basis;
Section 13.1.4 Claims for bodily injury, including death resulting therefrom, personal injury and property damage on an occurrence basis, under a policy of commercial general liability (direct "CGL") insurance (including, without limitation, broad form property damage and indirectbroad form contractual liability) from steam boilersfor a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, pressure vessels combined single limit. Relative to the insurance referenced in this Section 13.1.4, Tenant shall be permitted to use a claims made policy form -------------- rather than an occurrence based policy form for its primary, and/or its excess liability, CGL insurance, only if:
(a) an occurrence based form of primary or similar apparatusexcess liability, now as applicable, CGL insurance policy cannot be obtained solely because occurrence based forms of primary or hereafter installed excess liability, as applicable, CGL insurance are not offered in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) market place for the benefit of Lessor.for-profit hospital and/or nursing center companies or
(b) Lessee a majority of the five (5) largest (determined by revenue) companies (exclusive of Tenant) in the for-profit hospital and/or nursing center industry maintain claims made forms of primary or excess liability, as applicable, CGL insurance for their primary or excess liability, as applicable, CGL insurance policies.
13.1. 4, but a claims made form of primary CGL insurance would not be permitted). ------ Prior to making any such switch to or renewing any claims made policy, Tenant shall obtain be obligated to provide to Lessor supporting evidence demonstrating the existence of condition (a) or (b), and the sufficiency of such evidence shall be subject to the advance written approval of Lessor, in its reasonable discretion. If Tenant so switches to a claims made form of policy, in addition to complying with the requirements referenced below in this Section 13.1.4, Tenant shall be -------------- obligated to switch back to occurrence based coverage at the end of the then current claims made policy term unless condition (a) or (b) exists as demonstrated by supporting evidence reasonably approved in advance and in writing by Lessor. If Tenant satisfies the above referenced tests for switching to, or continuing to maintain, a claims made form of policy, any claims made policy that it purchases must include therein the right to purchase a "tail" that insures against so called "incurred but not reported claims" for a period of at its own expenseleast three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form of policy, Tenant must, after the expiration of each claims made policy that Tenant obtains, as to each such expiring claims made policy, either:
(i) Personal property continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the required amount of primary and/or excess liability, as applicable depending upon the nature of such expiring claims made policy, CGL insurance coverage, on Lessee’s Personal Property a claims made policy form that includes coverage against all so-called "incurred but not reported claims" relating to any period on or prior to the expiration of the expiring policy ("Previous Period Unreported Claims"), an additional ten (10) years following the expiration of such expiring claims made policy (which coverage may be obtained, for example, (A) through the renewal or rolling-over of a claims made based CGL policy providing the required amounts of coverage and including coverage against Previous Period Unreported Claims for consecutive 1-year periods for such ten (10) year period, or (B) through the purchase of a three (3) year claims made based CGL "tail" policy providing the required amounts of coverage and including coverage against Previous Period Unreported Claims followed by purchases of claims made based CGL policies providing the required amounts of coverage and including coverage against all Previous Period Unreported Claims for consecutive 1-year periods for the remaining seven (7) years of such ten (10) year period) (in connection with the purchase of claims made CGL insurance coverage pursuant to this subsection (i), any claims made CGL insurance coverage that is obtained by Tenant may exclude therefrom any claims incurred during any period that an occurrence based form of primary or excess liability, as applicable depending on the “Special Form” in the full amount nature of the replacement cost thereof;expiring claims made policy, CGL insurance policy providing the required amounts of coverage and insuring Lessor and all Facility Mortgagees and Superior Lessors was in effect), or
(ii) Comprehensive general liability insuranceinsure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, with as applicable, CGL insurance on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the inception of such occurrence based CGL insurance policy and after the latest of (1) April 20, 2001, (2) the date that is ten (10) years prior to the inception of such occurrence based CGL insurance policy or (3) the day preceding the date that Tenant, pursuant to the terms of this Section 13.1.4, first -------------- switched to a claims made form of primary or excess liability, as applicable depending on the nature of such expiring claims made policy, CGL insurance policy (relative to the period described in this subsection (ii)(x), any occurrence based CGL policy that is obtained by Tenant pursuant to this subsection (ii) may exclude therefrom any claims incurred during any period that an occurrence based form of primary or excess liability, as applicable depending on the nature of the expiring claims made policy, CGL insurance policy providing the required amounts of coverage and insuring Lessor and all Facility Mortgagees and Superior Lessors was in effect) and (y) not yet reported prior to such inception;
Section 13.1.5 Claims arising out of malpractice in an amount not less than Twenty Five Million and No/100 Dollars ($10,000,000 covering 25,000,000.00) for each of the following: bodily injury, death, or property damage liability per occurrence, personal person and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties each claim in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessoraggregate;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant or a Tenant Party shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All policies required under this Master Lease must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, ” or “additional insured” as the case may beappropriate. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional named insured” or “additional insured” as appropriate, and “mortgagee/loss payee”, as their interest may appear, each Permitted Leasehold Mortgagee and as an “additional insured” and/or “mortgagee/loss payee” as their interest may appear, the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of 438BFU or other standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than One Hundred Million Dollars ($100,000,000) in good faithwhich event no such consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant or a Tenant Party hereunder shall insure against all the Leased Property, including following risks with respect to the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingFacilities:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, collapse, windstorm and terrorism in an amount not less than 100% of One Billion Dollars ($1,000,000,000) and including a building ordinance coverage endorsement, provided, that Tenant shall have the then full replacement cost thereof right (as defined in Section 13.2i) or such other amount which is acceptable to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any earthquake, flood, windstorm (including named windstorm) or terrorism peril coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the three years preceding the date of determination for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum amount of insurance coverage it reasonably deems most efficient and prudent to purchase for such peril and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that certain property coverages other than earthquake, flood and windstorm may be sub-limited as long as each sub-limit (x) is commercially reasonable and prudent as determined by Tenant and (y) to the extent that the amount of such sub-limit is less than the amount of such sub-limit in effect as of the Commencement Date, such sub-limit is approved by Landlord, such approval not to be unreasonably withheld;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, any one accident as may be reasonably requested by LessorLandlord from time to time;
(ivc) Fidelity bonds with limits Flood (when any of the improvements comprising the Leased Property of a Facility is located in whole or in part within a designated 100-year flood plain area) in an amount not less than the greater of (i) the probable maximum loss of a 250 year event (as determined by a qualified engineer), and deductibles (ii) Two Hundred Million Dollars ($200,000,000), or such amount as may reasonably be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by lawLandlord and commercially available;
(vd) Worker’s compensation Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with an extended period of indemnity coverage of at least ninety (90) days necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c);
(e) Claims for injury to persons or property damage under a policy of commercial general liability insurance including but not limited to coverage for all personspremises/operations, if anyblanket contractual liability, employed by Lessee on the Leased Premisesliquor liability, special events or activities to the extent insurable, independent contractors and personal injury with limits not less than Two Hundred Fifty Million Dollars ($250,000,000) each occurrence and Two Hundred Fifty Million Dollars ($250,000,000) in the annual aggregate, provided, that such requirements may be satisfied through the purchase of a primary general liability policy and excess liability policies;
(f) Claims for bodily injury and property damage under a policy of business automobile liability including garage and garagekeepers liability and containing provisions and endorsements in accordance with state legal requirements, with primary limits not less than One Million Dollars ($1,000,000) per accident and excess limits provided in the excess liability policies referred to above;
(g) During such time as Tenant or any subtenant is constructing any improvements at any Facility, Tenant, at its sole cost and expense, shall carry, or cause to be carried (a) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (b) a completed operations endorsement to the commercial general liability insurance policy referred to above, (c) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to policy conditions satisfactory to Landlord, and (d) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Lessor and Landlord’s interest in the Leased Property against Lesseefrom any act or omission of Tenant’s workeror such subtenant’s compensation claimscontractors or subcontractors; and
(h) If any operations of Tenant or any subtenant require the use of any aircraft or watercraft that is owned, leased or chartered by Tenant or any subtenant with respect to the Leased Property, Tenant shall maintain or cause to be maintained aircraft or watercraft liability insurance, as appropriate, with limits not less than Twenty-Five Million Dollars ($25,000,000) per occurrence for bodily injury and property damage including passengers and crew.
(i) Tenant may provide or cause to be provided self-insured retentions for portions of the insurance contemplated under this Section 13.1 in commercially reasonable amounts, it being agreed that the amounts of the self-insured retentions in effect as of the Commencement Date are commercially reasonable. Tenant may elect to increase Xxxxxx’s self-insured retentions subject to the approval of Landlord, such worker’s compensation insurance approval not to be unreasonably withheld. Upon (i) the termination of this Master Lease with respect to any Facility pursuant to Section 14.2, (ii) the election of any Facility Mortgagee pursuant to Section 14.1 to apply any proceeds payable under any property policy of insurance in accordance with the requirements applicable Facility Mortgage, or (iii) any proceeds payable under any property policy of applicable localinsurance being retained by Landlord pursuant to Section 14.2(f), state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in Tenant shall pay to Landlord the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofany self-insured retentions.
Appears in 1 contract
General Insurance Requirements. (a) During the Term of this LeaseTerm, Lessor and Lessee shall at all times keep the Leased Property and the Lessee’s Personal Property, insured against loss or damage from such causes as are customarily insured against, by prudent owners of similar facilities. Without limiting the generality of the foregoing, and subject to the provisions below, Lessee shall obtain and maintain in effect throughout the Term with respect to the Leased Property the kinds and amounts of insurance deemed necessary by Lessor and as described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by insurance companies authorized (i) acceptable to issue Lessor, (ii) that are rated at least an “A-VIII” or better by Best’s Insurance Guide, and (iii) unless otherwise approved by Lessor, authorized, licensed and qualified to do insurance business in the Statestate in which the Leased Property is located. Notwithstanding the foregoing or any other provision of this Article XIII, Lessor acknowledges and agrees that the insurance coverages required under subparagraphs (ii), (iii), (iv), (v), (vi) and (vii) of this Section l3.1(a) may be obtained through a captive insurance company, the identity of which has been disclosed to Lessee and Lessor (the “Captive”). With the exception of the Captive, the aggregate amount of coverage by a single company must not exceed Five Percent (5%) of the insurance company’s policyholders’ surplus. Lessee will pay or cause to be paid all Insurance Premiums for the insurance coverage required to be maintained pursuant to this Article XIII during the Term. The commercial property, rental value and business interruption policies must shall name Lessor and/or (and any other entity that Lessor may deem necessary) as additional insureds and loss payees as respects coverage afforded the Leased Property under standard Insurance Services Offices (ISO) commercial property insurance endorsements CP1219 and CP1503, or manuscript equivalents, and as additional insureds and loss payees under boiler and machinery and any other property insurance policy. Except as provided below with respect to commercial general liability, professional liability and excess or umbrella liability policies, all other coverage policies shall name Lessor (and any other entity that Lessor may deem reasonably necessary) as additional insureds as respects liability arising from Lessee’s use, occupancy or maintenance of the Leased Property. The commercial general liability, professional liability and the excess or umbrella liability policies shall name Lessor (and any other entity that Lessor may deem reasonably necessary) as applicableadditional insureds. All property, as the insured or as an additional named insured, as the case may be. Losses business interruption and boiler and machinery losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. Each insurance policy required hereunder must, unless otherwise expressly provided herein (w) provide primary insurance without right of contribution from any other insurance carried by Lessor, (x) contain express permission for Lessee to enter into a waiver of subrogation rights in favor of Lessor, or any right of setoff or counterclaim against any insured party thereunder including Lessor, (y) permit Lessor to pay premiums at Lessor’s discretion, and (z) as respects any third party liability claim brought against Lessor, obligate the insurer to defend Lessor as a named insured thereunder. In addition, the property, business interruption and boiler and machinery policies shall name as an insured loss payee all Facility Lenders as their interests appear, if any, by way of a standard or other acceptable form of mortgagee’s loss payable endorsement. Any loss adjustment in excess of One Million Dollars ($1,000,000.00) shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithaffected Facility Lender. Evidence or verification (as defined herein) of insurance and/or Impositions shall be deposited with LessorLessor and, if requested, with any Facility Lender. The If Insurance Premiums are required to be deposited or escrowed in accordance with this Lease, then Lessee shall pay or deposit the amount of such Insurance Premiums in accordance with this Lease. With respect to each Facility, the policies on required hereunder relating to Lessee, the portion of the Leased PropertyProperty relating thereto, including the Leased Improvements, Fixtures Improvements and Lessee’s Personal Property, shall include insure against the following:
(a) Lessor shall obtain and maintain, at its own expensefollowing risks:
(i) Building Commercial Property insurance written on a broad “all risk” policy form covering physical loss or damage to the Leased Property including building and improvements and betterments. Insured perils shall include, but not be limited to, terrorism (only if the Leased Property is located inside metropolitan city limits with population exceeding 5,000,000). Unless otherwise provided such coverage shall be in an amount equal to the “Special FormFull Replacement Cost” (formerly “All Risk” formas herein defined) value basis to the extent of the full insurable replacement value of the portion of the Leased Property relating to each Facility to be determined by Lessor. If the relevant damaged property is not rebuilt, replaced or restored within two (including earthquake 2) years, the payment of claims shall be on an actual cash value basis. The policy shall not exclude coverage for subsidence. The policy exclusion applicable to faulty or defective design, workmanship or materials shall not apply to resultant damage to otherwise sound property. The policy must provide a sub limit of at least One Hundred Thousand and flood No/100 Dollars ($100,000.00) to cover reasonable expenses incurred by the insured or loss payee for professional services necessary to measure, quantify or determine the amount of any loss covered by this subparagraph (i), such as appraisers, auditors, accountants, architects, and engineers (such expenses shall not include the insured’s or loss payee’s own employees or public adjusters). Unless otherwise provided hereunder, all policy deductibles shall be borne in reasonable amounts full by Lessee and must not exceed, per occurrence, an amount in excess of Five Percent (5%), of the insurable value of such portion of the Leased Property as determined by Lessor) . Further, in an amount not less than 100% the event of a loss, Lessee shall abide by all provisions of the then full replacement cost thereof insurance contract, including proper and timely notice of the loss to the insurer. Lessee further agree that they will notify Lessor of any loss in the amount of Five Hundred Thousand and No/100 Dollars (as defined in Section 13.2$500,000.00) or such other amount greater and that no claim at or in excess of Five Hundred Thousand and No/100 Dollars ($500,000.00) shall be settled without the prior written consent of Lessor, which is acceptable to Lessor and Lesseeconsent shall not be unreasonably withheld, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;conditioned or delayed.
(ii) Insurance for loss or damage (direct Flood and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed earthquake insurance shall be required only in the Hotelevent that the Leased Property is located in a flood plain or earthquake zone (property located in a flood plain or earthquake zone, “Impacted Property”). Such insurance to be in an amount equal to the Full Replacement Cost value of the Leased Property, subject to no more than a Ten Percent (10%) per location per occurrence deductible and such policy shall include coverage for subsidence. If required, such insurance may be provided by a Captive (the identity of which has been disclosed to Lessor), with aggregate coverage for all facilities owned by Lessee and other Prime Members of One Hundred Seventy Five Million Dollars ($175,000,000.00) In the event that any Prime Member acquires an additional Impacted Property and is afforded coverage by the policies required under this Lease, the aggregate coverage for all facilities owned by Lessee and all of other Prime Members shall be increased upon the date of acquisition of such additional Impacted Property in the minimum amount (if any) which is necessary to make the ratio of aggregate coverage to the statement of values for all Impacted Properties equal to the ratio of aggregate coverage to the statement of values for all Impacted Properties existing as of the Effective Date to the nearest million so long as such increased coverage is available under commercially reasonable terms. At all times, the aggregate coverage shall be no less than One Hundred Seventy Five Million Dollars ($5,000,000 or in such greater amounts as are then customary; and175,000,000.00).
(iii) Loss Rental Value insurance using standard ISO endorsement CP 1503, or its equivalent, as respects rental value coverage on such portion of income the Leased Property. Such endorsement shall require property insurer to send notice of cancellation or non-renewal to Lessee per Section 13.4.
(iv) Business interruption insurance on the “Special Form”covering lost earnings and continuing expenses, in the amount of one year of Base Rent and Additional Charges (less rents due Lessor to the extent quantifiablecovered under subparagraph (iii) for the benefit of Lessor.
(b) Lessee shall obtain and maintainabove, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full an amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts sufficient to cover not less than $10,000,000 covering each the aggregate amount of Lessee’s earnings during (1) the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect actual time required to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering rebuild such other hazards and in such amounts as may be customary for comparable properties in the area portion of the Leased Property following loss or damage, or (2) twelve (12) months, whichever is longer, plus an additional extended period of indemnity of not less than ninety (90) days shall be provided. Coverage shall be written on an “actual loss sustained” form, for the same perils and is available from insurance companies, insurance pools or other appropriate companies authorized to do business events as described in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
subparagraph (ivv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;below.
(v) Worker’s compensation Commercial General Liability in a primary amount of at least One Million and No/100 Dollars ($1,000,000.00) per occurrence, bodily injury for injury or death of any one person and for Property Damage for damage to or loss of the property of others, subject to a Two Million and No/100 Dollars ($2,000,000.00) annual aggregate policy limit applicable separately to such portion of the Leased Property for all bodily injury and property damage claims, occurring on or about such portion of the Leased Property or in any way related to such portion of the Leased Property, including but not limited to, any swimming pools or other rehabilitation and recreational facilities or areas that are located on such portion of the Leased Property otherwise related to such portion of the Leased Property. Such policy shall include coverages found on the ISO Commercial General Liability Policy form CG 000 I, occurrence policy form, current edition, with deductible amounts acceptable to Lessor. Lessee shall be responsible for funding all deductibles and retentions, including those which may be applicable to Lessor as an additional insured thereunder.
(vi) Automobile and vehicle liability insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, leased or hired automobiles and hired vehicles, vehicles in the a primary limit amount of One Million and No/100 Dollars ($5,000,000; and1,000,000.00) per occurrence for bodily injury and property damage. All allocated loss adjustment expenses, including defense costs, shall be in addition to the policy limits required above.
(vii) Such Umbrella liability insurance in the minimum amount of Ten Million and No/100 Dollars ($10,000,000.00) for each occurrence and aggregate combined single limit for all liability. The umbrella shall follow form with the primary commercial general liability with respect to providing primary and non-contributory coverage to Lessor as an additional insured when required by written contract or agreement. The umbrella liability policy shall name in its underlying schedule the policies of commercial general liability, automobile/vehicle liability, professional liability and employer’s liability under the workers compensation policy.
(viii) Professional liability insurance for Lessee and all employed professionals (including any physicians) in an amount, for all hospital facilities owned by Lessee and any other Prime Member, of not less than Ten Million and No/100 Dollars ($1 0,000,000.00) per individual claim and Fifteen Million and No/100 Dollars ($15,000,000.00) annual aggregate. All contractors, agents and other persons (including physicians) who perform professional services for Lessee shall meet such required minimum insurance as Lessor may reasonably request requirements of One Million and No/100 Dollars ($1,000,000.00) per individual claim and Three Million and No/100 Dollars ($3,000,000.00) annual aggregate.
(ix) Worker’s compensation and employer’s liability insurance covering all of Lessee’s employees in amounts that are customary for Lessee’s industry;
(x) Employee Dishonesty coverage covering all employees with a limit of insurance, for all hospital facilities such as the Leased Property owned by Lessee and the operation thereofany other Prime Members, of not less than Three Million and No/100 Dollars ($3,000,000.00) per claim.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the Leased Property insured with against loss or damage from such causes as are customarily insured against by prudent owners of similar facilities, including the kinds and amounts of insurance described below. All insurance shall be written by insurance companies (i) that have a claims paying ability rating by Standard & Poor's Rating Services of not less than "BBB," by Moody's Investors Services, Inc. of not less than "BA3," and by Fitch, Xxx. of not less than "AA," an A.M. Best Company, Inc. rating of not less than A- and a financial size category of not less than X, or such other insurance coverage(s) higher ratings as may be required by any Project Mortgagee, including Existing Lender with respect to the Franchise Agreement. This Properties which are subject to the Existing Mortgage Loan, and (ii) authorized, licensed and qualified to do insurance shall be written by companies authorized to issue insurance business in the Statestate in which the insured Property is located. The All liability policies must name Lessor and/or LesseeLandlord and its directors, officers, members, partners, employees, agents (and any other entities as applicable, as the insured or Landlord may deem necessary) as an additional named insured, as the case may be. Losses insured and losses under any property insurance policy shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle 10. Any Each insurance policy required hereunder must (i) provide primary insurance without right of contribution from any other insurance carried by Landlord, (ii) contain an express waiver by the insurer of any right of subrogation, setoff or counterclaim against any insured party thereunder including Landlord, (iii) permit Landlord to pay premiums at Landlord's discretion, and (iv) as respects any third party liability claim brought against Landlord, obligate the insurer to defend Landlord as an additional insured thereunder. In addition, the policies of property insurance shall name any Project Mortgagee as a mortgagee and loss adjustment payee, as its interest may appear, and shall require the written consent of Lessor and Lessee, each acting reasonably and in good faithcontain a standard "non-contributory mortgagee" endorsement or its equivalent. Evidence of insurance shall be deposited provided to Landlord and, if requested, to any Project Mortgagee(s). If any provision of any Project Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance premiums to be made with Lessorsuch Project Mortgagee, Tenant shall either pay to Landlord monthly the amounts required and Landlord shall transfer such amounts to such Project Mortgagee or, pursuant to written direction by Landlord, Tenant shall make such deposits directly with such Project Mortgagee, as described in Section 3.6 hereof. The policies on the Leased Property, including Property shall insure against the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor All Risk or Special Form Property insurance against loss or damage to buildings and improvements, including but not limited to, perils of fire, lightning, water, wind, theft, vandalism and malicious mischief, plate glass breakage, and perils typically provided under an Extended Coverage Endorsement and other forms of broadened risk perils, and insured on a "replacement cost" value basis to the extent of the full replacement value of the Leased Improvements located on each Leased Property. The policy shall obtain include coverage for subsidence (not including "man-made subsidence), building ordinance and maintainlaw (including demolition costs and increased cost of construction coverage), and "acts of terrorism" as defined in the Terrorism Risk Insurance Act of 2002. Such policy shall be in an amount not less than necessary to comply with any coinsurance percentage stipulated in the policy, but not less than 100% of the Full Replacement Cost of all Leased Improvements within the Leased Property (without any deduction for depreciation) unless otherwise approved by Landlord (such approval not to be unreasonably withheld) and any applicable Project Mortgagee. The deductible amount under such policy shall be borne by the Tenant as an Operating Expense in the event of a loss and the deductible must not exceed Twenty Five Thousand and 00/100 Dollars ($25,000.00) per occurrence. Further, in the event of a loss, Tenant shall abide by all provisions of the insurance contract, including proper and timely notice of the loss to the insurer, and Tenant further agrees that it will notify Landlord of any loss in the amount of Fifty Thousand and 00/100 Dollars ($50,000.00) or greater and that no claim at its own expense:or in excess of Two Hundred Thousand and 00/100 Dollars ($200,000.00) thereunder shall be settled without the prior written consent of Landlord, which consent shall not be unreasonably withheld or delayed by Landlord.
(ib) Building Broad form boiler and machinery insurance on in an amount equal to the “Special Form” full replacement cost of the Leased Improvements at each individual Property (formerly “All Risk” formwithout any deduction for depreciation) in which the boiler or similar vessel is located, and including coverage against loss or damage from (including earthquake 1) leakage or sprinkler systems and flood (2) damage, breakdown or explosion of steam boilers, electrical machinery and equipment, air conditioning, refrigeration, pressure vessels or similar apparatus and mechanical objects now or hereafter installed at the Properties.
(c) If an individual Property is located in reasonable amounts as determined by Lessor) an area prone to geological phenomena, including, but not limited to, sinkholes, mine subsidence, tidal waves or earthquakes, insurance for such individual Property covering such risks in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) Full Replacement Cost of the Leased Improvements at such individual Property without any deduction for depreciation, or such other amount as is approved by Landlord (such approval not to be unreasonably withheld) and any applicable Project Mortgagee, with a maximum permissible deductible of $25,000, or such other amount as is approved by Landlord from time to time.
(d) Flood insurance for any individual Property which is acceptable to Lessor and Lesseelocated, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss whole or damage (direct and indirect) from steam boilersin part, pressure vessels or similar apparatus, in an area now or hereafter installed designated as "flood prone" or a "special flood hazard area" (as defined under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994 (as each may be amended, or any successor law, collectively, the "Flood Insurance Acts")). Such policy shall be in an amount equal to 100% of the Full Replacement Cost of the Leased Improvements at such individual Property, or such other amount as is approved by Landlord (such approval not to be unreasonably withheld) and any applicable Project Mortgagee from time to time, and shall have a maximum permissible deductible equal to an amount customarily required by institutional lenders for similar properties in the Hotelgeneral vicinity of such individual Property, but in the minimum amount no event in excess of $5,000,000 5,000, or in such greater amounts other amount as are then customary; and
is approved by Landlord (iiisuch approval not to be unreasonably withheld) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (any applicable Project Mortgagee from time to the extent quantifiable) for the benefit of Lessortime.
(be) Lessee shall obtain and maintain, at its own expense:
(i) Personal property Business interruption or rent loss insurance on Lessee’s Personal Property on in an amount equal to the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, gross income or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of rentals from the Leased Property and is available from insurance companiesfor an indemnity period of eighteen (18) months, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;such amount being adjusted annually.
(ivf) Fidelity bonds with limits During any period of reconstruction, renovation or alteration of any of the Properties, a complete value, "All Risks" Builders Risk form or "Course of Construction" insurance policy in non-reporting form and deductibles as may be in an amount reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;satisfactory to Landlord.
(vg) Worker’s 's compensation insurance coverage for covering all persons, if any, persons employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and Tenant at the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be with statutory limits and otherwise with limits of and provisions in accordance with the requirements of applicable local, state and federal law;, and employer's liability insurance with maximum limits of One Million and 00/100 Dollars ($1,000,000.00) per accident or disease.
(vih) Vehicle Automobile and vehicle liability insurance coverage for all owned, non-owned, leased or hired automobiles and hired vehiclesvehicles in a primary limit of One Million and 00/100 Dollars ($1,000,000.00) per occurrence for bodily injury and an annual aggregate policy limit of One Million and 00/100 Dollars ($1,000,000.00) per Project.
(i) Commercial General Liability in a primary amount of at least One Million and 00/100 Dollars ($1,000,000.00) per occurrence, bodily injury and property damage combined, and Two Million and 00/100 Dollars ($2,000,000.00) general aggregate per Project, with a deductible or self-insurance retention no greater than Twenty Five Thousand and 00/100 Dollars ($25,000.00). This coverage shall also include blanket contractual liability, including Tenant's indemnification as set forth in this Lease, and products/completed operations liability coverage for a period of at least two (2) years after termination of this Lease.
(j) Umbrella liability insurance in the minimum amount of Twenty Five Million and 00/100 Dollars ($5,000,000; and25,000,000.00) for each occurrence and aggregate combined single limit for all liability.
(viik) Such other insurance as Lessor may reasonably request for facilities such as and endorsements, if any, with respect to the Leased Property and the operation thereofthereof as Landlord may reasonably require from time to time, provided same are customarily required by institutional owners of similar properties in the general vicinity of the Properties, or which are otherwise required by any applicable Project Mortgagee.
Appears in 1 contract
General Insurance Requirements. During All coverages described in this Paragraph 8.B. shall be endorsed to (i) provide Landlord with thirty (30) days’ notice of cancellation or change in terms; and (ii) xxxxx all rights of subrogation by the insurance carrier against Landlord. If at any time during the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts amount or coverage of insurance described belowwhich Tenant is required to carry under this Paragraph 8.B. is, in Landlord’s reasonable judgment, materially less than the amount or such other type of insurance coverage(s) coverage typically carried by owners or tenants of properties located in the general area in which the Premises are located which are similar to and operated for similar purposes as may the Premises or if Tenant’s use of the Premises should change with or without Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under this Paragraph 8.B. All insurance policies required to be required carried by the Franchise Agreement. This insurance Tenant under this Lease shall be written by companies authorized to issue insurance rated A X or better in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor “Best’s Insurance Guide” and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State of California. In any event deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed Five Thousand Dollars ($5,000) per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at rates which are economically practicable least thirty (30) days before the expiration dates of the expired policies, certified copies of Tenant’s insurance policies, or a certificate evidencing the same issued by the insurer thereunder; and, if Tenant shall fail to procure such insurance, or to deliver such policy or certificates, Landlord may, at Landlord’s option and in relation addition to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering LesseeLandlord’s employees in job classifications normally bonded under prudent hotel management practices other remedies in the United States or otherwise required event of a default by law;
(v) Worker’s compensation insurance coverage Tenant hereunder, procure the same for all personsthe account of Tenant, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance cost thereof shall be paid to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance Landlord as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofAdditional Rent.
Appears in 1 contract
Samples: Landlord Consent to Sublease (Premier Commercial Bancorp)
General Insurance Requirements. During All coverages described in this Paragraph 7.B shall be endorsed to (i) provide Landlord with thirty (30) days’ notice of cancellation or change in terms; and (ii) waive all rights of subrogation by the insurance carrier against Landlord. If at any time during the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts amount or coverage of insurance described belowwhich Tenant is required to carry under this Paragraph 7.B is, in Landlord’s reasonable judgment, materially less than the amount or such other type of insurance coverage(s) coverage typically carried by owners or tenants of properties located in the general area in which the Premises is located which are similar to and operated for similar purposes as may the Premises or if Tenant’s use of the Premises should change with or without Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under this Paragraph 7.B. All insurance policies required to be required carried by the Franchise Agreement. This insurance Tenant under this Lease shall be written by companies authorized to issue insurance rated A X or better in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor Best’s Insurance Guide and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State of California. In any event, the total deductible amounts under any insurance policies required to be carried by Tenant under this Lease shall not exceed Twenty Thousand Dollars ($20,000) per occurrence. Tenant shall deliver to Landlord on or before the Commencement Date, and thereafter at rates which are economically practicable least thirty (30) days before the expiration dates of the expired policies, certified copies of Tenant’s insurance policies, or a certificate evidencing the same issued by the insurer thereunder; and, if Tenant shall fail to procure such insurance, or to deliver such policies or certificates, Landlord may, at Landlord’s option and in relation addition to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering LesseeLandlord’s employees in job classifications normally bonded under prudent hotel management practices other remedies in the United States or otherwise required event of a default by law;
(v) Worker’s compensation insurance coverage Tenant hereunder, procure the same for all personsthe account of Tenant, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance cost thereof shall be paid to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance Landlord as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofAdditional Rent.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee subject to Section 11.2(a), Tenant shall at all times keep the Demised Premises, and all property located therein or thereon, including the Leased Property Improvements, Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other and otherwise as permitted in the Insurance Requirements. Each element of insurance coverage(s) as may described in this Section 11.1 shall be required by maintained with respect to the Franchise AgreementDemised Premises and Tenant’s Property and the operations of each Store thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All third‑party liability type policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, .” All property policies shall name Landlord as the case may be“loss payee” for its interests in each Property. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss payee,” each holder of any mortgage, deed of trust or other security agreement (“Landlord Mortgagee” and the outstanding principal owed to such Landlord Mortgagee, the “Landlord Mortgagee Indebtedness”) securing any Indebtedness or any other Encumbrance placed on the Demised Premises in accordance with the provisions of Article XIV (“Landlord Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant and Lesseeeach Landlord Mortgagee (to the extent required under the applicable Landlord Mortgage Documents), each acting reasonably and unless the amount of the loss net of the applicable deductible is less than the lesser of twenty‑five percent (25%) of the value of the Leased Improvements or five hundred thousand dollars ($500,000), in good faithwhich event no consent shall be required by Landlord. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Landlord Mortgagee. The insurance policies on required to be carried by Tenant hereunder shall insure against at least the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, following risks with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased each Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.:
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant shall at all times keep the each Leased Property Property, and all property located in or on any Leased Property, including Leasehold Improvements, Fixtures and Tenant's Personal Property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the applicable Leased Property is located, which companies shall have a rating at least as high as the rating required by any applicable Facility Mortgagee. The policies must name as loss payee (i) the holder of any mortgage, deed of trust or other security agreement ("Facility Mortgagee") securing any Encumbrance placed on the applicable Leased Property in accordance with the provisions of Article XXXVIII ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement or (ii) if no such Facility Mortgage encumbers the applicable Leased Property, Lessor and/or Lesseeand, as applicable, as the insured or as an additional named insured, as in the case may beof any commercial general liability and/or umbrella liability insurance coverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor or Lessee and/or Superior Mortgagee as provided in this LeaseArticle XIV. Any loss adjustment shall require the written consent of Lessor Lessor, Tenant, Leasehold Mortgagee and Lessee, each acting reasonably and in good faithFacility Mortgagee whenever the loss exceeds twenty percent (20%) of the Facility's Fair Market Value. Evidence of insurance shall be deposited with Lessor and, if requested, with any Superior Lessor, Leasehold Mortgagee and Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of insurance premiums to be made with such Facility Mortgagee, Tenant shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Tenant shall make such deposits directly with such Facility Mortgagee. The policies on the each Leased Property, including the Leased Leasehold Improvements, and Fixtures and Lessee’s Tenant's Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain Section 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (", including earthquake flood, the backup of sewers and flood in reasonable amounts as determined by Lessor) drains, earthquake, breakage of plate glass and all physical loss perils including but not limited to sprinkler leakage, in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2), subject to no coinsurance requirement or on an agreed amount basis;
Section 13.1.2 Broad form comprehensive boiler and machinery insurance, on a blanket repair and replace basis, with limits for each accident in an amount not less than one hundred percent (100%) of the then full replacement cost (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereofLeased Property;
Section 13.1.3 Business Interruption insurance on a Business Interruption, Gross Profits or Gross Rents form, including all standing charges, with a period of indemnity of no less than twelve (ii12) Insurance for months, resulting from loss or damage as described in Section 13.1.1 or 13.1.2, subject to no coinsurance requirement or on an agreed amount basis;
Section 13.1.4 Claims for bodily injury, including death resulting therefrom, personal injury and property damage on an occurrence basis, under a policy of commercial general liability (direct "CGL") insurance (including, without limitation, broad form property damage and indirectbroad form contractual liability) from steam boilersfor a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, pressure vessels combined single limit. Relative to the insurance referenced in this Section 13.1.4, Tenant shall be permitted to use a claims made policy form rather than an occurrence based policy form for its primary, and/or its excess liability, CGL insurance, only if:
(a) an occurrence based form of primary or similar apparatusexcess liability, now as applicable, CGL insurance policy cannot be obtained solely because occurrence based forms of primary or hereafter installed excess liability, as applicable, CGL insurance are not offered in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) market place for the benefit of Lessor.for-profit hospital and/or nursing center companies or
(b) Lessee a majority of the five (5) largest (determined by revenue) companies (exclusive of Tenant) in the for-profit hospital and/or nursing center industry maintain claims made forms of primary or excess liability, as applicable, CGL insurance for their primary or excess liability, as applicable, CGL insurance policies. (For example, relative to the foregoing conditions, if occurrence based forms of primary CGL insurance are offered in the insurance market place for for-profit hospital and/or nursing center companies, but Tenant is unable to obtain an occurrence based form of excess liability CGL insurance solely because occurrence based forms of excess liability CGL insurance are not offered in the insurance market place for for-profit hospital and/or nursing center companies, and a majority of the aforesaid five largest companies maintain occurrence based forms of primary CGL insurance and claims made forms of excess liability CGL insurance, a claims made form of excess liability CGL insurance would be permitted subject to compliance with the other requirements of this Section 13.1.4, but a claims made form of primary CGL insurance would not be permitted). Prior to making any such switch to or renewing any claims made policy, Tenant shall obtain be obligated to provide to Lessor supporting evidence demonstrating the existence of condition (a) or (b), and the sufficiency of such evidence shall be subject to the advance written approval of Lessor, in its reasonable discretion. If Tenant so switches to a claims made form of policy, in addition to complying with the requirements referenced below in this Section 13.1.4, Tenant shall be obligated to switch back to occurrence based coverage at the end of the then current claims made policy term unless condition (a) or (b) exists as demonstrated by supporting evidence reasonably approved in advance and in writing by Lessor. If Tenant satisfies the above referenced tests for switching to, or continuing to maintain, a claims made form of policy, any claims made policy that it purchases must include therein the right to purchase a "tail" that insures against so called "incurred but not reported claims" for a period of at its own expenseleast three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form of policy, Tenant must, after the expiration of each claims made policy that Tenant obtains, as to each such expiring claims made policy, either:
(i) Personal property continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the required amount of primary and/or excess liability, as applicable depending upon the nature of such expiring claims made policy, CGL insurance coverage, on Lessee’s Personal Property a claims made policy form that includes coverage against all so-called "incurred but not reported claims" relating to any period on or prior to the expiration of the expiring policy ("Previous Period Unreported Claims"), an additional ten (10) years following the expiration of such expiring claims made policy (which coverage may be obtained, for example, (A) through the renewal or rolling-over of a claims made based CGL policy providing the required amounts of coverage and including coverage against Previous Period Unreported Claims for consecutive 1-year periods for such ten (10) year period, or (B) through the purchase of a three (3) year claims made based CGL "tail" policy providing the required amounts of coverage and including coverage against Previous Period Unreported Claims followed by purchases of claims made based CGL policies providing the required amounts of coverage and including coverage against all Previous Period Unreported Claims for consecutive 1-year periods for the remaining seven (7) years of such ten (10) year period) (in connection with the purchase of claims made CGL insurance coverage pursuant to this subsection (i), any claims made CGL insurance coverage that is obtained by Tenant may exclude therefrom any claims incurred during any period that an occurrence based form of primary or excess liability, as applicable depending on the “Special Form” in the full amount nature of the replacement cost thereof;expiring claims made policy, CGL insurance policy providing the required amounts of coverage and insuring Lessor and all Facility Mortgagees and Superior Lessors was in effect), or
(ii) Comprehensive general liability insuranceinsure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, with as applicable, CGL insurance on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the inception of such occurrence based CGL insurance policy and after the latest of (1) the Effective Date, (2) the date that is ten (10) years prior to the inception of such occurrence based CGL insurance policy or (3) the day preceding the date that Tenant, pursuant to the terms of this Section 13.1.4, first switched to a claims made form of primary or excess liability, as applicable depending on the nature of such expiring claims made policy, CGL insurance policy (relative to the period described in this subsection (ii)(x), any occurrence based CGL policy that is obtained by Tenant pursuant to this subsection (ii) may exclude therefrom any claims incurred during any period that an occurrence based form of primary or excess liability, as applicable depending on the nature of the expiring claims made policy, CGL insurance policy providing the required amounts of coverage and insuring Lessor and all Facility Mortgagees and Superior Lessors was in effect) and (y) not yet reported prior to such inception;
Section 13.1.5 Claims arising out of malpractice in an amount not less than Twenty Five Million and No/100 Dollars ($10,000,000 covering 25,000,000.00) for each of the following: bodily injury, death, or property damage liability per occurrence, personal person and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties each claim in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessoraggregate;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant or a Tenant Party shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All policies required under this Master Lease must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, ” or “additional insured” as the case may beappropriate. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional named insured” or “additional insured” as appropriate, and “mortgagee/loss payee”, as their interest may appear, each Permitted Leasehold Mortgagee and as an “additional insured” and/or “mortgagee/loss payee” as their interest may appear, the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of 438BFU or other standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than One Hundred Million Dollars ($100,000,000) in good faithwhich event no such consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant or a Tenant Party hereunder shall insure against all the Leased Property, including following risks with respect to the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingFacilities:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, collapse, windstorm and terrorism in an amount not less than 100% of One Billion Dollars ($1,000,000,000) and including a building ordinance coverage endorsement, provided, that Tenant shall have the then full replacement cost thereof right (as defined in Section 13.2i) or such other amount which is acceptable to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any earthquake, flood, windstorm (including named windstorm) or terrorism peril coverages are available only for a premium that is more than 2.5 times the average premium paid by Xxxxxx (or prior operator of Facilities) over the three years preceding the date of determination for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum amount of insurance coverage it reasonably deems most efficient and prudent to purchase for such peril and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that certain property coverages other than earthquake, flood and windstorm may be sub-limited as long as each sub-limit (x) is commercially reasonable and prudent as determined by Tenant and (y) to the extent that the amount of such sub-limit is less than the amount of such sub-limit in effect as of the Commencement Date, such sub-limit is approved by Landlord, such approval not to be unreasonably withheld;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, any one accident as may be reasonably requested by LessorLandlord from time to time;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Master Lease (VICI Properties L.P.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee Tenant shall at all times keep maintain policies of insurance insuring the Leased Property insured with Property, and all property located in or on the Property, and shall insure the Property, against the kinds of risks and in the amounts of insurance coverage described below. Tenant shall, at its sole cost, comply with all of the requirements pertaining to the Property of any insurance board, association, organization or company necessary for the maintenance of the insurance required pursuant to this Lease. All such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, Tenant as the insured or and Landlord as an additional named insured, as the case may be. Losses Proceeds of insurance policies payable to compensate any loss shall be payable to Lessor or Lessee Landlord and Tenant as provided in this LeaseArticle 15. All such insurance shall name as an additional insured or loss payee, as appropriate, the holder (a "Facility Mortgagee") of any mortgage, deed of trust or other security agreement securing any Encumbrance placed on the Property in accordance with the provisions of Article 23 ("Facility Mortgages") by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment or other settlement in excess of $100,000 shall require the written consent of Lessor Tenant, Landlord and Lesseeeach Facility Mortgagee and any other lender of Landlord or its Affiliates ("Landlord Lender") having any contractual insurance requirements which would have an impact on the insurance requirements of this Lease to the extent so required and Landlord has given Tenant Notice thereof. Originals or certified copies of all insurance policies obtained pursuant to this Article, each acting reasonably and in good faith. Evidence or certificates of insurance insurance, shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s) or Landlord Lender(s). The policies on the Leased Property, including Property shall insure against the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingfollowing risks:
(a) Lessor shall obtain loss or damage by fire, windstorm, vandalism and maintainmalicious mischief, at its own expense:
extended coverage perils (i) Building "all risk" as such term is used in the insurance on the “Special Form” (formerly “All Risk” form) (including earthquake industry), and flood in reasonable amounts as determined by Lessor) all physical loss perils insurance, including, but not limited to, sprinkler leakage, in an amount not less than 100% of the then full replacement cost thereof excluding foundation and excavation costs (as defined below in Section 13.214.2) or such other lesser amount as is approved by Landlord in writing which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount coverage shall include an "increased cost of the replacement cost thereofconstruction" endorsement;
(iib) Insurance for loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in on the Hotel, in the minimum amount of $5,000,000 or Property in such greater amounts with respect to any one accident as are then customary; andmay be reasonably requested by Landlord from time to time;
(iiic) Loss Tenant's business interruption under a policy covering risk of income insurance on loss and extra expenses during the “Special Form”lesser of the first 12 months of reconstruction or the actual reconstruction period necessitated by the occurrence of any of the hazards described in Sections 14.1(a) or 14.1(b) or 14.1(g), in the amount of one year of Base Rent if and Additional Charges (to the extent quantifiableavailable and economically feasible, in an amount sufficient to prevent Landlord from becoming a co-insurer;
(d) Landlord's loss of rental, under a rental value insurance policy (or rental insurance endorsement to the policy) for the benefit not less than twelve (12) months of Lessor.scheduled Base Rent;
(be) Lessee claims for personal injury or property damage under a policy of Comprehensive General Public Liability insurance or Commercial General Liability insurance applying to the use and occupancy of the Property, or any part thereof, or any areas adjacent thereto which are under Tenant' s control, and the business operated by Tenant. Such insurance shall obtain include Broad Form Contractual Liability insurance coverage insuring all of Tenant's indemnity obligations pursuant to Section 20.1 of this Lease (except for those items customarily excluded in a standard commercial general liability policy). Such coverage shall have a minimum combined single limit of liability of at least $5,000,000 and maintaina general aggregate limit of at least $5,000,000. Any such policy shall be written to apply to all bodily injury, property damage, personal injury and other covered losses occurring during the policy term, and shall be endorsed to provide that such coverage shall be primary and that any insurance maintained by Landlord shall be excess insurance only. Such coverage shall also contain the following endorsements to the extent the same are available at its own expense:
a commercially reasonable cost: (i) Personal property including employees as additional insureds; and (ii) deleting any liquor liability exclusion. All such insurance shall provide for severability of interests, and shall afford coverage for all claims based on Lessee’s Personal Property on acts, omissions, injury and damage, which claims occurred or arose (or the “Special Form” onset of which occurred or arose) in whole or in part during the full amount policy period. Tenant shall also maintain employers liability insurance with a limit of the replacement cost thereofno less than $1,000,000 per employee and $1,000,000 per occurrence;
(iif) Comprehensive general liability insurance, with amounts claims arising out of incidental medical malpractice in an amount not less than $10,000,000 covering 1,000,000 for each of the following: bodily injury, death, or property damage liability per person and $5,000,000 for each occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iiig) flood (when the Property is located in whole or in part within an area designated by an appropriate agency or authority of the United States as a flood plain to the extent such insurance is available under the National Flood Insurance covering Program), coverage for property damage and casualty caused by hurricane or other storm and such other hazards and in such amounts as may be customary for comparable properties in the area of county in which the Leased Property is located, in such amounts as may be customary for such properties, and is as may be available from insurance companies, insurance pools pools, or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered. Tenant shall give prompt Notice to Landlord if Tenant does not at any time carry such coverage because the rates for same are not economically practicable in relation to the risks covered, as may be reasonably requested by Lessorand Landlord may, at its option, obtain same at its cost;
(ivh) Fidelity bonds with limits during any period during which any Capital Addition is under construction, course of construction (builder's risk) insurance and deductibles all risks insurance in such amounts as may be Landlord shall reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000require; and
(viii) Such other automobile liability insurance as Lessor may reasonably request on vehicles operated in conjunction with the Property, with a combined single limit for facilities such as the Leased Property and the operation thereofeach occurrence of not less than $5,000,000.
Appears in 1 contract
General Insurance Requirements. During Each policy required hereunder shall contain a covenant that should such policies be cancelled, assigned or materially changed during the Term of this Leasepolicy period, Lessor the insurer will mail a notice thereof to Landlord, each Mortgagee and Lessee shall at all times keep the Leased Property insured with the kinds and amounts of insurance described below, or such any other insurance coverage(s) as may be parties required by the Franchise Agreementany Permitted Exception to receive such notice, at least thirty (30) days in advance. This All insurance policies (except for Worker’s Compensation) required to be maintained under this Lease shall be written procured from insurance companies rated at (A-/IX) or better by companies authorized to issue insurance in the State. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor current edition of Best’s Insurance Reports published by A.M. Best Co. and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized licensed to do business in the State at rates which are economically practicable of Minnesota. Upon Landlord’s written request, Tenant shall furnish to Landlord the policies or certificates of insurance showing the insurance referred to in relation this Section 10 to be in full force and effect. Certificates of insurance evidencing the existence and amounts of such insurance, shall be delivered to Landlord by Tenant prior to Tenant’s occupancy of any portion of the Leased Premises. No such policy shall be cancelable except after thirty (30) days written notice to Landlord. Tenant shall, prior to the risks coveredexpiration of any such policy, furnish Landlord, each Mortgagee and any third party required under any Permitted Exception to receive notices of insurance, with renewals or “binders” thereof together with evidence of the payment of premiums therefor, or Landlord may order such insurance and charge the cost thereof to Tenant, which amount shall be paid by Tenant upon demand. The insurance, as may to the interest of any Mortgagee therein, shall not be reasonably requested invalidated by Lessor;
(iv) Fidelity bonds any act or neglect of Landlord, any Mortgagee, Tenant or any other occupant, owner or party with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees an interest in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, nor by any foreclosure or any other proceedings or notices thereof relating to the extent necessary to protect Lessor and Leased Premises, nor by any change in the title or ownership of the Leased Property against Lessee’s worker’s compensation claims, Premises nor by occupancy of the Leased Premises for purposes more hazardous than are permitted by such worker’s compensation insurance policy. It shall be the responsibility of Tenant not to violate nor knowingly permit to be violated any condition of the policies required under this Lease. Neither the issuance of any such insurance policy nor the minimum limits specified in accordance with the requirements this Section 10 shall be deemed to limit or restrict in any way Tenant’s liability arising under or out of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofthis Lease.
Appears in 1 contract
Samples: Lease Agreement (Calyxt, Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee Tenant shall at all times keep the Leased Properties, and all property located in or on the Leased Properties, including Landlord’s Personal Property and Tenant’s Personal Property, insured with insurance meeting the kinds and amounts of insurance described below, or such other insurance coverage(sfollowing requirements: (a) as may be required by the Franchise Agreement. This all insurance shall be written by companies authorized to issue do insurance business in the Stateapplicable States and, with the exception of any policies issued by Tenant’s Insurance Captive permitted pursuant to Section 13.12 hereof, having a rating classification of not less than A and a financial size category of “Class A request for confidential treatment has been made with respect to portions of this document that are marked ‘[*****]’. The redacted portions have been filed separately with the SEC. 53 Master Lease (OHI - Diversicare) Derwent – 9.25.18 VII” or larger, according to the then most recent issue of Best’s Key Rating Guide; (b) all policies must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an additional named insured, and name as an additional insured any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement in use in the case applicable States and in accordance with any such other requirements as may be. Losses shall be established by such Facility Mortgagee; (c) casualty losses must be payable to Lessor Landlord or Lessee Tenant as provided in this Lease. Any ARTICLE XIV, and loss adjustment adjustments shall require the written consent of Lessor Landlord, any Facility Mortgagee and, provided no Event of Default has occurred and Lesseeis continuing at the time, Tenant, which consent shall not be unreasonably withheld by either Landlord or Tenant; (d) each acting reasonably insurer must agree that it will give Landlord and in good faith. Evidence of insurance any Facility Mortgagee at least thirty (30) days’ written notice before its policy shall be deposited with Lessor. The policies on the Leased Propertyaltered, including the Leased Improvementsallowed to expire or canceled; (e) except as otherwise provided below, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year any deductible or retention in excess of Base Rent and Additional Charges ten percent (10%) of the aggregate per occurrence coverage amount must be approved by Landlord prior to the extent quantifiableissuance of any policy, which approval will not be unreasonably withheld, conditioned or delayed; and (f) for the benefit form of Lessor.
(b) Lessee all policies shall obtain be approved by Landlord and maintainany Existing Facility Mortgagee, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurancewhose approval shall not unreasonably be withheld, with amounts not less than $10,000,000 covering each of the following: bodily injuryconditioned or delayed, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect provided that such policies conform to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable localthis ARTICLE XIII. Notwithstanding the foregoing, state Tenant may obtain so-called “umbrella” policies, comprehensive liability policies and federal law;
(vi) Vehicle professional liability policies of insurance for owned, from non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereofadmitted surplus line carriers acceptable to Landlord.
Appears in 1 contract
Samples: Master Lease (Diversicare Healthcare Services, Inc.)
General Insurance Requirements. During the Term of this Lease, Lessor and Lessee shall at all times keep the Leased Property insured with the kinds and amounts Every policy of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance pursuant to this Lease shall be written by insurance companies authorized to issue insurance licensed in the StateState of Nevada to provide the type of coverage required, each of which shall be subject to the prior written approval of Landlord, which shall not be unreasonably withheld. The policies must name Lessor Any insurance company designated and/or Lesseepolicy identified by Tenant in a written notice given to Landlord which is not disapproved in writing within ten days after submission shall be deemed approved. Each policy of insurance required pursuant to this Lease shall contain an endorsement providing that neither the policy nor any coverage provided therein may be cancelled, reduced, diminished or otherwise abrogated in any manner or to any extent without first providing prior written notice to Landlord and such other persons with an interest in the Leased Property and/or this Lease as Landlord may have previously designated at least thirty days prior to cancellation, reduction, diminishment or abrogation. At the time provided for the procurement of insurance coverage as set forth in this Lease and not less than thirty days prior to the expiration of each policy, Tenant shall deliver to Landlord originally executed certificates and, as applicablesoon thereafter as may be practicable, as true and correct copies of the insured original policies of insurance issued by the insuring company or as an additional named insuredcompanies evidencing all coverages, as endorsements and policy limits required herein. Each policy of insurance required under the case may be. Losses terms of this Lease shall be written as a primary policy and not contributory policy with or in excess of any policy that may be carried by Landlord. Every policy required pursuant to this Lease shall name as insureds, Landlord and any other persons with an interest in the Leased Property and/or this Lease as Landlord may reasonably designate. Tenant shall carry insurance as required in this Lease in such amounts as will prevent the imposition of a co-insurance penalty in the event of loss, notwithstanding any other provision of this Lease. All policies required hereunder shall contain loss payable or other similar endorsements so as to Lessor or Lessee provide for the payment of insurance proceeds as provided required in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence No policy of insurance required to be carried by Tenant hereunder shall contain deductibles or self-insured retentions greater than Fifty Thousand Dollars ($50,000) without the prior written approval of Landlord. If Tenant obtains insurance coverage with deductibles or self-insured retentions, Tenant shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
(a) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) solely responsible for the benefit payment of Lessorall deductible and self-insured sums. Tenant may provide any insurance required hereunder through blanket policies.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessor;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
Samples: Ground Lease (Grand Casinos Inc)
General Insurance Requirements. During the Term of this LeaseLessee shall, Lessor and Lessee shall at all times during the Term and at any other time Lessee shall be in possession of the Leased Property, keep the Leased Property and all property located therein or thereon, including all Capital Additions, Fixtures and Personal Property, insured with against the kinds and amounts risks described below. Each element of the insurance described belowin this Articleshall be maintained with respect to the Leased Property including all Capital Additions, Fixtures and Personal Property, and operations thereon. The policies shall insure against the following risks with respect to each Facility:
13.1.1 “All-risk” property insurance (and to the extent applicable, Builder’s Risk Insurance) on the Leased Property and all items of business personal property, including but not limited to signs, awnings, canopies, gazebos, fences and retaining walls, and all Personal Property, including without limitation, insurance against loss or damage from the perils under “All Risk” (Special) form, including but not limited to the following: fire, windstorm, sprinkler leakage, vandalism and malicious mischief, flood, water damage, explosion of steam boilers, pressure vessels and other similar apparatus, and other hazards generally included under extended coverage, all in an amount equal to one hundred percent (100%) of the replacement value of the Leased Property (excluding excavation and foundation costs), business personal property and Personal Property, without a co-insurance provision, and shall include an “Agreed Value” endorsement. Such coverage may be purchased under a master policy which includes other facilities managed, leased or owned by the Lessee, which provides for a “Blanket Limit” to apply on a per occurrence basis and which shall not be lower than one hundred percent (100%) of the replacement value of the Leased Property (excluding excavation and foundation costs), business personal property and Personal Property. Notwithstanding anything to the contrary in this Section 13.1.1, the limits for windstorm shall be in an amount not less than the projected probable maximum loss for the Leased Property, business personal property and Personal Property as calculated using RMS or another generally industry accepted modeling system using a 250 year return period, nor shall the deductible be greater than five percent (5%) of the replacement cost and business interruption value of the Leased Property and business personal property unless such deductible is commercially unavailable, in which event Lessee shall maintain the lowest deductible that is available;
13.1.2 Ordinance or Law Coverage with limits of not less than the Leased Property for loss to the undamaged portion of the building, limits not less than $500,000.00 for Demolition Cost Coverage, and limits not less than $500,000.00 for Increased Cost of Construction Coverage;
13.1.3 Business income insurance to be written on “Special Form” (and on “Earthquake” and “Flood” forms if such insurance for those risks is required) including “Extra Expense”, without a provision for co-insurance, including an amount sufficient to pay at least twelve (12) months of Rent for the benefit of Lessor, as its interest may appear, and at least twelve (12) months of “Net Operating Income” less Rent for the benefit of Lessee. Such insurance may be purchased under a master policy which includes other facilities managed, leased or owned by the Lessee, which provides for a “Blanket Limit” to apply on a per occurrence basis and which shall not be lower than twelve (12) months loss of Rent and twelve(12) months of “Net Operating Income” of such Facility (excluding excavation and foundation costs), business personal property and Personal Property.
13.1.4 Occurrence form commercial general liability insurance, including bodily injury and property damage, liquor liability (if applicable), fire legal liability, contractual liability and independent contractor’s hazard and completed operations coverage in an amount not less than $1,000,000.00 per occurrence and covering claims arising from the use or operation of such Facility both before and after the Commencement Date;
13.1.5 Umbrella liability coverage which shall be on a following form for the general liability, automobile liability, malpractice and liquor liability (if applicable), with limits in a minimum amount of not less than $25,000,000.00 per occurrence/aggregate and covering claims arising from the use or operation of such Facility both before and after the Commencement Date;
13.1.6 Malpractice insurance/professional liability insurance coverage(sin an amount not less than $1,000,000.00 for each person and each occurrence to cover claims arising out of the professional services provided by Lessee at such Facility, whether arising from the use or operation of such Facility before or after the Commencement Date;
13.1.7 Flood insurance (if the Leased Property is located in whole or in part within an area identified as an area having special flood hazards under the National Flood Insurance Program) for the full (100%) replacement value of the Leased Property and all items of business personal property or any greater amount as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue insurance in the State. The policies must name Lessor and/or LesseeNational Flood Insurance Program, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or Lessee as provided in this Lease. Any loss adjustment shall require the written consent of Lessor and Lessee, each acting reasonably and in good faith. Evidence of insurance shall be deposited with Lessor. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the following:
a deductible no greater than five percent (a5%) Lessor shall obtain and maintain, at its own expense:
(i) Building insurance on the “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Lessor) in an amount not less than 100% of the then full replacement cost thereof (as defined in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance for loss or damage (direct and indirect) from steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hotel, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area business interruption value of the Leased Property and business personal property unless such deductible is available from insurance companiescommercially unavailable, insurance pools or other appropriate companies authorized to do business in which event Lessee shall maintain the State at rates which are economically practicable in relation to the risks covered, as may be reasonably requested by Lessorlowest deductible that is available;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) 13.1.8 Worker’s compensation coverage, or equivalent excess insurance coverage for self insured or non-subscriber states, for all persons, if any, persons employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor Property with statutory limits and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be containing a waiver of subrogation in accordance with the requirements favor of applicable local, state and federal lawLessor;
(vi) Vehicle 13.1.9 Business auto liability insurance for insurance, including owned, non-owned, owned and hired vehicles, in the amount vehicles for combined single limit of bodily injury and property damage of not less than $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.1,000,000.00 per occurrence;
Appears in 1 contract
Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.)
General Insurance Requirements. During the Term term of this Lease, Lessor and Lessee shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including all personal property, insured with the kinds and amounts of insurance described below, or such other insurance coverage(s) as may be required by the Franchise Agreement. This insurance shall be written by companies authorized to issue do insurance business in the StateState in which the Leased Property is located. The policies must name Lessor and/or Lessee, as applicable, as the insured or as an additional named insured, as the case may be. Losses shall be payable to Lessor or and/or Lessee as provided in this LeaseArticle XIV. In addition, the policies shall name as an additional insured the holder of any mortgage, deed of trust or other security agreement ("Facility Mortgagee") securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXVI ("Facility Mortgage") by way of a standard form of mortgagee's loss payable endorsement. Any loss adjustment shall require the written consent of Lessor and Lessor, Lessee, and each acting reasonably and in good faithFacility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee(s). If any provision of any Facility Mortgage requires deposits of insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, and Fixtures and Lessee’s Personal Property, shall include insure against the followingfollowing risks:
(a) Lessor shall obtain 13.1.1 Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly “extended coverage perils commonly known as "All Risk” form) (including ," earthquake and flood in reasonable amounts as determined by Lessor) all physical loss perils including but not limited to sprinkler leakage in an amount not less than one hundred percent (100% %) of the then full replacement cost thereof (as defined below in Section 13.2) or such other amount which is acceptable to Lessor and Lessee, and personal property insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof);
(ii) Insurance for loss 13.1.2 Loss or damage (direct and indirect) from by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the HotelFacility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, any one accident as may be reasonably requested by LessorLessor from time to time;
13.1.3 Loss of rental under a rental value insurance policy covering risk of loss during the first twelve (iv12) Fidelity bonds with limits and deductibles as may be reasonably requested months of reconstruction necessitated by Lessor, covering Lessee’s employees the occurrence of any of the hazards described in job classifications normally bonded under prudent hotel management practices in the United States Sections 13.1.1 or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof13.
Appears in 1 contract
General Insurance Requirements. During the Term of this LeaseTerm, Lessor and Lessee Tenant or a Tenant Party shall at all times keep the Leased Property Property, and all property located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below, or such other . Each element of insurance coverage(s) as may described in this Article XIII shall be required by maintained with respect to the Franchise AgreementLeased Property of each Facility and Tenant’s Property and operations thereon. This Such insurance shall be written by companies authorized permitted to issue insurance conduct business in the applicable State. The All policies required under this Master Lease must name Lessor and/or Lessee, as applicable, as the insured or Landlord as an “additional named insured, ” or “additional insured” as the case may beappropriate. Losses All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Property losses shall be payable to Lessor or Lessee Landlord and/or Tenant as provided in this LeaseArticle XIV. Any In addition, the policies, as appropriate, shall name as an “additional named insured” or “additional insured” as appropriate, and “mortgagee/loss payee”, as their interest may appear, each Permitted Leasehold Mortgagee and as an “additional insured” and/or “mortgagee/loss payee” as their interest may appear, the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of 438BFU or other standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth herein, any property insurance loss adjustment settlement shall require the written consent of Lessor Landlord, Tenant, and Lessee, each acting reasonably and Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents) unless the amount of the loss net of the applicable deductible is less than One Hundred Million Dollars ($100,000,000) in good faithwhich event no such consent shall be required. Evidence of insurance shall be deposited with LessorLandlord and, if requested, with any Facility Mortgagee(s). The insurance policies on required to be carried by Tenant or a Tenant Party hereunder shall insure against all the Leased Property, including following risks with respect to the Leased Improvements, Fixtures and Lessee’s Personal Property, shall include the followingFacilities:
(a) Lessor shall obtain Loss or damage by fire, vandalism and maintainmalicious mischief, at its own expense:
(i) Building insurance on the “Special Form” (formerly extended coverage perils commonly known as “All Risk,” form) (including earthquake and flood all physical loss perils normally included in reasonable amounts as determined by Lessor) such All Risk insurance, including, but not limited to, sprinkler leakage, collapse, windstorm and terrorism in an amount not less than 100% of One Billion Dollars ($1,000,000,000) and including a building ordinance coverage endorsement, provided, that Tenant shall have the then full replacement cost thereof right (as defined in Section 13.2i) or such other amount which is acceptable to Lessor and Lessee, and personal property limit maximum insurance (on other than Lessee’s Personal Property) on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Insurance coverage for loss or damage by earthquake (direct including earth movement) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and indirectcommercially available, and (ii) from to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named windstorms) to a minimum amount of Four Hundred Million Dollars ($400,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any earthquake, flood, windstorm (including named windstorm) or terrorism peril coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the three years preceding the date of determination for the insurance policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum amount of insurance coverage it reasonably deems most efficient and prudent to purchase for such peril and Tenant shall not be required to spend additional funds to purchase additional coverages insuring against such risks; and provided, further, that certain property coverages other than earthquake, flood and windstorm may be sub-limited as long as each sub-limit (x) is commercially reasonable and prudent as determined by Tenant and (y) to the extent that the amount of such sub-limit is less than the amount of such sub-limit in effect as of the Commencement Date, such sub-limit is approved by Landlord, such approval not to be unreasonably withheld;
(b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Hoteleach Facility, in the minimum amount of $5,000,000 or in such greater amounts as are then customary; and
(iii) Loss of income insurance on the “Special Form”, in the amount of one year of Base Rent and Additional Charges (to the extent quantifiable) for the benefit of Lessor.
(b) Lessee shall obtain and maintain, at its own expense:
(i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the full amount of the replacement cost thereof;
(ii) Comprehensive general liability insurance, with amounts not less than $10,000,000 covering each of the following: bodily injury, death, or property damage liability per occurrence, personal and advertising injury, general aggregate, products and completed operations, limits with respect to Lessor, and “all risk legal liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee;
(iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased Property and is available from insurance companies, insurance pools or other appropriate companies authorized to do business in the State at rates which are economically practicable in relation to the risks covered, any one accident as may be reasonably requested by LessorLandlord from time to time;
(iv) Fidelity bonds with limits and deductibles as may be reasonably requested by Lessor, covering Lessee’s employees in job classifications normally bonded under prudent hotel management practices in the United States or otherwise required by law;
(v) Worker’s compensation insurance coverage for all persons, if any, employed by Lessee on the Leased Premises, to the extent necessary to protect Lessor and the Leased Property against Lessee’s worker’s compensation claims, such worker’s compensation insurance to be in accordance with the requirements of applicable local, state and federal law;
(vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the amount of $5,000,000; and
(vii) Such other insurance as Lessor may reasonably request for facilities such as the Leased Property and the operation thereof.
Appears in 1 contract
