General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) 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 event of a cancellation as a result of nonpayment, in which event the 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.
Appears in 3 contracts
Samples: Lease (SVMK Inc.), Lease (SVMK Inc.), Sublease (Zuora Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 and Tenant’s contractors and movers hereunder must be issued by and binding upon an insurance company licensed to do business in the state in which the property is located with a rating of at least "A-" "VIII" or duly executed certificates better as set forth in the most current issue of Best's Key Rating Guide, unless otherwise approved by Landlord. Tenant will not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. The insurance that Tenant is required to carry under this Paragraph 9.A may be held under a blanket policy. Liability insurance maintained by Tenant and Tenant’s contractors and movers will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Tenant’s liability insurance deductibles may not exceed $0.00, shall and Tenant’s property insurance deductibles may not exceed $5,000.00. Endorsements, acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Xxxxx 27, evidencing property insurance as required will be delivered to Landlord prior to the date that Tenant occupies delivery or possession of the Premises and ten days prior to each renewal date. Endorsements for any reasoneach policy shall show that the Required Additional Insureds are included as additional insureds on liability policies (except employer's liability). The Evidence of Property Insurance Form will name Landlord as loss payee for property insurance as respects Landlord's interest in improvements and betterments. Further, the endorsements must include that for each policy whereby the insurer agrees not to cancel or non-renew the policy, or reduce the coverage below the limits required in this Lease, without at least thirty (30) days' prior notice to Landlord and Landlord's managing agent. If Tenant fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the Term and thereafter during the Term, within ten (10) days following Landlord's request thereof, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt date of any such notice coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant, plus an eighteen percent (18%) service charge, and payable upon written invoice thereof. The limits of cancellation insurance required by this Lease, or any material modification as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any policy of insurance applicable obligation thereunder, except to the Premises required extent provided for under this ParagraphParagraph 9.C below (Waiver of Claims; Waiver of Subrogation). If Any deductibles selected by Tenant will be the sole responsibility of Tenant. Landlord may, at any time during its sole discretion, change the Term the amount or coverage of insurance policy limits and forms which Tenant is are required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of be provided by Tenant; such changes will be made to conform to common insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated requirements for similar purposes as the Premises properties in similar geographic locations. Landlord will not change required insurance limits 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 Paragraph 8forms more often than once per calendar year.
Appears in 3 contracts
Samples: Industrial Triple Net Lease (Orbital Energy Group, Inc.), Industrial Triple Net Lease (Orbital Energy Group, Inc.), Industrial Triple Net Lease (Orbital Energy Group, Inc.)
General Insurance Requirements. All of the above policies of liability insurance so obtained shall be primary insurance and maintainedshall name the City, including any umbrella liability insurance policiesits elected and appointed officers, shall (a) be carried in the name of Tenant, (b) name Landlord, any Security Holder employees 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 (insureds and any other liability insurance maintained by Landlord City or its officers, employees or agents shall apply in excess of, and not contribute with Contractor’s insurance. The insurer is deemed hereof to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the waive all rights of insureds shall not be prejudiced by one insured making a claim or commencing an action subrogation and contribution it may have against another insuredthe City, (e) include severability of interest clausesits officers, products-completed operations employees and coverage of independent contractors, agents 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each their respective policy terminsurers. All Tenant’s of said policies of insurance shall provide that said insurance may not be amended or cancelled by the insurer agrees not to cancel the policy or any party hereto without at least providing thirty (30) days’ days prior written notice by certified mail return receipt requested to Tenant (except in the City. In the event any of a said policies of insurance are cancelled, the Contractor shall, 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 Contractor has provided the City with Certificates of Insurance or appropriate insurance binders evidencing the above insurance coverages and said Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, certified copies of all required insurance policies at any time. Any failure to comply with the reporting or other provisions of the policies including breaches or warranties shall not affect coverage provided to City. All certificates shall name the City as a result additional insured (providing the appropriate endorsement) and shall conform to the 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. [to be initialed] Agent Initials 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 nonpaymentactivities Contractor performs; products and completed operations of Contractor; premises owned, in which event occupied or used by Contractor; or automobiles owned, leased, hired or borrowed by Contractor. 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. Contractor’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the 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 give Tenant at least ten (10) days’ prior notice)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 Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration, defense expenses and claims. Tenant The Contractor agrees that the requirement to provide insurance shall notify Landlord within ten (10) days following receipt not be construed as limiting in any way the extent to which the Contractor may be held responsible for the payment of damages to any persons or property resulting from the Contractor’s activities or the activities of any person or persons for which the Contractor is otherwise responsible nor shall it limit the Contractor’s indemnification liabilities as provided in Section 5.3. . In the event the Contractor subcontracts any portion of the work in compliance with Section 4.5 of this Agreement, the contract between the Contractor and such notice of cancellation or any material modification of any policy subcontractor shall require the subcontractor to maintain the same policies of insurance applicable to that the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant Contractor is required to carry under Paragraph 8.2 ismaintain pursuant to Section 5.1, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar and such certificates and endorsements shall be provided to and operated for similar purposes as 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 Paragraph 8City.
Appears in 2 contracts
Samples: Contract Services Agreement, Contract Services Agreement
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in ARTICLE XIV. Any loss adjustment shall require the written consent of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant’s Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as “All Risk”, including flood, the backup of sewers and 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) of the 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 (12) 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 (“CGL”) insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a “tail” that insures against so called “incurred but not reported claims” for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called “incurred but not reported claims” relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment“Previous Period Unreported Claims”), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) days following receipt 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 such notice 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 cancellation primary or any material modification excess liability, as applicable depending on the nature of any 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), or
(ii) insure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, as applicable, CGL insurance applicable on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the Premises 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 under this Paragraph. If at any time during the Term the 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 or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than Twenty Five Million and No/100 Dollars ($25,000,000.00) for each person and for each claim in the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.aggregate;
Section 13.1. 6 Intentionally Omitted;
Appears in 2 contracts
Samples: Master Lease Agreement (Kindred Healthcare, Inc), Master Lease Agreement (Kindred Healthcare, Inc)
General Insurance Requirements. All insurance provided for in this Lease shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, licensed and approved to do business in the state in which the Premises is located having a general policyholders rating of not less than "A-11" and a financial rating of not less than "XII" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an "occurrence" basis. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2 hereof. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name of Tenant, (b) name Landlord, any Security Holder the Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that the subject policy may not be canceled except upon not less than thirty (30) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant occupies shall provide Landlord with a complete copy of the Premises for any reason, and evidence insurance policy evidenced by such certificate within thirty (30) days of renewals the commencement of such the Term. Originals of the renewal policies or certificates therefor from the insurers evidencing the existence thereof shall be delivered to deposited with Landlord at least not less than ten (10) days prior to the expiration dates of each respective the policies. If Landlord is provided with a certificate for a renewal policy, upon Landlord's request Tenant shall deliver a copy of the complete renewal policy term. All Tenant’s insurance shall provide that the insurer agrees not to cancel the policy without at least Landlord within thirty (30) days’ prior written notice to Tenant (except in days of the event expiration of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice)replaced policy. Tenant shall notify Landlord within ten (10) days following receipt of Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.
Appears in 2 contracts
Samples: Lease and Security Agreement (Balanced Care Corp), Lease and Security Agreement (Balanced Care Corp)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 that Tenant is required to Landlord carry under this Lease, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunderSection 1.1 may be held under a blanket policy. No endorsement limiting or excluding a required coverage is permitted. Such insurance All policies required to be carried by Tenant and Tenant’s contractors, subcontractors and movers hereunder must be issued by and binding upon an insurance company licensed to do business in the state in which the property is located with a rating of at least “A-” “VIII” or duly executed certificates better as set forth in the most current issue of Best’s Key Rating Guide, unless otherwise approved by Landlord. Tenant will not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. Liability insurance maintained by Tenant and Tenant’s contractors and movers will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Tenant’s liability insurance deductibles may not exceed $0.00, shall and Tenant’s property insurance deductibles may not exceed $5,000.00. Certificates of insurance, acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Xxxxx 27, evidencing property insurance as required will be delivered to Landlord prior to the date that Tenant occupies delivery or possession of the Premises for any reason, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) days prior to each renewal date. Certificates of insurance will include an endorsement for each policy showing that the expiration Required Additional Insureds are included as additional insureds on liability policies (except employer’s liability). The Evidence of Property Insurance Form will name Landlord as loss payee for property insurance as respects Landlord’s interest in improvements and betterments. Further, the certificates must include an endorsement for each respective policy term. All Tenant’s insurance shall provide that whereby the insurer agrees not to cancel or non-renew the policy policy, or reduce the coverage below the limits required in this Lease, without at least thirty (30) 30 days’ prior written notice to Landlord and Landlord’s managing agent. If Tenant (except in fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the event of a cancellation as a result of nonpaymentterm and thereafter during the term, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) 10 days following receipt Landlord’s request thereof, and 10 days prior to the expiration date of any such notice coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon written invoice thereof. The limits of cancellation insurance required by this lease, or any material modification as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any policy of insurance applicable obligation thereunder, except to the Premises required extent provided for under this ParagraphParagraph 17 (Waiver of Claims; Waiver of Subrogation) of the Lease. If Any deductibles selected by Tenant will be the sole responsibility of Tenant. Landlord may, at any time during its sole discretion, change the Term the amount or coverage of insurance policy limits and forms which Tenant is are required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of be provided by Tenant; such changes will be made to conform with common insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated requirements for similar purposes as the Premises properties in similar geographic locations. Landlord will not change required insurance limits 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 Paragraph 8forms more often than once per calendar year.
Appears in 2 contracts
Samples: Office Lease Agreement (Liquid Holdings Group LLC), Office Lease Agreement (Liquid Holdings Group LLC)
General Insurance Requirements. All of the above policies of liability insurance so obtained shall be primary insurance and maintainedshall name the City, including any umbrella liability insurance policiesits elected and appointed officers, shall (a) be carried in the name of Tenant, (b) name Landlord, any Security Holder employees 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 (insureds and any other liability insurance maintained by Landlord City or its officers, employees or agents shall apply in excess of, and not contribute with Contractor’s insurance. The insurer is deemed hereof to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the waive all rights of insureds shall not be prejudiced by one insured making a claim or commencing an action subrogation and contribution it may have against another insuredthe City, (e) include severability of interest clausesits officers, products-completed operations employees and coverage of independent contractors, agents 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each their respective policy terminsurers. All Tenant’s of said policies of insurance shall provide that said insurance may not be amended or cancelled by the insurer agrees not to cancel the policy or any party hereto without at least providing thirty (30) days’ days prior written notice by certified mail return receipt requested to Tenant (except in the City. In the event any of a said policies of insurance are cancelled, the Contractor shall, 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 Contractor has provided the City with Certificates of Insurance or appropriate insurance binders evidencing the above insurance coverages and said Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, certified copies of all required insurance policies at any time. Any failure to comply with the reporting or other provisions of the policies including breaches or warranties shall not affect coverage provided to City. All certificates shall name the City as a result additional insured (providing the appropriate endorsement) and shall conform to the 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. [to be initialed] Agent Initials 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 nonpaymentactivities Contractor performs; products and completed operations of Contractor; premises owned, in which event occupied or used by Contractor; or automobiles owned, leased, hired or borrowed by Contractor. 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. Contractor’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the 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 give Tenant at least ten (10) days’ prior notice)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 Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration, defense expenses and claims. Tenant The Contractor agrees that the requirement to provide insurance shall notify Landlord within ten (10) days following receipt not be construed as limiting in any way the extent to which the Contractor may be held responsible for the payment of damages to any persons or property resulting from the Contractor’s activities or the activities of any person or persons for which the Contractor is otherwise responsible nor shall it limit the Contractor’s indemnification liabilities as provided in Section 5.3. In the event the Contractor subcontracts any portion of the work in compliance with Section 4.5 of this Agreement, the contract between the Contractor and such notice of cancellation or any material modification of any policy subcontractor shall require the subcontractor to maintain the same policies of insurance applicable to that the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant Contractor is required to carry under Paragraph 8.2 ismaintain pursuant to Section 5.1, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar and such certificates and endorsements shall be provided to and operated for similar purposes as 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 Paragraph 8City.
Appears in 2 contracts
Samples: Contract Services Agreement, Contract Services Agreement
General Insurance Requirements. All policies In accordance with Public Code Section 20170, the insurance of liability insurance so obtained and maintained, including any umbrella liability insurance policies, surety companies who provide or issue the policy shall (a) be carried have been admitted to do business in the name State of Tenant, (b) name Landlord, any Security Holder and LandlordCalifornia with a credit rating of A- or better. Insurance policies must be issued by an insurer with an A.M. Best’s designated agents as additional insureds, pursuant to an endorsement providing coverage rating of 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 A:VII. Contractor shall provide written notice 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, or the liability of Tenant for nonperformance of its obligations or 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 City within ten (10) working days if:
(1) any of the required insurance policies is terminated; (2) the limits of any of the required polices are reduced; or (3) the deductible or self-insured retention is increased. In the event any of said policies of insurance are cancelled, Contractor shall, prior to the expiration cancellation date, submit new evidence of each respective policy terminsurance in conformance with Section 5.1 to the Contract Officer. All TenantAny insurance maintained by the City shall apply in excess of and not combined with insurance provided by this policy. City, its officers, employees, representatives, attorneys, and authorized volunteers shall be named as additional named insureds. No Services under this Agreement shall commence until Contractor has provided City with original endorsements effecting coverage set forth in this Article 5. Such endorsements shall be signed by an authorized representative of the insurance company and shall include the signator’s insurance company affiliation and title. Should it be deemed necessary by City, it shall provide be Contractor’s responsibility to see that City receives documentation, acceptable to City, which sustains that the insurer agrees not individual signing said endorsements is indeed authorized to cancel do so by the policy without insurance company. Current Evidence of Coverage must be provided for the entire required period of insurance. City reserves the right to inspect complete, certified copies of all required insurance policies at least any time. Upon written request, certified copies of required insurance policies must be provided within thirty (30) days’ prior written notice . Any failure to Tenant (except in comply with the event reporting or other provisions of a cancellation as a result the policies including breaches or warranties shall not affect coverage provided to City. If the Contractor fails to maintain the aforementioned insurance, or secure and maintain the aforementioned endorsement, the City may obtain such insurance, and deduct and retain the amount of nonpaymentthe premiums for such insurance from any sums due under this Agreement. However, in which event procuring of said insurance by City is an alternative to other remedies City may have, and is not the insurer shall give Tenant at least ten (10) days’ prior notice)exclusive remedy for failure of Contractor to maintain said insurance or secure said endorsement. Tenant shall notify Landlord within ten (10) days following receipt of In addition to any such notice of cancellation other remedies City may have upon Contractor’s failure to provide and maintain any insurance or any material modification of any policy of insurance applicable endorsements to the Premises required under this Paragraph. If at any extent and within the time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 isherein required, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use of the Premises should change with or without Landlord’s consent, Landlord City shall have the right to order Contractor to stop work hereunder, and/or withhold any payment(s) which became due to Contractor hereunder until Contractor demonstrates compliance with the requirements hereof. Nothing herein contained shall be construed as limiting in any way the extent to which Contractor may be held responsible for the payment of damages to any persons or property resulting from Contractor’s activities or the activities of any person or persons for which Contractor is otherwise responsible nor shall it limit Contractor’s indemnification liabilities as provided in Section 5.3 The name and address for Additional Insured endorsements, Certificates and Notice of Cancellation is: City of Xxxxx Xxxxx, 0000 Xxxx Xxxx Xxxxxx, Xxxxx Xxxxx, Xxxxxxxxxx, 00000. Certificate of Insurance must include the following reference: In the event Contractor subcontracts any portion of the Services in compliance with this Agreement, the contract between Contractor and such subcontractor shall require Tenant the subcontractor to increase maintain the amount or change the types same policies of insurance coverage that Contractor is required under Paragraph 8to maintain pursuant to Section 5.1, and such certificates and endorsements shall be provided to City.
Appears in 2 contracts
Samples: Contract Services Agreement, Contract Services Agreement
General Insurance Requirements. All insurance provided for in this Lease shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, licensed and approved to do business in the State of Texas, having a rating of not less than "A-X" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an "occurrence" basis. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name of Tenant, (b) name Landlord, any Security Holder the Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that Tenant occupies the Premises for any reason, and evidence of renewals of such policies shall subject policy may not be delivered to Landlord at least cancelled except upon not less than ten (10) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant shall use its best efforts to provide Landlord with a complete copy of the insurance policy evidenced by such certificate as soon as possible after the commencement of the Term but not later than sixty (60) days after the commencement of the Term. Certificates of the renewal policies from the insurers evidencing the existence thereof shall be deposited with Landlord not less than five (5) days prior to the expiration dates of each respective policy termthe policies. 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Upon Landlord's request Tenant shall notify use its best efforts to deliver a copy of the complete renewal policy to Landlord within ten as soon as possible after the expiration of the replaced policy but not later than sixty (1060) days following receipt after the expiration of the replaced policy. Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.
Appears in 2 contracts
Samples: Lease and Security Agreement (Sterling House Corp), Lease Agreement (Sterling House Corp)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 shall permit any such endorsement is not availableadditional insureds to recover attorneys’ fees and costs as the prevailing party in any dispute with the insurer), (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 breach of conditions coverage in favor of Landlord so that and the general aggregate and other limits apply separately and specifically to the Premisesadditional insureds. 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permitted. Such Duly executed certificates of insurance of 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 (10) days as soon as possible 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 event of a cancellation as a result of nonpayment, in which event the 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 (i) the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if (b) 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 Paragraph 8.2, provided that any increase of insurance required pursuant to clause (i) shall be uniformly imposed by Landlord on all office tenants within the Building. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated A- VII or better in Best’s Insurance Guide and authorized to do business in the state in which the Building is located. Payment of any deductibles shall be the sole responsibility of Tenant. Tenant shall deliver to Landlord on or before the Delivery Date, and thereafter as soon as possible before the expiration dates of the expired policies, a certificate of insurance providing evidence of the insurance coverage required under this Paragraph 8. If Tenant shall fail to procure such insurance, or to deliver such policies or certificates, Landlord may, at Landlord’s option and in addition to Landlord’s other remedies in the Event of a Default by Tenant hereunder, procure the same for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent.
Appears in 2 contracts
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant ------------------------------ shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in Article XIV. Any loss adjustment shall require the written consent ----------- of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant's Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as "All Risk", including flood, the backup of sewers and 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) of the 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 (12) 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 ("CGL") insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a "tail" that insures against so called "incurred but not reported claims" for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called "incurred but not reported claims" relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment"Previous Period Unreported Claims"), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) days following receipt 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 such notice 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 cancellation primary or any material modification excess liability, as applicable depending on the nature of any 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), or
(ii) insure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, as applicable, CGL insurance applicable on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the Premises 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 under this Paragraph. If at any time during the Term the 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 or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than Twenty Five Million and No/100 Dollars ($25,000,000.00) for each person and for each claim in the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.aggregate;
Appears in 2 contracts
Samples: Master Lease Agreement (Kindred Healthcare Inc), Master Lease Agreement (Kindred Healthcare Inc)
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in Article XIV. Any loss adjustment shall require the written consent of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant’s Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as “All Risk”, including flood, the backup of sewers and 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) of the 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 (12) 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 (“CGL”) insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a “tail” that insures against so called “incurred but not reported claims” for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called “incurred but not reported claims” relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment“Previous Period Unreported Claims”), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) days following receipt 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 such notice 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 cancellation primary or any material modification excess liability, as applicable depending on the nature of any 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), or
(ii) insure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, as applicable, CGL insurance applicable on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the Premises 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 under this Paragraph. If at any time during the Term the 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 or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than Twenty Five Million and No/100 Dollars ($25,000,000.00) for each person and for each claim in the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.aggregate;
Section 13.1. 6 Intentionally Omitted;
Appears in 2 contracts
Samples: Master Lease Agreement (Ventas Inc), Master Lease Agreement (Kindred Healthcare Inc)
General Insurance Requirements. All insurance provided for in this Lease shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, licensed and approved to do business in the state in which the applicable Facility is located having a general policyholders rating of not less than "A-11" and a financial rating of not less than "XII" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an "occurrence" basis. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2 hereof. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name the Landlord and Tenant as their interests may appear and allocate to each Facility the full amount 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that the subject policy may not be canceled except upon not less than thirty (30) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant occupies shall provide Landlord with a complete copy of the Premises for any reason, and evidence insurance policy evidenced by such certificate within thirty (30) days of renewals the commencement of such the Term. Originals of the renewal policies or certificates therefor from the insurers evidencing the existence thereof shall be delivered to deposited with Landlord at least not less than ten (10) days prior to the expiration dates of each respective the policies. If Landlord is provided with a certificate for a renewal policy, upon Landlord's request Tenant shall deliver a copy of the complete renewal policy term. All Tenant’s insurance shall provide that the insurer agrees not to cancel the policy without at least Landlord within thirty (30) days’ prior written notice to Tenant (except in days of the event expiration of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice)replaced policy. Tenant shall notify Landlord within ten (10) days following receipt of Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.
Appears in 2 contracts
Samples: Master Lease and Security Agreement (Balanced Care Corp), Master Lease and Security Agreement (Balanced Care Corp)
General Insurance Requirements. All of the above policies of liability insurance so obtained shall be primary insurance and maintainedshall name the City, including any umbrella liability insurance policiesits elected and appointed officers, shall (a) be carried in the name of Tenant, (b) name Landlord, any Security Holder employees 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 (insureds and any other liability insurance maintained by Landlord City or its officers, employees or agents may apply in excess of, and not contribute with Consultant’s insurance. The insurer is deemed hereof to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the waive all rights of insureds shall not be prejudiced by one insured making a claim or commencing an action subrogation and contribution it may have against another insuredthe City, (e) include severability of interest clausesits officers, products-completed operations employees and coverage of independent contractors, agents 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 Premisestheir respective insurers. The insurance requirements in this Paragraph 8 shall not in any way limit, in either scope or amountMoreover, the indemnity obligations separately owed by Tenant to Landlord under this Leaseinsurance policy must specify that where the primary insured does not satisfy the self-insured retention, or any additional insured may satisfy the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each respective policy termself-insured retention. All Tenant’s of said policies of insurance shall provide that said insurance may not be amended or cancelled by the insurer agrees not to cancel the policy or any party hereto without at least providing thirty (30) days’ days prior written notice by certified mail return receipt requested to Tenant (except in the City. In the event any of a said policies of insurance are cancelled, the Consultant shall, 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 said Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, certified copies of and endorsements to all required insurance policies at any time. Any failure to comply with the reporting or other provisions of the policies including breaches or warranties shall not affect coverage provided to City. All certificates shall name the City as a result additional insured (providing the appropriate endorsement) and shall conform to the 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 nonpaymentactivities Consultant performs; products and completed operations of Consultant; premises owned, in which event 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 the 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 give Tenant at least ten (10) days’ prior notice)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. Tenant The Consultant agrees that the requirement to provide insurance shall notify Landlord within ten (10) days following receipt 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 such notice of cancellation 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 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use portion of the Premises should change work in compliance 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 Paragraph 8.Section
Appears in 2 contracts
Samples: Contract Services Agreement, Contract Services Agreement
General Insurance Requirements. All policies In accordance with Public Code Section 20170, the insurance of liability insurance so obtained and maintained, including any umbrella liability insurance policies, surety companies who provide or issue the policy shall (a) be carried have been admitted to do business in the name State of Tenant, (b) name Landlord, any Security Holder and LandlordCalifornia with a credit rating of A- or better. Insurance policies must be issued by an insurer with an A.M. Best’s designated agents as additional insureds, pursuant to an endorsement providing coverage rating of 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 A:VII. Contractor shall provide written notice 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, or the liability of Tenant for nonperformance of its obligations or 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 City within ten (10) working days if:
(1) any of the required insurance policies is terminated; (2) the limits of any of the required polices are reduced; or (3) the deductible or self-insured retention is increased. In the event any of said policies of insurance are cancelled, Contractor shall, prior to the expiration cancellation date, submit new evidence of each respective policy terminsurance in conformance with Section 5.1 to the Contract Officer Any insurance maintained by the City shall apply in excess of and not combined with insurance provided by this policy. All TenantCity, its officers, employees, representatives, attorneys, and authorized volunteers shall be named as additional named insureds. No Services under this Agreement shall commence until Contractor has provided City with original endorsements effecting coverage set forth in this Article 5. Such endorsements shall be signed by an authorized representative of the insurance company and shall include the signator’s insurance company affiliation and title. Should it be deemed necessary by City, it shall provide be Contractor’s responsibility to see that City receives documentation, acceptable to City, which sustains that the insurer agrees not individual signing said endorsements is indeed authorized to cancel do so by the policy without insurance company. Current Evidence of Coverage must be provided for the entire required period of insurance. City reserves the right to inspect complete, certified copies of all required insurance policies at least any time. Upon written request, certified copies of required insurance policies must be provided within thirty (30) days’ prior written notice . Any failure to Tenant (except in comply with the event reporting or other provisions of a cancellation as a result the policies including breaches or warranties shall not affect coverage provided to City. If the Contractor fails to maintain the aforementioned insurance, or secure and maintain the aforementioned endorsement, the City may obtain such insurance, and deduct and retain the amount of nonpaymentthe premiums for such insurance from any sums due under this Agreement. However, in which event procuring of said insurance by City is an alternative to other remedies City may have, and is not the insurer shall give Tenant at least ten (10) days’ prior notice)exclusive remedy for failure of Contractor to maintain said insurance or secure said endorsement. Tenant shall notify Landlord within ten (10) days following receipt of In addition to any such notice of cancellation other remedies City may have upon Contractor’s failure to provide and maintain any insurance or any material modification of any policy of insurance applicable endorsements to the Premises required under this Paragraph. If at any extent and within the time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 isherein required, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use of the Premises should change with or without Landlord’s consent, Landlord City shall have the right to order Contractor to stop work hereunder, and/or withhold any payment(s) which became due to Contractor hereunder until Contractor demonstrates compliance with the requirements hereof. Nothing herein contained shall be construed as limiting in any way the extent to which Contractor may be held responsible for the payment of damages to any persons or property resulting from Contractor’s activities or the activities of any person or persons for which Contractor is otherwise responsible nor shall it limit Contractor’s indemnification liabilities as provided in Section 5.3 The name and address for Additional Insured endorsements, Certificates and Notice of Cancellation is: City of Xxxxx Xxxxx, 0000 Xxxx Xxxx Xxxxxx, Xxxxx Xxxxx, Xxxxxxxxxx, 00000. Certificate of Insurance must include the following reference: In the event Contractor subcontracts any portion of the Services in compliance with this Agreement, the contract between Contractor and such subcontractor shall require Tenant the subcontractor to increase maintain the amount or change the types same policies of insurance coverage that Contractor is required under Paragraph 8to maintain pursuant to Section 5.1, and such certificates and endorsements shall be provided to City.
Appears in 2 contracts
Samples: Contract Services Agreement, Contract Services Agreement
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in ARTICLE XIV. Any loss adjustment shall require the written consent of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant’s Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as “All Risk”, including flood, the backup of sewers and 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) of the 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 (12) 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 (“CGL”) insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a “tail” that insures against so called “incurred but not reported claims” for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called “incurred but not reported claims” relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment“Previous Period Unreported Claims”), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) 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 insurance which Tenant is required to carry under Paragraph 8.2 isyear period, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.or
Appears in 2 contracts
Samples: Master Lease Agreement (Ventas Inc), Master Lease Agreement (Ventas Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 and Tenant’s contractors, subcontractors and movers hereunder must be issued by and binding upon an insurance company licensed or duly executed certificates authorized to do business in the state in which the property is located with an A.M. Best’s Rating of at least “VIII” or better, unless otherwise acceptable to Landlord. Tenant will not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. Liability insurance maintained by Tenant and Tenant’s contractors, shall subcontractors and movers will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Certificates of insurance, reasonably acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Xxxxx 28, evidencing property insurance as required, will be delivered to Landlord prior to the date that Tenant occupies delivery or possession of the Premises and fifteen (15) days prior to each renewal date. Liability policies (except employers liability) will each include an endorsement naming the Required Additional Insureds such additional insured status. The Evidence of Property Insurance Form will name Landlord as loss payee for property insurance as respects Landlord’s interest in improvements and betterments. Further, the certificates must indicate that insurers will endeavor to provide at least 30 days’ prior notice to Landlord and Landlord’s managing agent prior to any reasoncancellation of coverage. If Tenant fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the term and thereafter during the term, within 10 days following Landlord’s request thereof, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) 10 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt date of any such notice coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon written invoice thereof. The limits of cancellation insurance required by this lease, or any material modification as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any obligation thereunder. Any deductibles selected by Tenant will be the sole responsibility of Tenant. Landlord may, at its sole discretion, change the insurance policy of insurance applicable to the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance limits and forms which Tenant is are required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of be provided by Tenant; such changes will be made to conform with common insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated requirements for similar purposes as the Premises properties in similar geographic locations. Landlord will not change required insurance limits 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 Paragraph 8forms more often than once per calendar year.
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Samples: Office Lease (New Relic Inc), Office Lease (New Relic Inc)
General Insurance Requirements. (1) All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, which the Borrower is required to maintain shall (a) be carried in the 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 satisfactory to the Premises. The insurance requirements Lender in this Paragraph 8 shall not in any way limitform, in either scope or amount, the indemnity obligations separately owed by Tenant to Landlord under this Lease, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permittedamount and insurer. Such insurance policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, shall provide that any loss thereunder shall be delivered to Landlord prior to payable notwithstanding any action, inaction, breach of warranty or condition, breach of declarations, misrepresentation or negligence of the date that Tenant occupies Borrower. Each policy shall contain an agreement by the Premises insurer that, notwithstanding lapse of a policy for any reason, or right of cancellation by the insurer or any cancellation by the Borrower such policy shall continue in full force for the benefit of the Lender for at least thirty (30) days after written notice thereof to the Lender and evidence of renewals the Borrower, and no alteration in any such policy shall be made except upon thirty (30) days written notice of such policies proposed alteration to the Lender and the Borrower and written approval by the Lender. At or before the making of the first Loan, the Borrower shall provide the Lender with certificates evidencing its due compliance with the requirements of this Section.
(2) Prior to the expiration date of any policy of insurance maintained pursuant to this Agreement, the Borrower shall provide the Lender with a certificate of insurance evidencing the acquisition of a new policy, or an extension or renewal of an existing policy, evidencing the Borrower's due compliance with this Section.
(3) If the Borrower fails to acquire any policy of insurance required to be delivered maintained pursuant to Landlord this Section, or fails to renew or replace any such policy at least ten (10) days prior to the expiration of each respective policy term. All Tenant’s insurance shall provide that the insurer agrees not thereof, or fails to cancel the policy without at least thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt of keep any such notice of cancellation or policy in full force and effect, the Lender shall have the option (but not the obligation) to pay the premiums on any material modification of any such policy of insurance applicable or to take out new insurance in amount, type, coverage and terms satisfactory to the Premises required under this Paragraph. If at any time during Lender, after first notifying the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use Borrower of the Premises should change with or without Landlord’s consent, Landlord shall have the right Lender's intent to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.pay it. Any amounts paid
Appears in 2 contracts
Samples: Loan Agreement (Orig LLC), Loan Agreement (Orig LLC)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 's coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit A shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit A is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit A. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Lease Agreement
General Insurance Requirements. All insurance provided for in this Lease shall be obtained by the Tenant at its sole cost and expense and shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, licensed and approved to do business in the Commonwealth of Massachusetts, having a general policyholders rating of not less than "A" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as a so-called "named insured" and NHI as an additional insured and shall be on an "occurrence" basis. In addition, NHI shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name of Tenantthe NHI, (b) name Landlord, any Security Holder Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Certified copies of the policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord and NHI shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that the subject policy may not be canceled except upon not less than ten (10) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant occupies shall provide Landlord with a complete copy of the Premises for any reason, and evidence insurance policy evidenced by such certificate within 30 days of renewals the commencement of such the Term. Certified copies of the renewal policies or certificates therefore from the insurers evidencing the existence thereof shall be delivered to deposited with Landlord at least not less than ten (10) days prior to the expiration dates of each respective policy termthe policies. 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 event of If Landlord is provided with a cancellation as certificate for a result of nonpaymentrenewal policy, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). upon Landlord's request Tenant shall notify deliver a copy of the complete renewal policy to Landlord within ten (10) 30 days following receipt of the expiration of the replaced policy. Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent. Notwithstanding any particular amounts specified in this Lease for Tenant's insurance coverage, Landlord shall have the right at any time hereafter to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8such higher limits as it may determine in its reasonable discretion are prudent.
Appears in 1 contract
General Insurance Requirements. 9.2.1 All of the policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, required to be maintained by Tenant under this Article IX shall (a) be carried written in form satisfactory to Landlord and any Facility Mortgage and issued by insurance companies (i) with a policyholder and financial rating of not less than A+ in the name most recent version of Tenant, Best’s Key Rating Guide and (ii) authorized to do insurance business in the applicable Situs State; (b) name Landlord, provide that any Security Holder insurance maintained by Landlord for or with respect to the Premises shall be excess 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 noncontributory with Tenant’s insurance; and (c) include a waiver of all rights of subrogation and recovery against Landlord.
9.2.2 All liability type policies (with the exception of Tenant’s workers’ compensation/employer’s liability insurance for and professional liability insurance) must name Landlord as an “additional insured.” All property policies shall name Landlord as “loss payee.” All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Losses shall be payable to Landlord and/or Tenant as provided herein. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Landlord, Tenant, and each Facility Mortgagee unless the amount of the loss is less than $50,000 in which such endorsement is not available), (c) event no consent shall be required.
9.2.3 Tenant shall provide Landlord copies of the primary original policies or a satisfactory XXXXX evidencing the existence of the insurance providing coverage for required by this Lease and showing the interest of Landlord (and any other liability insurance maintained by Landlord to be excess and non-contributingFacility Mortgagee(s), (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, or the liability of Tenant for nonperformance of its obligations or 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 commencement of the Premises Term or, for any reasona renewal policy, and evidence of renewals of such policies shall be delivered to Landlord at least not less than ten (10) days prior to the expiration date of each respective the policy termbeing renewed. All If Landlord is provided with an XXXXX certificate and thereafter requests a complete copy of the applicable policy, Tenant shall provide a complete copy of such policy within ten (10) days of Landlord’s request.
9.2.4 Tenant’s obligations to carry the insurance shall provide provided for herein may be brought within the coverage of a so-called “blanket” policy or policies of insurance carried and maintained by Tenant; provided, however, that the coverage afforded Landlord will not be reduced or diminished or otherwise be materially different from that which would exist under a separate policy meeting all other requirements hereof by reason of the use of the blanket policy, and provided further that the requirements of this Article IX (including satisfaction of the Facility Mortgagee’s requirements and the approval of the Facility Mortgagee) are otherwise satisfied, and provided further that Tenant maintains specific allocations acceptable to Landlord. For any liability policies covering one or more other properties in addition to the Premises, Landlord may require excess limits as Landlord reasonably determines.
9.2.5 Each insurer agrees not under the insurance policies maintained by Tenant pursuant to cancel this Article IX shall agree, by endorsement on the policy without at least or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days’ prior written notice to Tenant (except before the policy or policies in the event of a cancellation as a result of nonpayment, in which event the insurer question 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 be altered 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8cancelled.
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, EXHIBIT D shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this EXHIBIT D is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.this EXHIBIT D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent. EXHIBIT E
Appears in 1 contract
Samples: Industrial Lease (Sitesmith Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit D shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit D is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $l0,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Office Lease (Account4 Com Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each respective policy term. All Tenant’s insurance coverages described in thisExhibit D shall be endorsed to (i) provide that the insurer agrees not to cancel the policy without at least Landlord with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord’s insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit D is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as 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 Paragraph 8this Exhibit D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in “Best’s Insurance Guide” and authorized to do business in the State of Oregon. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord’s other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Office Lease (Avi Biopharma Inc)
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Lessee shall at all times keep the Leased Property, and maintainedall property located in or on the Leased Property, including any umbrella Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance described below. Each element of insurance described in this Article shall be maintained with respect to the Leased Property of each Facility and the Personal Property and operations thereon. This insurance shall be written by companies authorized to do insurance business in the State in which the Leased Property is located. All liability insurance type policies must name Lessor as an "additional insured." All property policies shall name Lessor as "loss payee." All business interruption policies shall name Lessor as "loss payee" with respect to Rent only. Losses shall be payable to Lessor and/or Lessee as provided in Article 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 (a"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, Lessee, and each Facility Mortgagee unless the amount of the loss is less than $10,000 in which event no consent shall be carried in 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 name of Tenantamounts required and Lessor shall transfer such amounts to each Facility Mortgagee, (b) name Landlord, any Security Holder and Landlord’s designated agents as additional insuredsor, 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 written direction by Lessor, Lessee shall make 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 Premisesdeposits directly with such Facility Mortgagee. The insurance requirements in this Paragraph 8 policies shall not in any way limit, in either scope or amount, insure against the indemnity obligations separately owed by Tenant following risks with respect to Landlord under this Lease, or the liability of Tenant for nonperformance of its obligations or for loss each Facility: 13
.1.1 Loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required by fire, vandalism and malicious mischief, extended coverage is permitted. Such insurance policies required to be carried by Tenant or duly executed certificates of insurance with respect theretoperils commonly known as special form perils, shall be delivered to Landlord prior to the date that Tenant occupies the Premises for any reason, earthquake (including earth movement) and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) days prior to the expiration of each respective policy term. All Tenant’s insurance shall provide that the insurer agrees windstorm in an amount not to cancel the policy without at least thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount insurable value on a replacement cost basis (as defined below in Section 13.2) and including a building ordinance coverage endorsement; 13
.1.2 Loss or type damage by explosion of insurance coverage typically carried steam boilers, pressure vessels or similar apparatus, now or hereafter installed in each Facility, in such limits with respect to any one accident as may be reasonably requested by tenants leasing space in Comparable Buildings which are similar Lessor from time to and operated for similar purposes as 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 Paragraph 8time; 13.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 hereunder shall be issued by and binding upon an insurance company licensed to do business in the state of California with a rating of at least "A- VII" or duly executed certificates better as set forth in the most current issue of Best's Insurance Reports, unless otherwise approved by Landlord. Tenant shall not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. Liability insurance maintained by Tenant shall be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Certificates of insurance, acceptable to Landlord, evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord prior to delivery or possession of the date Premises and ten days prior to each renewal date. Certificates of insurance shall include an endorsement for each policy showing that Landlord; its trustees, officers, directors, agents and employees; Landlord's Mortgagees; and Landlord's Representatives are included as additional insureds on liability policies and that Landlord is loss payee for property insurance. Further, the certificates must include an endorsement for each policy whereby the insurer agrees not to cancel, non-renew or materially reduce the limits of the policy on the premises without at least 30 days prior written notice to Landlord and Landlord's Representative. In the event that Tenant occupies fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the Premises for any reasonterm and thereafter during the term, within 10 days following Landlord's written request thereof, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) 30 days prior to the expiration date of any such coverage, Landlord may, but shall not be obligated to obtain the required insurance, and the cost thereof, together with an administrative fee of Five Hundred Dollars ($500), shall be payable by Tenant to Landlord on demand. Nothing in this Section shall be deemed to be a waiver of any rights or remedies available to Landlord under this Lease or at law or in equity if Tenant fails to obtain the required insurance policies and to deliver evidence thereof. Tenant shall furnish Landlord with renewals or "binders" of each respective policy term. All Tenant’s insurance shall provide that policy, together with evidence of payment of the insurer agrees not to cancel the policy without premium therefore, at least thirty (30) days’ days prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice)expiration. 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 provide insurance coverage pursuant to blanket policies obtained by Tenant to increase if the amount or change the types blanket policies expressly afford coverage as required by this Lease. The limits of insurance coverage required by this Lease, or as carried by Tenant, shall not limit the liability of Tenant or relieve Tenant of any obligation thereunder, except to the extent provided for under Paragraph 8Waiver of Subrogation. Any deductibles selected by Tenant shall be the sole responsibility of Tenant.
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit B shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; and (ii) be primary and non-contributing with Landlord's insurance. The property insurance coverage required of any policy Tenant shall be endorsed to waive all rights of subrogation by the insurance applicable to carrier against Landlord or shall otherwise state that the Premises required under this Paragraphcarrier shall be so bound by Tenant's waiver of the carrier's right of subrogation. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit B is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit B. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AX or better in "Best's Insurance Guide" and authorized to do business in the State of Nevada. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Lease Agreement (Qorus Com Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, EXHIBIT D shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this EXHIBIT D is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this EXHIBIT D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent. EXHIBIT E PARKING RULES
1. Cars must be parked entirely within painted stall lines.
2. All directional signs and arrows must be observed.
3. All posted speed limits for the parking areas shall be observed. If no speed limit is posted for an area, the speed limit shall be five (5) miles per hour.
4. Parking is prohibited:
(a) in areas not striped for parking;
(b) in aisles;
(c) where "no parking" signs are posted;
(d) on ramps;
(e) in cross hatched areas; and
(f) in such other areas as may be designated by Landlord.
5. Handicap and visitor stalls shall be used only by handicapped persons or visitors, as applicable.
6. Parking stickers or any other device or form of identification supplied by Landlord from time to time (if any) shall remain the property of Landlord. Such parking identification device must be displayed as requested and may not be mutilated in any manner. The serial number of the parking identification device may not be obliterated. Devices are not transferable and any device may not be obliterated. Devices are not transferable and any device in possession of any unauthorized holder will be void. There will be a replacement charge payable by the xxxxxx and such xxxxxx'x appropriate tenant equal to the amount posted from time to time by Landlord for loss of any magnetic parking card or any parking sticker.
Appears in 1 contract
Samples: Office Lease (Intraware Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Section 6.2 shall be delivered endorsed to (i) provide 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 (10) 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) with 30 days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms (other than any material modification de minimus changes) and 10 days’ prior notice for any cancellation for the non-payment of any policy premiums; and (ii) waive all rights of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Section 6.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as 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 Paragraph 8this Section 6.2. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated A-VIII or better in “Best’s Insurance Guide” and authorized to do business in the State. In any event deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $25,000 per occurrence. Tenant shall deliver to Landlord on or before the Commencement Date, and thereafter at least 10 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 addition to Landlord’s other remedies in the event of a default by Tenant hereunder, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate, as defined in Section 21.4) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Office Lease (Cepheid)
General Insurance Requirements. The insurance required under this Article shall be affected by valid and enforceable policies issued by insurance companies with a Best’s rating of A or higher licensed to do business in the State of New York and approved in writing by Landlord. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an “occurrence” basis and, to the extent that the holder of any mortgage will require such insurance coverage, such policies will also name such mortgagee, as its interests may appear. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 11.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of “blanket” or “umbrella” type policies which shall name of Tenant, (b) name Landlord, any Security Holder the Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Demised Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance Accord form certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered provided to Landlord prior to the date that Tenant occupies the Premises for any reason, Commencement Date and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) days prior to the expiration of each respective policy term. All Tenant’s insurance shall provide that the insurer agrees subject policy may not to cancel the policy without at least be canceled except upon not less than thirty (30) days’ prior written notice to Tenant (except in the event of Landlord. If Landlord is provided with a cancellation as a result of nonpaymentcertificate, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). upon Landlord's written request Tenant shall notify provide Landlord with a complete copy of the insurance policy evidenced by such certificate within thirty (30) days of the Commencement Date. Originals of the renewal policies or certificates therefore from the insurers evidencing the existence thereof shall be provided to Landlord upon Landlord’s written request not less than ten (10) days following receipt prior to the expiration dates of the policies. If Landlord is provided with a certificate for a renewal policy, upon Landlord's written request Tenant shall deliver a copy of the complete renewal policy to Landlord within thirty (30) days of the expiration of the replaced policy. Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable described in this Lease shall be adjudicated by and at the expense of Tenant or of its insurance carrier, but shall be subject to the Premises required under this Paragraph. If at any time during the Term the amount or coverage joint control of insurance which Tenant is required to carry under Paragraph 8.2 is, in and Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant shall at all times keep the Facilities, and maintainedall property located in or on the Facilities, including any umbrella liability all Capital Additions, the FF&E and the Personal Property, insured with the kinds and amounts of insurance policies, described below. Each element of the insurance described in this Article shall (a) be carried maintained with respect to the Facilities and the Personal Property and operations thereon. This insurance shall be written by companies authorized to do insurance business in the State in which the Facilities are located. All liability type policies (except professional liability and workers compensation) must name Landlord 1845797.11-NYCSR07A - MSW as an “additional insured” through an endorsement on the policy. All property, loss of Tenantrental and business interruption type policies shall name, (b) name Landlordthrough a policy endorsement, any Security Holder and Landlord as “loss payee” to the extent of 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 insurable 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 therein with respect 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permitted. Such insurance policies property required to be carried insured by Tenant. Losses shall be payable to Landlord and/or Tenant or duly executed certificates of insurance with respect theretoas provided in Article 15. In addition, the policies, as appropriate, shall be delivered 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 Facilities 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 of any such Facility Mortgagee 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 five (105) business days prior to the expiration desired effective date of each respective policy termsuch endorsement. All TenantIf required by any applicable Facility Mortgagee, any loss adjustment in excess of $500,000 shall require the written consent of the Facility Mortgagee. Notwithstanding anything to the contrary in this Lease (but subject to the immediately following sentence), if requested by Landlord, Tenant shall be obligated to comply with insurance requirements imposed on the Property and set forth in any Encumbrance, provided such requirements are customary in the industry for properties similar to the Facilities in the same general areas in which the Facilities are located, are customarily required by institutional lenders, are commercially reasonable and consistent with industry standards at the applicable time, and such insurance is available at commercially reasonable rates. Landlord agrees to use commercially reasonable efforts and cooperate with Tenant for the purpose of obtaining waivers from any Facility Mortgagee and otherwise securing any Facility Mortgagee’s agreement that such coverage is in compliance with a Facility Mortgagee’s requirements; provided, however, if, despite such efforts, such waivers are not obtained, then the provisions of the immediately preceding sentence will apply. Evidence of insurance shall provide that be deposited with Landlord and, if requested, with the insurer agrees not to cancel the policy without at least thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior noticeFacility Mortgagee(s). Tenant The policies shall notify Landlord within ten insure against the following risks:
14.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage and other perils commonly known as “all risk or special perils”, earthquake (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 including earth movement), sinkhole and windstorm in an amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than the insurable value on a replacement cost basis (as defined below in Section 14.2) and including a building ordinance or law coverage endorsement;
14.1.2 Loss or damage by mechanical breakdown, electrical injury and explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in the Facilities, on a “replacement cost basis”;
14.1.3 Flood (when the improvements comprising the Facilities are located in whole or in part within a FEMA-designated 000-xxxx xxxxx xxxxx xxxx);
14.1.4 Loss of rental value in an amount not less than twelve (12) months’ Rent payable hereunder or type business interruption in an amount not less than twelve (12) months of insurance coverage typically carried income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.at least ninety (90) days; and
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in ARTICLE XIV. Any loss adjustment shall require the written consent of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant’s Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as “All Risk”, including flood, the backup of sewers and 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) of the 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 (12) 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 (“CGL”) insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a “tail” that insures against so called “incurred but not reported claims” for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called “incurred but not reported claims” relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment“Previous Period Unreported Claims”), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) days following receipt 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 such notice 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 cancellation primary or any material modification excess liability, as applicable depending on the nature of any 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), or
(ii) insure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, as applicable, CGL insurance applicable on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the Premises inception of such occurrence based CGL insurance policy and after the latest of (1) April 27, 2007 (in the case of the Added Leased Properties) or October 1, 2014 (in the case of the other Leased Properties), (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 under this Paragraph. If at any time during the Term the 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 or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than Twenty Five Million and No/100 Dollars ($25,000,000.00) for each person and for each claim in the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.aggregate;
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General Insurance Requirements. 9.2.1 All of the policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, required to be maintained by Tenant under this Lease shall (a) be carried written in form satisfactory to Landlord and any Facility Mortgage and, with the exception of any policies written by a captive insurance program pursuant to Section 9.9, issued by insurance companies (i) with a policyholder and financial rating of not less than A- VII in the name most recent version of Tenant, Best’s Key Rating Guide and (ii) authorized to do insurance business in the applicable Situs State; (b) name Landlord, provide that any Security Holder insurance maintained by Landlord for or with respect to the Premises shall be excess 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 noncontributory with Tenant’s insurance; and (c) include a waiver of all rights of subrogation and recovery against Landlord.
9.2.2 All liability type policies (with the exception of Tenant’s workers’ compensation/employer’s liability insurance for and professional liability insurance) must name Landlord, agents and managers, as an “additional insured.” All property policies shall name Landlord as “loss payee.” All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Losses shall be payable to Landlord and/or Tenant as provided herein. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Landlord, Tenant, and each Facility Mortgagee unless the amount of the loss is less than $100,000 in which such endorsement is not available), (c) event no consent shall be required.
9.2.3 Tenant shall provide Landlord a satisfactory XXXXX evidencing the primary existence of the insurance providing coverage for required by this Lease and showing the interest of Landlord (and any other liability insurance maintained by Landlord to be excess and non-contributingFacility Mortgagee(s), (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, or the liability of Tenant for nonperformance of its obligations or 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 commencement of the Premises Term or, for any reasona renewal policy, and evidence of renewals of such policies shall be delivered to Landlord at least not less than ten (10) days prior to the expiration date of each respective the policy termbeing renewed. All Tenant’s insurance If Landlord is provided with an XXXXX certificate and thereafter requests a complete copy of the applicable policy, Tenant shall provide that the insurer agrees not to cancel the a complete copy of such policy without at least thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 Landlord’s request.
9.2.4 Tenant’s obligations to carry the insurance provided for herein may be brought within the coverage of cancellation a so-called “blanket” policy or any material modification of any policy policies of insurance applicable to carried and maintained by Tenant; provided, however, that the Premises required coverage afforded Landlord will not be reduced or diminished or otherwise be materially different from that which would exist under this Paragraph. If at any time during a separate policy meeting all other requirements hereof by reason of the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use of the Premises should change with blanket policy, and provided further that the requirements of this section (including satisfaction of the Facility Mortgagee’s requirements and the approval of the Facility Mortgagee) are otherwise satisfied, and provided further that Tenant maintains specific allocations acceptable to Landlord. For any liability policies covering one or without Landlord’s consentmore other properties in addition to the Premises, Landlord shall have the right to may require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8excess limits as Landlord reasonably determines.
Appears in 1 contract
Samples: Master Lease
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 and Tenant’s contractors, subcontractors and movers hereunder must be issued by and binding upon an insurance company licensed or duly executed certificates authorized to do business in the state in which the property is located with an A.M. Best’s Rating of at least “A-” “VIII” or better, unless otherwise acceptable to Landlord. Tenant will not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. Liability insurance maintained by Tenant and Tenant’s contractors, shall subcontractors and movers will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. The insurance that Tenant is required to carry under this Paragraph 17.1 may be held under a blanket policy. Liability insurance maintained by Tenant and Tenant’s contractors, subcontractors and movers will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Tenant’s liability insurance deductibles may not exceed $5,000, and Tenant’s property insurance deductibles may not exceed $25,000. Certificates of insurance, acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Xxxxx 27, evidencing property insurance as required will be delivered to Landlord prior to the date that Tenant occupies delivery or possession of the Premises and ten days prior to each renewal date. Certificates of insurance will include an endorsement for each policy showing that the Required Additional Insureds are included as additional insureds on liability policies (except employer’s liability). The Evidence of Property Insurance Form will name Landlord as loss payee for property insurance as respects Landlord’s interest in improvements and betterments. Further, the certificates must indicate that insurers will endeavor to provide at least 30 days’ prior notice to Landlord and Landlord’s managing agent prior to any reasoncancellation of coverage. If Tenant fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the term and thereafter during the term, within 10 days following Landlord’s request thereof, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) 10 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt date of any such notice coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon written invoice thereof. The limits of cancellation insurance required by this lease, or any material modification as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any policy of insurance applicable obligation thereunder, except to the Premises extent provided for under Paragraph 18 below (Waiver of Claims; Waiver of Subrogation). Any deductibles selected by Tenant will be the sole responsibility of Tenant. In the event there is a change in any of the insurance industry’s forms required under this Paragraph. If at any time during Paragraph 17.1, or there is a significant change in the Term common insurance requirements of other institutional landlords (unrelated to Landlord) for similar leased properties in the amount or coverage of same geographic area as the Property hereunder, Landlord may, in its reasonable discretion, change the insurance policy limits and forms which Tenant is are required to carry under Paragraph 8.2 isbe provided by Tenant; provided that such changes will be made to conform with such insurance industry changes or common insurance requirements of other (unrelated) institutional landlords. Landlord will not change required insurance limits or forms more often than once per calendar year, in Landlord’s reasonable judgment, materially less than and will not change such required limits or forms before the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use 2nd anniversary 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 Paragraph 8Commencement Date.
Appears in 1 contract
Samples: Lease Agreement (Fusion-Io, Inc.)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit D shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (it) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit D is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right fight to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof(with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent. EXHIBIT E Parking Rules and Regulations ZAPME! Corporation
1. Cars must be parked entirely within painted stall lines.
2. All directional signs and arrows must be observed.
3. All posted speed limits for the parking areas shall be observed. If no speed limit is posted for an area, the speed limit shall be five (5) miles per hour.
4. Parking is prohibited:
(a) in areas not striped for parking;
(b) in aisles;
(c) where "no parking" signs are posted;
(d) on ramps;
(e) in cross hatched areas; and
(f) in such other areas as may be designated by Landlord.
5. Handicap and visitor stalls shall be used only by handicapped persons or visitors, as applicable.
6. Parking stickers or any other device or form of identification supplied by Landlord from time to time (if any) shall remain the property of Landlord. Such parking identification device must be displayed as requested and may not be mutilated in any manner. The serial number of the parking identification device may not be obliterated. Devices are not transferable and any device may not be obliterated. Devices are not transferable and any device in possession of any unauthorized holder will be void. There will be a replacement charge payable by the xxxxxx and such xxxxxx'x appropriate tenant equal to the amount posted from time to time by Landlord for loss of any magnetic parking card or any parking sticker.
Appears in 1 contract
Samples: Office Lease (Zapme Corp)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, 8.B. shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; and (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under this Paragraph 8.2 8.B. is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s '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 88.B. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated A X VII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Should Franklin Resources, Inc. or its successor by merger or acquisition, no longer be "Tenant" under this Lease, In any event then deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed Five Thousand Dollars ($5,000.00) per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant hereunder, procure the same for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Sub Sublease (Divx Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit D shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit D is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as additional rent.
Appears in 1 contract
Samples: Office Lease (Electronic Arts Inc)
General Insurance Requirements. All insurance provided for in this Lease shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, licensed and approved to do business in the State of Oklahoma, having a rating of not less than "A-X" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an "occurrence" basis. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name of Tenant, (b) name Landlord, any Security Holder the Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that Tenant occupies the Premises for any reason, and evidence of renewals of such policies shall subject policy may not be delivered to Landlord at least cancelled except upon not less than ten (10) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant shall use its best efforts to provide Landlord with a complete copy of the insurance policy evidenced by such certificate as soon as possible after the commencement of the Term but not later than sixty (60) days after the commencement of the Term. Certificates of the renewal policies from the insurers evidencing the existence thereof shall be deposited with Landlord not less than five (5) days prior to the expiration dates of each respective policy termthe policies. 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Upon Landlord's request Tenant shall notify use its best efforts to deliver a copy of the complete renewal policy to Landlord within ten as soon as possible after the expiration of the replaced policy but not later than sixty (1060) days following receipt after the expiration of the replaced policy. Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant ------------------------------ shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in Article XIV. Any loss adjustment shall require the written consent ----------- of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant's Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as "All Risk", including flood, the backup of sewers and 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
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) of the 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 (12) 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 ("CGL") insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a "tail" that insures against so called "incurred but not reported claims" for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called "incurred but not reported claims" relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment"Previous Period Unreported Claims"), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) days following receipt 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 such notice 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 cancellation primary or any material modification excess liability, as applicable depending on the nature of any 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), or
(ii) insure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, as applicable, CGL insurance applicable on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the Premises 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 under this Paragraph. If at any time during the Term the 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 or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than Twenty Five Million and No/100 Dollars ($25,000,000.00) for each person and for each claim in the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.aggregate;
Appears in 1 contract
General Insurance Requirements. 8.2.1 All of the policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, required to be maintained by Tenant under this Article VIII shall (a) be carried written in form satisfactory to Landlord and any Facility Mortgage and issued by insurance companies (i) with a policyholder and financial rating of not less than “A-”/“X” in the name most recent version of Tenant, Best’s Key Rating Guide and (ii) authorized to do insurance business in the applicable Situs State; (b) name include a waiver of all rights of subrogation and recovery against 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 .
8.2.2 All liability type policies (other than with the exception of Tenant’s workers’ compensation/employer’s liability insurance for and professional liability insurance) must name Landlord as an “additional insured.” All property policies shall name Landlord as “loss payee.” All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Losses shall be payable to Landlord and/or Tenant as provided herein. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Landlord, Tenant, and each Facility Mortgagee unless the amount of the loss is less than $100,000 in which such endorsement is not available), (c) event no consent shall be required.
8.2.3 Tenant shall provide Landlord copies of the primary original policies or a satisfactory XXXXX evidencing the existence of the insurance providing coverage for required by this Lease and showing the interest of Landlord (and any other liability insurance maintained by Landlord to be excess and non-contributingFacility Mortgagee(s), (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, or the liability of Tenant for nonperformance of its obligations or 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 commencement of the Premises Term or, for any reasona renewal policy, and evidence of renewals of such policies shall be delivered to Landlord at least not less than ten (10) days prior to the expiration date of each respective the policy termbeing renewed. All If Landlord is provided with an XXXXX certificate, it may demand that Tenant provide a complete copy of the related policy within ten (10) days of the later of Landlord’s written request or the date of the issuance of the policy.
8.2.4 Tenant’s obligations to carry the insurance shall provide provided for herein may be brought within the coverage of a so-called “blanket” policy or policies of insurance carried and maintained by Tenant; provided, however, that the coverage afforded Landlord will not be reduced or diminished or otherwise be materially different from that which would exist under a separate policy meeting all other requirements hereof by reason of the use of the blanket policy, and provided further that the requirements of this Article VIII (including satisfaction of the Facility Mortgagee’s requirements and the approval of the Facility Mortgagee) are otherwise satisfied, and provided further that Tenant maintains specific allocations acceptable to Landlord.
8.2.5 Each insurer agrees not under the insurance policies maintained by Tenant pursuant to cancel this Article VIII shall agree, by endorsement on the policy without at least or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days’ prior written notice to Tenant (before the policy or policies in question shall be altered or cancelled except in the event of a cancellation as a result nonpayment of nonpayment, premiums in which event the case each insurer shall give Tenant at least provide ten (10) days’ prior notice). Tenant written notice before the policy or policies in question shall notify Landlord within ten (10) days following receipt of any such notice of cancellation be altered 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8cancelled.
Appears in 1 contract
Samples: Master Lease (CareTrust REIT, Inc.)
General Insurance Requirements. 9.2.1 All of the policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, required to be maintained by Tenant under this Lease shall (a) be carried written in form satisfactory to Landlord and any Facility Mortgage and, with the exception of any policies written by a captive insurance program pursuant to Section 9.9, issued by insurance companies (i) with a policyholder and financial rating of not less than A- VII in the name most recent version of Tenant, Best’s Key Rating Guide and (ii) authorized to do insurance business in the applicable Situs State; (b) name Landlord, provide that any Security Holder insurance maintained by Landlord for or with respect to the Premises shall be excess 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 noncontributory with Tenant’s insurance; and (c) include a waiver of all rights of subrogation and recovery against Landlord.
9.2.2 All liability type policies (with the exception of Tenant’s workers’ compensation/employer’s liability insurance for and professional liability insurance) must name Landlord, agents and managers, as an “additional insured.” All property policies shall name Landlord as “loss payee.” All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Losses shall be payable to Landlord and/or Tenant as provided herein. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Landlord, Tenant, and each Facility Mortgagee unless the amount of the loss is less than $100,000 in which such endorsement is not available), (c) event no consent shall be required.
9.2.3 Tenant shall provide Landlord a satisfactory XXXXX evidencing the primary existence of the insurance providing coverage for required by this Lease and showing the interest of Landlord (and any other liability insurance maintained by Landlord to be excess and non-contributingFacility Mortgagee(s), (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, or the liability of Tenant for nonperformance of its obligations or 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 commencement of the Premises Term or, for any reasona renewal policy, and evidence of renewals of such policies shall be delivered to Landlord at least not less than ten (10) days prior to the expiration date of each respective the policy termbeing renewed. All If Landlord is provided with an XXXXX certificate and thereafter requests a complete copy of the applicable policy, Tenant shall provide a complete copy of such policy within ten (10) days of Landlord’s request.
9.2.4 Tenant’s obligations to carry the insurance provided for herein may be brought within the coverage of a so-called “blanket” policy or policies of insurance carried and maintained by Tenant; provided, however, that the coverage afforded Landlord will not be reduced or diminished or otherwise be materially different from that which would exist under a separate policy meeting all other requirements hereof by reason of the use of the blanket policy, and provided further that the requirements of this section (including satisfaction of the Facility Mortgagee’s requirements and the approval of the Facility Mortgagee) are otherwise satisfied, and provided further that Tenant maintains specific allocations acceptable to Landlord. For any liability policies covering one or more other properties in addition to the Premises, Landlord may require excess limits as Landlord reasonably determines.
9.2.5 Tenant shall provide that the insurer agrees not to cancel the policy without at least Landlord thirty (30) days’ prior written notice to Tenant (except before the policy or policies in the event of a cancellation as a result of nonpayment, in which event the 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 question required under this Paragraph. If at any time during the Term the amount Article IX shall be materially altered, non-renewed or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8cancelled.
Appears in 1 contract
Samples: Master Lease (Diversicare Healthcare Services, Inc.)
General Insurance Requirements. All of the above policies of liability insurance so obtained shall be primary insurance and maintainedshall name the City, including any umbrella liability insurance policiesits elected and appointed officers, shall (a) be carried in the name of Tenant, (b) name Landlord, any Security Holder employees 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 (insureds and any other liability insurance maintained by Landlord City or its officers, employees or agents may apply in excess of, and not contribute with Contractor’s insurance. The insurer is deemed hereof to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the waive all rights of insureds shall not be prejudiced by one insured making a claim or commencing an action subrogation and contribution it may have against another insuredthe City, (e) include severability of interest clausesits officers, products-completed operations employees and coverage of independent contractors, agents 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 Premisestheir respective insurers. The insurance requirements in this Paragraph 8 shall not in any way limit, in either scope or amountMoreover, the indemnity obligations separately owed by Tenant to Landlord under this Leaseinsurance policy must specify that where the primary insured does not satisfy the self-insured retention, or any additional insured may satisfy the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each respective policy termself-insured retention. All Tenant’s of said policies of insurance shall provide that said insurance may not be amended or cancelled by the insurer agrees not to cancel the policy or any party hereto without at least providing thirty (30) days’ days prior written notice by certified mail return receipt requested to Tenant (except in the City. In the event any of a said policies of insurance are cancelled, the Contractor shall, 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 Contractor has provided the City with Certificates of Insurance, additional insured endorsement forms or appropriate insurance binders evidencing the above insurance coverages and said Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, certified copies of and endorsements to all required insurance policies at any time. Any failure to comply with the reporting or other provisions of the policies including breaches or warranties shall not affect coverage provided to City. All certificates shall name the City as a result additional insured (providing the appropriate endorsement) and shall conform to the 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 nonpaymentactivities Contractor performs; products and completed operations of Contractor; premises owned, in which event occupied or used by Contractor; or any automobiles owned, leased, hired or borrowed by Contractor. 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. Contractor’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the 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 give Tenant at least ten (10) days’ prior notice)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 Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration, defense expenses and claims. Tenant The Contractor agrees that the requirement to provide insurance shall notify Landlord within ten (10) days following receipt not be construed as limiting in any way the extent to which the Contractor may be held responsible for the payment of damages to any persons or property resulting from the Contractor’s activities or the activities of any person or persons for which the Contractor is otherwise responsible nor shall it limit the Contractor’s indemnification liabilities as provided in Section 5.3. In the event the Contractor subcontracts any portion of the work in compliance with Section 4.5 of this Agreement, the contract between the Contractor and such notice of cancellation or any material modification of any policy subcontractor shall require the subcontractor to maintain the same policies of insurance applicable to that the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant Contractor is required to carry under Paragraph 8.2 ismaintain pursuant to Section 5.1, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar and such certificates and endorsements shall be provided to and operated for similar purposes as 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 Paragraph 8City.
Appears in 1 contract
Samples: Design/Build Agreement
General Insurance Requirements. 8.2.1 All of the policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, required to be maintained by Tenant under this Article VIII shall (a) be carried written in form satisfactory to Landlord and any Facility Mortgage and issued by Table of Contents insurance companies (i) with a policyholder and financial rating of not less than “A-”/“X” in the name most recent version of Tenant, Best’s Key Rating Guide and (ii) authorized to do insurance business in the applicable Situs State; (b) name include a waiver of all rights of subrogation and recovery against 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 .
8.2.2 All liability type policies (other than with the exception of Tenant’s workers’ compensation/employer’s liability insurance for and professional liability insurance) must name Landlord as an “additional insured.” All property policies shall name Landlord as “loss payee.” All business interruption policies shall name Landlord as “loss payee” with respect to Rent only. Losses shall be payable to Landlord and/or Tenant as provided herein. In addition, the policies, as appropriate, shall name as an “additional insured” or “loss payee” any Facility Mortgagee by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Landlord, Tenant, and each Facility Mortgagee unless the amount of the loss is less than $100,000 in which such endorsement is not available), (c) event no consent shall be required.
8.2.3 Tenant shall provide Landlord copies of the primary original policies or a satisfactory XXXXX evidencing the existence of the insurance providing coverage for required by this Lease and showing the interest of Landlord (and any other liability insurance maintained by Landlord to be excess and non-contributingFacility Mortgagee(s), (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, or the liability of Tenant for nonperformance of its obligations or 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 commencement of the Premises Term or, for any reasona renewal policy, and evidence of renewals of such policies shall be delivered to Landlord at least not less than ten (10) days prior to the expiration date of each respective the policy termbeing renewed. All If Landlord is provided with an XXXXX certificate, it may demand that Tenant provide a complete copy of the related policy within ten (10) days of the later of Landlord’s written request or the date of the issuance of the policy.
8.2.4 Tenant’s obligations to carry the insurance shall provide provided for herein may be brought within the coverage of a so-called “blanket” policy or policies of insurance carried and maintained by Tenant; provided, however, that the coverage afforded Landlord will not be reduced or diminished or otherwise be materially different from that which would exist under a separate policy meeting all other requirements hereof by reason of the use of the blanket policy, and provided further that the requirements of this Article VIII (including satisfaction of the Facility Mortgagee’s requirements and the approval of the Facility Mortgagee) are otherwise satisfied, and provided further that Tenant maintains specific allocations acceptable to Landlord.
8.2.5 Each insurer agrees not under the insurance policies maintained by Tenant pursuant to cancel this Article VIII shall agree, by endorsement on the policy without at least or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days’ prior written notice to Tenant (before the policy or policies in question shall be altered or cancelled except in the event of a cancellation as a result nonpayment of nonpayment, premiums in which event the case each insurer shall give Tenant at least provide ten (10) days’ prior notice). Tenant written notice before the policy or policies in question shall notify Landlord within ten (10) days following receipt of any such notice of cancellation be altered 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8cancelled.
Appears in 1 contract
Samples: Master Lease (CareTrust REIT, Inc.)
General Insurance Requirements. (1) All policies of liability insurance so obtained required hereunder shall be in form and maintained, including any umbrella liability insurance policies, shall (a) be carried with insurers acceptable to Lender in the 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 contractorsits sole discretion, 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, or the liability of Tenant for nonperformance of its obligations or 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 all such policies shall be delivered in such amounts as may be satisfactory to Landlord at least Lender. Without limiting the generality of the foregoing, all insurance coverage required hereunder shall be provided by insurance companies acceptable to the Lender that are rated "A" or better by Best Insurance Guide and Key Ratings and with a claim payment rating by Standard & Poor's Corporations of "AA" or better. The aggregate amount of coverage provided by a single company may not exceed five percent (5%) of said company's policyholders' surplus. Any reinsurance endorsements must be approved by the Lender in writing, with such approval to be given or withheld by Lender in its sole discretion. Reinsurance endorsements shall stipulate that the Lender will receive ten (10) days prior to days' advance written notice of any change and/or cancellation of the expiration of each respective policy termreinsurance agreement. All Tenant’s insurance companies must be licensed and qualified to do business in the State in which the Mortgaged Property is located. Such policies of insurance shall contain an endorsement, in form and substance acceptable to Lender, showing loss payable to Lender. Such endorsement, or an independent instrument furnished to Lender, shall provide that the insurer agrees not to cancel the policy without insurance companies shall give Lender at least thirty (30) days’ days prior written notice before any such policy or policies of insurance shall be altered or canceled and that no act or default of Mortgagor or any other person shall affect the right of Lender to Tenant (except recover under such policy or policies of insurance in case of loss or damage. Mortgagor hereby directs all insurers under such policies of insurance to pay all proceeds payable thereunder directly to Lender. Without limiting the event of a cancellation as a result of nonpaymentforegoing, Mortgagor shall cooperate fully with Lender in which event obtaining for Lender the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt benefits of any such notice of cancellation insurance or any material modification of any other proceeds lawfully or equitably payable to Lender in connection with the transactions contemplated by this Agreement.
(2) The deductible amount under each insurance policy of insurance applicable to the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8not exceed $5,000.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Efficiency Lodge Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each respective policy term. All Tenant’s insurance coverages described in this Exhibit D shall be endorsed to (i) provide that the insurer agrees not to cancel the policy without at least Landlord with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord’s insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit D is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as 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 Paragraph 8this Exhibit D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in “Best’s Insurance Guide” and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord’s other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
General Insurance Requirements. All insurance provided for in this Lease shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, approved to do business in the State of Texas having a general policyholders rating of not less than "A-" and a financial rating of not less than "VIII" in he then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an "occurrence" basis; provided, however, the proceeds of any business interruption policy shall be payable to Tenant without relieving Tenant in any way of its obligation to pay rent under this Lease. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name of Tenant, (b) name Landlord, any Security Holder the Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that Tenant occupies the Premises for any reason, and evidence of renewals of such policies shall subject policy may not be delivered to Landlord at least canceled except upon not less than ten (10) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant shall provide Landlord with a complete copy of the insurance policy evidenced by such certificate within 30 days of the commencement of the Term. Originals of the renewal policies or certificates therefor from the insurers evidencing the existence thereof shall be deposited with Landlord upon renewal of the applicable policies. If Landlord is provided with a certificate for a renewal policy, upon Landlord's request Tenant shall deliver a copy of the complete renewal policy to Landlord within 30 days of the expiration of each respective policy termthe replaced policy. 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt of Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent, Landlord shall have the right . The provisions of this Section 4.1 also apply to require Tenant to increase the amount or change the types of any insurance coverage required under Paragraph 8the Development Addendum.
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Lessee shall at all times keep the Leased Property, and maintainedall property located in or on the Leased Property, including any umbrella Capital Additions, the Fixtures and the Personal Property, insured with the kinds and amounts of insurance described below. Each element of insurance described in this Article shall be maintained with respect to the Leased Property of each Facility, including the Capital Additions, Fixtures, Personal Property and operations thereon. This insurance shall be written by companies authorized to do insurance business in the State in which the Leased Property is located. All liability insurance type policies must name Lessor as an "additional insured." All property, loss of rental and business interruption type policies shall name Lessor as "loss payee." Losses shall be payable to Lessor and/or Lessee as provided in Article 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 (a"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, Lessee, and each Facility Mortgagee. Evidence of insurance shall be carried in 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 name of Tenantamounts required and Lessor shall transfer such amounts to each Facility Mortgagee, (b) name Landlord, any Security Holder and Landlord’s designated agents as additional insuredsor, pursuant to an endorsement providing written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies shall insure against the following risks with respect to each Facility:
13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage at least perils commonly known as broad as ISO special form CG 2010 11/85 or equivalent perils, earthquake (other than Tenant’s employer’s liability insurance for which such endorsement is not availableincluding earth movement), (c) be the primary insurance providing coverage for Landlord (any other liability insurance maintained by Landlord to be excess sinkhole and non-contributing), (d) contain a cross-liability endorsement stating that the rights of insureds shall windstorm in an amount 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) 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 event of a cancellation as a result of nonpayment, in which event the 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the insurable value on a replacement cost basis (as defined below in Section 13.2) and including a building ordinance coverage endorsement;
13.1.2 Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now or hereafter installed in each Facility, in such limits with respect to any one accident as may be reasonably requested by Lessor from time to time;
13.1.3 Flood (when the Leased Property of a Facility is located in whole or in part within a designated 000-xxxx xxxxx xxxxx xxxx) and such other hazards and in such amounts as may be customary for comparable properties in the area;
13.1.4 Loss of rental value in an amount not less than twelve (12) months' Rent payable hereunder or type business interruption in an amount not less than twelve (12) months of insurance coverage typically carried income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as at least ninety (90) days (Building Ordinance - Increased Period of Restoration Endorsement) necessitated by the Premises or if Tenant’s use occurrence of any of the Premises should change hazards described in Sections 13.1.1, 13.1.2 or 13.1.3;
13.1.5 Claims for bodily injury or property damage under a policy of commercial general liability insurance with or without Landlord’s consentamounts not less than One Million and No/100 Dollars ($1,000,000.00) combined single limit and Three Million No/100 Dollars ($3,000,000.00) in the annual aggregate, Landlord shall have with respect to each Facility; and
13.1.6 Medical professional liability with amounts not less than One Million Dollars ($1,000,000) combined single limit and Three Million Dollars ($3,000,000) in the right annual aggregate, with respect to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8each Facility.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant ------------------------------ shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in Article XIV. Any loss adjustment shall require the written consent ----------- of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant's Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as "All Risk", including flood, the backup of sewers and 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) of the 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 (12) 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 ("CGL") insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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, any Security Holder and Landlord’s designated agents as additional insuredsapplicable, 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 CGL insurance for which 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 endorsement is not availableswitch to or renewing any claims made policy, Tenant shall be obligated to provide to Lessor supporting evidence demonstrating the existence of condition (a) or (b), (c) and the sufficiency of such evidence shall 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 subject to the Premises. The insurance requirements in this Paragraph 8 shall not in any way limitadvance written approval of Lessor, in either scope or amount, the indemnity obligations separately owed by Tenant to Landlord under this Lease, or the liability of Tenant for nonperformance of its obligations or 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 (10) 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 event of a cancellation as a result of nonpayment, in which event the 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.reasonable
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit B shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; and (ii) be primary and non-contributing with Landlord's insurance. The property insurance coverage required of any policy Tenant shall be endorsed to waive all rights of subrogation by the insurance applicable to carrier against Landlord or shall otherwise state that the Premises required under this Paragraphcarrier shall be so bound by Tenant's waiver of the carrier's right of subrogation. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit B is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to o require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit B. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated A-X or better in "Best's Insurance Guide" and authorized to do business in the State of Nevada. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest theron at the Default Rate) shall be paid to Landlord as Additional Rent.
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General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, 8.B. shall be delivered endorsed to provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 Paragraphchange in terms. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under this Paragraph 8.2 8.B. is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s use of the Premises should change with or without Landlord’s consentPremises, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under this Paragraph 88.B. All insurance policies required to be carried under this Lease shall be written by companies rated A+XII or better in “Best’s Insurance Guide” and authorized to do business in California. Any deductible amounts under any insurance policies required hereunder shall be subject to Landlord’s prior written approval. In any event deductible amounts shall not exceed one thousand dollars ($1,000.00). Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at least thirty (30) days before the expiration dates of the expiring policies, certified copies of Tenant’s insurance policies, or a certificate evidencing the same issued by the insurer thereunder, showing that all premiums have been paid for the full policy period; and, in the event Tenant shall fail to procure such insurance, or to deliver such policies or certificates, Landlord may, at Landlord’s option and in addition to Lxxxxxxx’s other remedies in the event of a Default by Tenant hereunder, procure the same for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Lease Agreement (diaDexus, Inc.)
General Insurance Requirements. All of the above policies of insurance shall be primary insurance and the general liability insurance so obtained and maintainedauto liability shall name the City, including any umbrella liability insurance policiesits elected and appointed officers, shall (a) be carried in the name of Tenant, (b) name Landlord, any Security Holder employees 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 (insureds and any other liability insurance maintained by Landlord City or its officers, employees or agents may apply in excess of, and not contribute with Consultant’s insurance. The insurer is deemed hereof to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the waive all rights of insureds shall not be prejudiced by one insured making a claim or commencing an action subrogation and contribution it may have against another insuredthe City, (e) include severability of interest clausesits officers, products-completed operations employees and coverage of independent contractors, agents 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 Premisestheir respective insurers. The insurance requirements in this Paragraph 8 shall not in any way limit, in either scope or amountMoreover, the indemnity obligations separately owed by Tenant to Landlord under this Leaseinsurance policy must specify that where the primary insured does not satisfy the self-insured retention, or any additional insured may satisfy the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each respective policy termself-insured retention. All Tenant’s of said policies of insurance shall provide that said insurance may not be amended or cancelled by the insurer agrees not to cancel the policy or any party hereto without at least providing thirty (30) days’ days prior written notice by certified mail return receipt requested to Tenant (except in the City. In the event any of a said policies of insurance are cancelled, the Consultant shall, 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 Services 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 said Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, certified copies of and endorsements to all required insurance policies at any time. Any failure to comply with the reporting or other provisions of the policies including breaches or warranties shall not affect coverage provided to City. All The general liability and auto liability certificates shall name the City as a result additional insured (providing the appropriate endorsement) and shall conform to the 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 nonpaymentactivities Consultant performs; products and completed operations of Consultant; premises owned, in which event 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 the 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 give Tenant at least ten (10) days’ prior notice)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. Tenant The Consultant agrees that the requirement to provide insurance shall notify Landlord within ten (10) days following receipt 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 notice of cancellation or any material modification of any policy subcontractor shall require the subcontractor to maintain the same policies of insurance applicable to that the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant Consultant is required to carry under Paragraph 8.2 ismaintain pursuant to Section 5.1, and such certificates and endorsements shall be provided to City.”
XX. Section 5.3, Indemnification, is hereby amended to read in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes its entirety as 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 Paragraph 8.follows:
Appears in 1 contract
Samples: Contract Services Agreement
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 and Tenant's contractors, subcontractors and movers hereunder must be issued by and binding upon an insurance company licensed or duly executed certificates authorized to do business in the state in which the property is located with an A.M. Best’s Rating of at least "A-" "VIII" or better, unless otherwise acceptable to Landlord. Tenant will not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. General liability insurance maintained by Tenant and Tenant's contractors, shall subcontractors and movers will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Certificates of insurance, reasonably acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Xxxxx 28, evidencing property insurance as required, will be delivered to Landlord prior to the date that Tenant occupies delivery or possession of the Premises and prior to each renewal date. Liability policies (except employers’ liability) will each include an endorsement naming the Required Additional Insureds such additional insured status. The Evidence of Property Insurance Form will name Landlord as loss payee for property insurance as respects Landlord's interest in improvements and betterments. Further, Tenant must endeavor to obtain certificates which indicate that insurers will endeavor to provide at least 30 days' prior notice to Landlord and Landlord's managing agent prior to any reasoncancellation of coverage. If Tenant fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the term and thereafter during the term, within 10 days following Landlord's request thereof, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) 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 event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt date of any such notice coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon written invoice thereof. The limits of cancellation insurance required by this lease, or any material modification as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any obligation thereunder. Any deductibles selected by Tenant will be the sole responsibility of Tenant. Landlord may, at its sole discretion, change the insurance policy of insurance applicable to the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance limits and forms which Tenant is are required to carry under Paragraph 8.2 is, in Landlord’s be provided by Tenant; such changes will be made to conform to reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated requirements for similar purposes as the Premises properties in similar geographic locations. Landlord will not change required insurance limits 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 Paragraph 8forms more often than once per calendar year.
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General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 's coverages described 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, or the liability of Tenant for nonperformance of its obligations or 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, Exhibit D shall be delivered endorsed to (i) provide 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 (10) 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 with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord; and (iii) be primary and non-contributing with Landlord's insurance. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit D is, in Landlord’s 's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s 's use of the Premises should change with or without Landlord’s 's consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Exhibit D. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AVII or better in "Best's Insurance Guide" and authorized to do business in the State of California. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord's other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
Appears in 1 contract
Samples: Office Lease (E Comnetrix Inc)
General Insurance Requirements. All policies of During the Term hereof, Tenant shall, at its own cost and expense, carry with companies satisfactory to Landlord, comprehensive public liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the name Joint names of Landlord and Tenant covering the Premises and the use and occupancy thereof in such amount or amounts as may be reasonably required y Landlord from time to time but in no event less than One Million Dollars ($1,000,000.00) combined single limit for any one occurrence. Tenant shall also keep in force at its own cost and expense as set forth herein, fire, extended coverage, sprinkler and water damage insurance on Tenant’s personal property and other contents of the Premises, including, but not limited to betterments and improvements made by Tenant, (b) name LandlordTenant's inventory, trade fixtures, furnishings and other personal property whether or not removable by Tenant, in an amount sufficient to cover the full replacement cost of such property. Tenant hereby waives 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 right of action which it may have 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permitted. Such covered by any insurance policies required to be carried maintained by it pursuant t the terms of this Lease and covenants and agrees that it will obtain a waiver in writing from the carrier of such insurance releasing such carrier’s subrogation rights as against Landlord. In addition, Tenant shall keep in force xxxxxxx’x compensation or duly executed similar insurance to the extent required by law. Tenant shall deliver said policies or certificates of insurance with respect thereto, shall be delivered thereof to Landlord prior to the date that Tenant occupies before entering the Premises for any reason, and evidence of renewals of such policies shall be delivered to Landlord at least or within ten (10) days of the Commencement Date, whichever shall occur first and thereafter thirty (30) days prior to the expiration of any existing policy of insurance. Should Tenant fail to obtain or maintain in effect the insurance called for herein or to pay the premiums therefore or to deliver said policies, certificates or duplicates thereof to Landlord, Tenant shall indemnify and hold Landlord harmless from all loss or damage incurred by Landlord arising out of such failure and Landlord, may, at its election and in addition to any other remedy available to Landlord, procure said insurance and pay the requisite premiums therefore, in which event, Tenant shall pay to Landlord on demand as Additional Rent all sums so expended by Landlord. Tenant shall cause each respective policy term. All Tenant’s insurance shall provide that Insurer under the insurer agrees not policies required hereunder to cancel agree by endorsement on the policy without at least thirty issued by it or by independent instrument furnished to Landlord that it will give Landlord fifteen (3015) days’ days prior written notice to Tenant (except before the policy or policies in the event of a cancellation as a result of nonpayment, in which event the insurer question 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 be altered 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8canceled.
Appears in 1 contract
Samples: Lease Agreement (Homeland Integrated Security Systems, Inc.)
General Insurance Requirements. a. Lessee shall, at its sole cost and expense, procure and maintain in effect insurance coverage with limits not less than those set forth herein. Lessee shall obtain any insurance required by this Lease from insurance companies that are duly licensed or authorized in Nevada to issue insurance policies for the required limits and coverages. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 companies 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permitted. Such provide insurance policies required to be carried by Tenant under this Lease shall have an A.M. Best rating of A-VII or duly executed better.
b. Insurance certificates shall show that written notice of insurance with respect thereto, cancellation or ofany material change in coverage shall be delivered to Landlord prior the Airport in advance of the effective date of the change.
c. Upon the effective date of the Lease, Lessee shall deliver to County certificates of insurance establishing that Lessee has obtained and is maintaining the policies, coverages, and endorsements required by the Lease. During the month ofJanuary each year, Lessee must provide the Airport with annual insurance coverage documentation. The County may, from time to time, demand other or additional evidence of required msurance.
d. The County does not represent that the insurance coverage and limits established in this Lease necessarily will be adequate to protect Lessee or Lessee's interests. Insurance limits required herein shall not be deemed as a limitation on Lessee's liability. Hangar Lease 23238H Aces Aircraft Maintenance Inc 14 of 37
e. All policies (primary and excess) and Certificates oflnsurance shall include Lessee as a named insured. All policies shall be primary coverage for any and all claims and losses arising from the use, occupancy and operation ofthe Leased Premises and the Airport. All policies shall name, and Certificates shall show by separate endorsement that policies name, the County as an Additional Insured and shall waive all rights of subrogation against the County for the coverage; any other insurance available to County shall be excess and shall not contribute with this insurance.
f. At a minimum, Lessee is required to provide and maintain the following insurance: Lessee shall, at its sole cost and expense, procure and maintain in effect insurance coverage with limits not less than those set forth herein, with insurerers and under forms and policies satisfactory to the date that Tenant occupies County, acceptance of which shall not unreasonably be withheld. The County reserves the Premises right to require complete copies ofsuch insurance policies for any reasonthe purpose ofdetermining acceptability. Lessee shall furnish the Airport with copies of policies or certificates from insurance carrier(s) showing all insurance required hereunder to be in full force and effect as required herein. Certificates shall show by separate endorsement, and evidence policies shall contain the provisions, that written notice ofcancellation or of renewals of such any material change in coverage under the policies shall be delivered to Landlord at least ten (10) 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 Airport thirty (30) days’ prior written calendar days in advance ofthe effective date thereof; provided, however, Lessee shall be responsible for such notification to Airport whether or not the insurer complies with such notice provision. Lessee shall maintain all insurance hereunder with insurance underwriters authorized to Tenant (except do business in the event of a cancellation as a result of nonpaymentState ofNevada with an A.M. Best rating ofA+, in which event the 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 satisfactory to the Premises required under this ParagraphCounty. If at any time during the Term the amount or coverage of insurance which Tenant Lessee is required to carry under Paragraph 8.2 isprovide and maintain the following insurance:
A. Aircraft Liability policy, in Landlord’s reasonable judgmentincluding Bodiliy Injury and Property Damage, materially less than with a total limit of at least $1,000,000 per occurrence, including bodily injury and property damage, with a sublimit of $100,000 per passenger, which shall include, but not be limited to the amount or type of insurance following extensions:
1. Aircraft Physical Damage, provided that such coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated shall be for similar purposes as the Premises or if Tenant’s use full insurable value 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 Paragraph 8.aircraft;
Appears in 1 contract
Samples: Hangar and Office Space Lease
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Tenant shall at all times keep each Leased Property, and maintainedall 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. This insurance shall be written by companies authorized to do insurance business in the State 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, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, must name Lessor and any Superior Mortgagee(s) as additional insureds. Losses shall be payable to Lessor and/or Superior Mortgagee as provided in ARTICLE XIV. Any loss adjustment shall require the written consent of Lessor, Tenant, Leasehold Mortgagee and Facility 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 each Leased Property, including the Leasehold Improvements, and Fixtures and Tenant’s Personal Property, shall insure against the following risks:
Section 13.1.1 Loss or damage by fire, vandalism and malicious mischief, extended coverage perils commonly known as “All Risk”, including flood, the backup of sewers and 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) of the 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 (12) 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 (“CGL”) insurance (including, without limitation, broad form property damage and broad form contractual liability) for a limit of not less than Fifty Million and No/100 Dollars ($50,000,000.00) per occurrence, 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 excess liability, as applicable, CGL insurance policy cannot be carried obtained solely because occurrence based forms of primary or excess liability, as applicable, CGL insurance are not offered in the name of Tenant, insurance market place for for-profit hospital and/or nursing center companies or
(b) name Landlorda 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 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 Security Holder and Landlord’s designated agents as additional insureds, pursuant claims made policy that it purchases must include therein the right to an endorsement providing coverage purchase a “tail” that insures against so called “incurred but not reported claims” for a period of at least as broad as ISO three (3) years following the expiration of such claims made policy. In addition, from and after any such switch to a claims made form CG 2010 11/85 or equivalent (other than Tenant’s employer’s liability insurance for which such endorsement is not available)of policy, (c) be Tenant must, after 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 expiration 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, or the liability of Tenant for nonperformance of its obligations or 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 each claims made policy that Tenant occupies obtains, as to each such expiring claims made policy, either:
(i) continue to insure Lessor and all Facility Mortgagees and Superior Lessors with the Premises for any reasonrequired amount of primary and/or excess liability, and evidence of renewals as applicable depending upon the nature of such policies shall be delivered expiring claims made policy, CGL insurance coverage, on a claims made policy form that includes coverage against all so-called “incurred but not reported claims” relating to Landlord at least ten (10) days any period on or prior to the expiration of each respective the expiring 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 event of a cancellation as a result of nonpayment“Previous Period Unreported Claims”), in which event the insurer shall give Tenant at least an additional ten (10) days’ prior notice). Tenant shall notify Landlord within 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) days following receipt 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 such notice 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 cancellation primary or any material modification excess liability, as applicable depending on the nature of any 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), or
(ii) insure Lessor and all Facility Mortgagees and Superior Lessors by obtaining the required amount of primary and/or excess liability, as applicable, CGL insurance applicable on an occurrence based policy form that includes therein as insured claims all claims (x) incurred prior to the Premises 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 under this Paragraph. If at any time during the Term the 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 or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially not less than Twenty Five Million and No/100 Dollars ($25,000,000.00) for each person and for each claim in the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.aggregate;
Appears in 1 contract
Samples: Master Lease Agreement (Ventas Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 described 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, or the liability of Tenant for nonperformance of its obligations or 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, 18 shall be delivered endorsed 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 (10i) 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 Sub-Sublandlord with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; and (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under this Paragraph 8.2 18 is, in LandlordSub-Sublandlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Sub-Sublease Premises are located which are similar to and operated for similar purposes as the Sub-Sublease Premises or if TenantSubtenant’s use of the Sub-Sublease Premises should change with or without LandlordSub-Sublandlord’s consent, Landlord Sub-Sublandlord shall have the right to require Tenant Subtenant to increase the amount or change the types of insurance coverage required under this Paragraph 818. All insurance policies required to be carried by Subtenant under this Sublease shall be written by companies rated A X or better in “Best’s Insurance Guide” and authorized to do business in the State of New York. Subtenant shall deliver to Sub-Sublandlord on or before the Term Commencement Date, and thereafter at least thirty (30) days before the expiration dates of the expired policies, a certificate(s) evidencing the same issued by the insurer hereunder; and, if Subtenant shall fail to procure such insurance, or to deliver such certificates, Sub-Sublandlord may, at Sub-Sublandlord’s option and in addition to Sub-Sublandlord’s other remedies in the event of a default by Subtenant hereunder, procure the same for the account of Subtenant, and the cost thereof shall be paid to Sub-Sublandlord as Additional Rent.
Appears in 1 contract
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 described 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, or the liability of Tenant for nonperformance of its obligations or 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, 18 shall be delivered endorsed 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 (10i) 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 Sublandlord with thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the 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 change in terms; and (ii) waive all rights of any policy of subrogation by the insurance applicable to the Premises required under this Paragraphcarrier against Landlord. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under this Paragraph 8.2 18 is, in Landlord’s Sublandlord's reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Sublease Premises are located which are similar to and operated for similar purposes as the Sublease Premises or if Tenant’s Subtenant's use of the Sublease Premises should change with or without Landlord’s Sublandlord's consent, Landlord Sublandlord shall have the right to require Tenant Subtenant to increase the amount or change the types of insurance coverage required under this Paragraph 818. All insurance policies required to be carried by Subtenant under this Sublease shall be written by companies rated A X or better in "Best's Insurance Guide" and authorized to do business in the State of New York. Subtenant shall deliver to Sublandlord on or before the Term Commencement Date, and thereafter at least thirty (30) days before the expiration dates of the expired policies, a certificate(s) evidencing the same issued by the insurer hereunder; and, if Subtenant shall fail to procure such insurance, or to deliver such certificates, Sublandlord may, at Sublandlord's option and in addition to Sublandlord's other remedies in the event of a default by Subtenant hereunder, procure the same for the account of Subtenant, and the cost thereof shall be paid to Sublandlord as Additional Rent.
Appears in 1 contract
General Insurance Requirements. All of the above policies of liability insurance so obtained shall be primary insurance and maintainedshall name the City, including any umbrella liability insurance policiesits elected and appointed officers, shall (a) be carried in the name of Tenant, (b) name Landlord, any Security Holder employees 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 (insureds and any other liability insurance maintained by Landlord City or its officers, employees or agents may apply in excess of, and not contribute with Contractor’s insurance. The insurer is deemed hereof to be excess and non-contributing), (d) contain a cross-liability endorsement stating that the waive all rights of insureds shall not be prejudiced by one insured making a claim or commencing an action subrogation and contribution it may have against another insuredthe City, (e) include severability of interest clausesits officers, products-completed operations employees and coverage of independent contractors, agents 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 Premisestheir respective insurers. The insurance requirements in this Paragraph 8 shall not in any way limit, in either scope or amountMoreover, the indemnity obligations separately owed by Tenant to Landlord under this Leaseinsurance policy must specify that where the primary insured does not satisfy the self-insured retention, or any additional insured may satisfy the liability of Tenant for nonperformance of its obligations or 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 (10) days prior to the expiration of each respective policy termself-insured retention. All Tenant’s of said policies of insurance shall provide that said insurance may not be amended or cancelled by the insurer agrees not to cancel the policy or any party hereto without at least providing thirty (30) days’ days prior written notice by certified mail return receipt requested to Tenant (except in the City. In the event any of a said policies of insurance are cancelled, the Contractor shall, 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 Contractor has provided the City with Certificates of Insurance, additional insured endorsement forms or appropriate insurance binders evidencing the above insurance coverages and said Certificates of Insurance or binders are approved by the City. City reserves the right to inspect complete, certified copies of and endorsements to all required insurance policies at any time. Any failure to comply with the reporting or other provisions of the policies including breaches or warranties shall not affect coverage provided to City. All certificates shall name the City as a result additional insured (providing the appropriate endorsement) and shall conform to the 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 nonpaymentactivities Contractor performs; products and completed operations of Contractor; premises owned, in which event occupied or used by Contractor; or any automobiles owned, leased, hired or borrowed by Contractor. 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. Contractor’s insurance shall apply separately to each insured against whom claim is made or suit is brought, except with respect to the 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 give Tenant at least ten (10) days’ prior notice)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 Contractor shall procure a bond guaranteeing payment of losses and related investigations, claim administration, defense expenses and claims. Tenant The Contractor agrees that the requirement to provide insurance shall notify Landlord within ten (10) days following receipt not be construed as limiting in any way the extent to which the Contractor may be held responsible for the payment of damages to any persons or property resulting from the Contractor’s activities or the activities of any person or persons for which the Contractor is otherwise responsible nor shall it limit the Contractor’s indemnification liabilities as provided in Section 5.3. In the event the Contractor subcontracts any portion of the work in compliance with Section 4.5 of this Agreement, the contract between the Contractor and such notice of cancellation or any material modification of any policy subcontractor shall require the subcontractor to maintain the same policies of insurance applicable to that the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant Contractor is required to carry under Paragraph 8.2 ismaintain pursuant to Section 5.1, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar and such certificates and endorsements shall be provided to and operated for similar purposes as 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 Paragraph 8City.
Appears in 1 contract
Samples: Public Works Agreement
General Insurance Requirements. (i) All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, which the Borrower is required to maintain shall (a) be carried in the 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 satisfactory to the Premises. The insurance requirements Authority in this Paragraph 8 shall not in any way limitform, in either scope or amount, the indemnity obligations separately owed by Tenant to Landlord under this Lease, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permittedamount and insurer. Such insurance policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, shall provide that any loss thereunder shall be delivered to Landlord prior to payable notwithstanding any action, inaction, breach of warranty or condition, breach of declarations, misrepresentations or negligence of the date that Tenant occupies Borrower. Each policy shall contain an agreement by the Premises insurer that, notwithstanding lapse of a policy for any reason, or right of cancellation by the insurer or any cancellation by the Borrower, such policy shall continue in full force for the benefit of the Authority for at least thirty (30) days after written notice thereof to the Authority, except that such notice shall be ten (10) days for non-payment of premium, and evidence of renewals no alteration in any such policy shall be made except upon thirty (30) days written notice of such policies proposed alteration to the Authority and written approval by the Authority. The Borrower shall be delivered provide the Authority with certificates evidencing its due compliance with the requirements of this Section 4.
(ii) Prior to Landlord the expiration date of any policy of insurance maintained pursuant to this Loan Agreement, the Borrower shall provide the Authority with a certificate of insurance evidencing the acquisition of a new policy, or an extension or renewal of an existing policy, evidencing the Borrower’s due compliance with this Section.
(iii) If the Borrower fails to acquire any policy of insurance to renew or replace any such policy at least ten (10) days prior to the expiration of each respective policy term. All Tenant’s insurance shall provide that the insurer agrees not thereof, or fails to cancel the policy without at least thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt of keep any such notice of cancellation or policy in full force and effect, the Authority shall have the option, but not the obligation to pay the premiums on any material modification of any such policy of insurance applicable or to take out new insurance in amount, type, coverage and terms satisfactory to the Premises required under Authority. Any amounts paid therefor by the Authority shall be immediately due and payable to the Authority by the Borrower upon demand. No exercise by the Authority of such option shall in any way affect the provisions of this Paragraph. If at any time during Loan Agreement, including the Term provision that failure by the amount or coverage Borrower to maintain the prescribed insurance shall constitute an Event of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8Default.
Appears in 1 contract
General Insurance Requirements. During the Term, Tenant shall at all times keep the Leased Property insured against loss or damage from such causes as are customarily insured against by prudent owners of similar facilities, including the 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 Xxxxx’x Investors Services, Inc. of not less than “BA3,” and by Fitch, Inc. 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 higher ratings as may be required by any Project Mortgagee, including Existing Lender with respect to the Properties which are subject to the Existing Mortgage Loan, and (ii) authorized, licensed and qualified to do insurance business in the state in which the insured Property is located. All liability policies must name Landlord and its directors, officers, members, partners, employees, agents (and any other entities as Landlord may deem necessary) as an additional insured and losses under any property insurance policy shall be payable to Landlord and/or Tenant as provided in Article 10. 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 liability property insurance so obtained shall name any Project Mortgagee as a mortgagee and maintainedloss payee, including as its interest may appear, and shall contain a standard “non-contributory mortgagee” endorsement or its equivalent. Evidence of insurance shall be provided to Landlord and, if requested, to any umbrella liability Project Mortgagee(s). If any provision of any Project Mortgage which constitutes a first lien on the Leased Property requires deposits of insurance policiespremiums to be made with such 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 shall insure against the following risks:
(a) be carried in the 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 All Risk or equivalent (other than Tenant’s employer’s liability Special Form Property 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, or the liability of Tenant for nonperformance of its obligations or for 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 include coverage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permittedsubsidence (not including “man-made subsidence), building ordinance and law (including demolition costs and increased cost of construction coverage), and “acts of terrorism” as defined in the Terrorism Risk Insurance Act of 2002. Such insurance policies required 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 carried by Tenant or duly executed certificates of insurance with respect thereto, unreasonably withheld) and any applicable Project Mortgagee. The deductible amount under such policy shall be delivered to Landlord prior to borne by 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 (10) 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 as an Operating Expense in the event of a cancellation as a result of nonpaymentloss 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 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.
(b) Broad form boiler and machinery insurance in an amount equal to the full replacement cost of the Leased Improvements at each individual Property (without any deduction for depreciation) in which the boiler or similar vessel is located, and including coverage against loss or damage from (1) leakage or sprinkler systems and (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 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 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 located, in whole or in part, in an area now or hereafter 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 general vicinity of such individual Property, but in no event in excess of $5,000, 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.
(e) Business interruption or rent loss insurance in an amount equal to the insurer shall give gross income or rentals from the Leased Property for an indemnity period of eighteen (18) months, such amount being adjusted annually.
(f) 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 in an amount reasonably satisfactory to Landlord.
(g) Worker’s compensation insurance covering all persons employed by Tenant at the Leased Property 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.
(h) Automobile and vehicle liability insurance coverage for all owned, non-owned, leased or hired automobiles and vehicles 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 ten One Million and 00/100 Dollars (10$1,000,000.00) days’ prior noticeper 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). Tenant This coverage shall notify Landlord within ten 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 (102) days following receipt years after termination of any such notice this Lease.
(j) Umbrella liability insurance in the minimum amount of cancellation or any material modification of any policy of Twenty Five Million and 00/100 Dollars ($25,000,000.00) for each occurrence and aggregate combined single limit for all liability.
(k) Such other insurance applicable and endorsements, if any, with respect to the Premises Leased Property and the operation thereof as Landlord may reasonably require from time to time, provided same are customarily required under this Paragraph. If at any time during by institutional owners of similar properties in the Term general vicinity of the amount Properties, or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 otherwise required under Paragraph 8by any applicable Project Mortgagee.
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General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, coverages described in this Exhibit B shall be endorsed to (a) be carried in the name of Tenant, (bi) name Landlord, any Security Holder Landlord as an additional insured 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 Tenant shall not allow such insurance to lapse, be prejudiced by one insured making a claim terminated 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) 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 altered without at least thirty (30) days’ prior written notice to Tenant the Landlord; and (except in the event ii) be primary and non-contributing with Landlord’s insurance. The property insurance coverage required of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify be endorsed to waive all rights of subrogation by the insurance carrier against Landlord within ten (10) days following receipt or shall otherwise state that the carrier shall be so bound by Tenant’s waiver of any such notice the carrier’s right of cancellation or any material modification of any policy of insurance applicable to the Premises required under this Paragraphsubrogation. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit B is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as 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 Paragraph 8this Exhibit B. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AX or better in “Best’s Insurance Guide” and authorized to do business in the State of Nevada. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord’s other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
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General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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 coverages described in this Paragraph 8 Section shall not in any way limit, in either scope or amount, the indemnity obligations separately owed by Tenant list Landlord as an additional insured and be endorsed to provide Landlord under this Lease, or the liability of Tenant for nonperformance of its obligations or 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 (10) 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 event of a cancellation as a result of nonpayment, in which event the 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 Paragraphchange in terms. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Section is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as the Premises or if Tenant’s use of the Premises should change with or without Landlord’s consentPremises, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8this Section. All insurance policies required to be carried under this Lease shall be written by companies rated A-XII or better in “Best’s Insurance Guide” and authorized to do business in Nevada. Any deductible amounts under any insurance policies required hereunder shall be subject to Landlord’s prior written approval. In any event deductible amounts shall not exceed One Thousand Dollars ($1,000.00). Tenant shall deliver to Landlord on or before the Commencement Date, and thereafter at least thirty (30) days before the expiration dates of the expiring policies, certified copies of Tenant’s insurance policies, or a certificate evidencing the same issued by the insurer thereunder, showing that all premiums have been paid for the full policy period; and, in the event Tenant shall fail to procure such insurance, or to deliver such policies or certificates, Landlord may, at Landlord’s option and in addition to Landlord’s other remedies in the event of a default by Tenant hereunder, procure the same for the account of Tenant, and the cost thereof shall be paid to Landlord as Additional Rent.
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Samples: Lease Agreement (1847 Holdings LLC)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) be carried in the 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, or the liability of Tenant for nonperformance of its obligations or 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 hereunder must be issued by and binding upon an insurance company licensed to do business in the state in which the property is located with a rating of at least "A-" "XII" or duly executed certificates better as set forth in the most current issue of Best's Key Rating Guide, unless otherwise approved by Landlord. Tenant will not do or permit anything to be done that would invalidate the insurance with respect theretopolicies required. Liability insurance maintained by Tenant will be primary coverage without right of contribution by any similar insurance that may be maintained by Landlord. Certificates of insurance, shall acceptable to Landlord, evidencing the existence and amount of each liability insurance policy required hereunder and Evidence of Property Insurance Form, Xxxxx 27, evidencing property insurance as required will be delivered to Landlord prior to the date that Tenant occupies delivery or possession of the Premises for any reason, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) days prior to each renewal date. Certificates of insurance will include an endorsement for each policy showing that the expiration Required Additional Insureds are included as additional insureds on liability policies (except employer's liability). The Evidence of Property Insurance Form will name Landlord as loss payee for property insurance as respects Landlord's interest in improvements and betterments. Further, the certificates must include an endorsement for each respective policy term. All Tenant’s insurance shall provide that whereby the insurer agrees not to cancel or non-renew the policy policy, or reduce the coverage below the limits required in this Lease, without at least thirty (30) 30 days’ ' prior written notice to Landlord and Landlord's managing agent, if any. If Tenant (except in fails to provide evidence of insurance required to be provided by Tenant hereunder, prior to commencement of the event of a cancellation as a result of nonpaymentterm and thereafter during the term, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) 10 days following receipt Landlord's request thereof, and 10 days prior to the expiration date of any such notice coverage, Landlord will be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable upon written invoice thereof. The limits of cancellation insurance required by this Lease, or any material modification as carried by Tenant, will not limit the liability of Tenant or relieve Tenant of any policy of insurance applicable obligation thereunder, except to the Premises required extent provided for under this ParagraphParagraph 18 below (Waiver of Claims; Waiver of Subrogation). If Any deductibles selected by Tenant will be the sole responsibility of Tenant. Landlord may, at any time during its sole discretion, change the Term the amount or coverage of insurance policy limits and forms which Tenant is are required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of be provided by Tenant; such changes will be made to conform with common insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated requirements for similar purposes as the Premises properties in similar geographic locations. Landlord will not change required insurance limits 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 Paragraph 8forms more often than once per calendar year.
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General Insurance Requirements. (1) All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, which the Borrower is required to maintain shall (a) be carried in the 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 satisfactory to the Premises. The insurance requirements Lender in this Paragraph 8 shall not in any way limitform, in either scope or amount, the indemnity obligations separately owed by Tenant to Landlord under this Lease, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible hereunder. No endorsement limiting or excluding a required coverage is permittedamount and insurer. Such insurance policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, shall provide that any loss thereunder shall be delivered to Landlord prior to payable notwithstanding any action, inaction, breach of warranty or condition, breach of declarations, misrepresentation or negligence of the date that Tenant occupies Borrower. Each policy shall contain an agreement by the Premises insurer that, notwithstanding lapse of a policy for any reason, or right of cancellation by the insurer or any cancellation by the Borrower such policy shall continue in full force for the benefit of the Lender for at least thirty (30) days after written notice thereof to the Lender and evidence of renewals the Borrower, and no alteration in any such policy shall be made except upon thirty (30) days written notice of such policies proposed alteration to the Lender and the Borrower and written approval by the Lender. At or before the making of the first Loan, the Borrower shall provide the Lender with certificates evidencing its due compliance with the requirements of this Section.
(2) Prior to the expiration date of any policy of insurance maintained pursuant to this Agreement, the Borrower shall provide the Lender with a certificate of insurance evidencing the acquisition of a new policy, or an extension or renewal of an existing policy, evidencing the Borrower's due compliance with this Section.
(3) If the Borrower fails to acquire any policy of insurance required to be delivered maintained pursuant to Landlord this Section, or fails to renew or replace any such policy at least ten (10) days prior to the expiration of each respective policy term. All Tenant’s insurance shall provide that the insurer agrees not thereof, or fails to cancel the policy without at least thirty (30) days’ prior written notice to Tenant (except in the event of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify Landlord within ten (10) days following receipt of keep any such notice of cancellation or policy in full force and effect, the Lender shall have the option (but not the obligation) to pay the premiums on any material modification of any such policy of insurance applicable or to take out new insurance in amount, type, coverage and terms satisfactory to the Premises required under this Paragraph. If at any time during Lender, after first notifying the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use Borrower of the Premises should change with or without Landlord’s consentLender's intent to pay it. Any amounts paid therefor by the Lender shall be immediately due and payable to the Lender by the Borrower upon demand. No exercise by the Lender of such option shall in any way affect the provisions of this Agreement, Landlord including the provision that failure by the Borrower to maintain the prescribed insurance shall have the right to require Tenant to increase the amount or change the types constitute an Event of insurance coverage required under Paragraph 8Default.
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General Insurance Requirements. All insurance provided for in this Lease shall be obtained by the Tenant at its sole cost and expense and shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, licensed and approved to do business in the Commonwealth of Massachusetts, having a general policyholders rating of not less than "A" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as a so-called "named insured" and NHI as an additional insured and shall be on an "occurrence" basis. In addition, NHI shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name of Tenantthe NHI, (b) name Landlord, any Security Holder Landlord and Landlord’s designated agents Tenant 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 their interests may appear 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 allocate to the Premises. The Premises the full amount of 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Certified copies of the policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord and NHI shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that the subject policy may not be canceled except upon not less than ten (10) days prior written notice to Landlord. If Landlord is provided with a certificate, upon Landlord's request Tenant occupies shall provide Landlord with a complete copy of the Premises for any reason, and evidence insurance policy evidenced by such certificate within 30 days of renewals the commencement of such the Term. Certified copies of the renewal policies or certificates therefor from the insurers evidencing the existence thereof shall be delivered to deposited with Landlord at least not less than ten (10) days prior to the expiration dates of each respective policy termthe policies. 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 event of If Landlord is provided with a cancellation as certificate for a result of nonpaymentrenewal policy, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). upon Landlord's request Tenant shall notify deliver a copy of the complete renewal policy to Landlord within ten (10) 30 days following receipt of the expiration of the replaced policy. Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent. Notwithstanding any particular amounts specified in this Lease for Tenant's insurance coverage, Landlord shall have the right at any time hereafter to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8such higher limits as it may determine in its reasonable discretion are prudent.
Appears in 1 contract
Samples: Lease and Security Agreement (Iatros Health Network Inc)
General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, coverages described in this Exhibit B shall be endorsed to (a) be carried in the name of Tenant, (bi) name Landlord, any Security Holder Landlord as an additional insured 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 Tenant shall not allow such insurance to lapse, be prejudiced by one insured making a claim terminated 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, or the liability of Tenant for nonperformance of its obligations or 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 (10) 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 altered without at least thirty (30) days’ prior written notice to Tenant the Landlord; and (except in the event ii) be primary and non-contributing with Xxxxxxxx’s insurance. The property insurance coverage required of a cancellation as a result of nonpayment, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). Tenant shall notify be endorsed to waive all rights of subrogation by the insurance carrier against Landlord within ten (10) days following receipt or shall otherwise state that the carrier shall be so bound by Tenant’s waiver of any such notice the carrier’s right of cancellation or any material modification of any policy of insurance applicable to the Premises required under this Paragraphsubrogation. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 this Exhibit B is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by owners or tenants leasing space of properties located in Comparable Buildings the general area in which the Premises are located which are similar to and operated for similar purposes as 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 Paragraph 8this Exhibit B. All insurance policies required to be carried by Tenant under this Lease shall be written by companies rated AX or better in "Best’s Insurance Guide" and authorized to do business in the State of Nevada. Deductible amounts under all insurance policies required to be carried by Tenant under this Lease shall not exceed $10,000 per occurrence. Tenant shall deliver to Landlord on or before the Term Commencement Date, and thereafter at 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 addition to Landlord’s other remedies in the event of a default by Tenant under the Lease, procure the same for the account of Tenant, and the cost thereof (with interest thereon at the Default Rate) shall be paid to Landlord as Additional Rent.
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General Insurance Requirements. All policies of liability insurance so obtained and maintained, including any umbrella liability to be procured by Tenant shall be issued by insurance policies, companies rated not less than A+ VII in the most current available “Best’s Key Rating Guide,” qualified to do business in the state where the Village Center is located. All property policies shall (a) be carried issued in the name of Tenant, (b) and shall name Landlord as “an insured as its interests may appear,” All liability policies obtained by Tenant shall name Landlord, any Security Holder and Landlord’s designated agents mortgagee, if any. and Managing Agent as additional insuredsinsured’s. In addition, 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) policies shall be the primary insurance providing coverage for Landlord (any other liability insurance maintained by Landlord endorsed as needed to be excess and non-contributing), (d) contain a provide cross-liability endorsement stating that the rights coverage for Tenant, Landlord and any mortgagee, if any, of insureds Landlord and shall not be prejudiced by one insured making a claim or commencing an action against another insured, (e) include provide for severability of interest clausesinterests, products-completed operations and coverage Executed copies of independent contractors, and the policies of insurance or evidence of insurance meeting the requirements of Accord Form No. 27 (fMarch 1993) include a “per location” endorsement or its equivalent or such other evidence as may be reasonably acceptable to Landlord so and its mortgagee, if any, and evidence of required additional insured endorsements on ISO Form CG 20-26 or its equivalent (collectively referred to in this Section ’13.02 as “Certificates”) shall be delivered to Landlord and Landlord’s mortgagee, if any, within ten (10) days after delivery of the Premises and thereafter, executed copies of renewal policies or Certificates thereof shall be delivered to Landlord and Landlord’s mortgagee, if any. prior to the expiration of the term of each such policy, All commercial general liability insurance policies shall contain a provision that Landlord and Landlord’s mortgagee, if any, although named as additional insured’s, shall nevertheless be entitled to recovery under the policy for any loss occasioned by reason of the negligence of any person including Landlord or such mortgagee, if any. As often as any such policy shall expire or terminate, renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent. All policies of insurance delivered to Landlord and its mortgagee, if any must contain a provision that the company writing the policy will endeavor to give Landlord and Landlord’s mortgagee thirty (30) days notice in writing in advance of any cancellation or lapse or the effective date of any reduction in the amounts of insurance, All commercial general aggregate liability, property damage and other limits apply separately casually policies shall be written as primary policies and specifically to the Premisesshall provide that any insurance which Landlord or Landlord’s mortgagee may carry is strictly excess, secondary and noncontributing with any insurance carried by Tenant. The combined aggregate amount of the deductibles under the policies of 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, or the liability of Tenant for nonperformance of its obligations or 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 pursuant to this Lease shall not exceed the monthly installment of insurance with respect thereto, shall be delivered to Landlord prior to the date that Minimum Rental then payable by Tenant occupies the Premises for any reason, and evidence of renewals of such policies shall be delivered to Landlord at least ten (10) 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 event of a cancellation as a result of nonpayment, in which event the 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 Lease, except that amounts received by Landlord from Tenant insurance coverage of insurance shall reduce amounts for which Tenant is required liable to carry indemnify Landlord for such losses. The insurance requirements contained in this Section 13.02 are independent of Tenant’s waiver, indemnification and other obligations under Paragraph 8.2 isthis Lease and shall not be construed or interpreted in any way to restrict, limit or modify Tenant’s waiver, indemnification or other obligations or to in any way limit Tenant’s obligations under this Lease. Should Tenant fail to maintain or renew any insurance provided for in this Article, or to pay the premium therefor, or to deliver to Landlord any of such certificates, then and in any of said events. Landlord, at its option, but without obligation to do so. may, upon five days’ notice to Tenant, procure such insurance, and any sums so expended by Landlord (together with Landlord’s reasonable judgment, materially less than administrative expense in procuring such insurance) shall be Additional Rent hereunder and shall be paid by Tenant to Landlord on the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use first day of the Premises should change with or without month next following the date on which such expenditure is made by Landlord’s consent. RM:6995119:7 Village Center Lease Agreement Initials: L: , Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.T:
Appears in 1 contract
General Insurance Requirements. All insurance provided for in this Lease shall be maintained under valid and enforceable policies issued by insurers of recognized responsibility, approved to do business in the State in which the applicable Facility is located having a general policyholders rating of not less than "A-" and a financial rating of not less than "VIII" in the then most current Best's Insurance Report. Any and all policies of insurance required under this Lease shall name the Landlord as an additional insured and shall be on an "occurrence" basis, or on a "claims-made" basis upon Landlord's prior written consent, which consent shall not be unreasonably withheld at such times as the applicable insurance is not available on an "occurrence" bases at commercially reasonable rates, as reasonably determined by Landlord; provided, however, the proceeds of any business interruption policy shall be payable to Tenant without relieving Tenant in any way of its obligation to pay rent under this Lease. In addition, Landlord shall be shown as the loss payable beneficiary under the casualty insurance policy maintained by Tenant pursuant to Section 4.2. All policies of liability insurance so obtained and maintained, including any umbrella liability insurance policies, shall (a) required herein may be carried in the form of "blanket" or "umbrella" type policies which shall name the Landlord and Tenant as their interests may appear and allocate to each Facility the full amount 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, or the liability of Tenant for nonperformance of its obligations or for loss or damage for which Tenant is responsible required hereunder. No endorsement limiting Original policies or excluding a required coverage is permitted. Such insurance satisfactory certificates from the insurers evidencing the existence of all policies required to be carried by Tenant or duly executed certificates of insurance with respect thereto, required by this Lease and showing the interest of the Landlord shall be delivered to filed with the Landlord prior to the date commencement of the Term and shall provide that Tenant occupies the Premises for any reason, and evidence of renewals of such policies shall subject policy may not be delivered to Landlord at least canceled except upon not less than ten (10) days prior written notice to the expiration of each respective policy termLandlord. All Tenant’s insurance If Landlord is provided with a certificate, upon Landlord's request Tenant shall provide that Landlord with a complete copy of the insurer agrees not to cancel the insurance policy without at least evidenced by such certificate within thirty (30) days’ prior written notice to Tenant (except in days of the event commencement of the Term. Originals of the renewal policies or certificates therefor from the insurers evidencing the existence thereof shall be deposited with Landlord upon renewal of the applicable policies. If Landlord is provided with a cancellation as certificate for a result of nonpaymentrenewal policy, in which event the insurer shall give Tenant at least ten (10) days’ prior notice). upon Landlord's request Tenant shall notify deliver a copy of the complete renewal policy to Landlord within ten thirty (1030) days following receipt of the expiration of the replaced policy. Any claims under any such notice of cancellation or any material modification of any policy policies of insurance applicable to described in this Lease shall be adjudicated by and at the Premises required under this Paragraph. If at any time during the Term the amount or coverage of insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as the Premises or if Tenant’s use expense of the Premises should change with Tenant or without of its insurance carrier, but shall be subject to joint control of Tenant and Landlord’s consent, Landlord shall have the right to require Tenant to increase the amount or change the types of insurance coverage required under Paragraph 8.
Appears in 1 contract
Samples: Master Lease and Security Agreement (American Retirement Corp)
General Insurance Requirements. All policies of liability insurance so obtained During the Term, Subtenant shall at all times keep the Leased Premises, and maintainedall property located in or on the Leased Premises, including "Leasehold Improvements," "Fixtures" and "Personal Property," of the Subtenant, as such terms are defined in the Master Lease, insured with the kinds and amounts of insurance described below. The policies must name as loss payee, by way of a standard form of mortgagee's loss payable endorsement (i) Fee Mortgagee, or (ii) if no mortgage encumbers the fee interest in the Leased Premises, Prime Landlord and, in the case of any commercial general liability and/or umbrella liability insurance policiescoverages, shall (a) be carried in the must name of Tenant, (b) name Landlord, any Security Holder Prime Landlord and Landlord’s designated agents each Facility Mortgagee as additional insureds. Losses shall be payable to Prime Landlord and/or Facility Mortgagee as provided in Article XIV of the Master Lease. Any loss adjustment shall require the written consent of Sublandlord (to be withheld in its sole discretion), whenever the loss exceeds ten percent (10%) of the Fair Market Value of the Leased Premises. Evidence of insurance shall be deposited with Sublandlord and, if requested, with any Leasehold Mortgagee and Facility Mortgagee. If any provision of any Facility Mortgage requires deposits of insurance premiums to be made with such Facility Mortgagee, Subtenant shall either pay to Sublandlord monthly the amounts required and Sublandlord shall transfer such amounts to each Facility Mortgagee, or, pursuant to an endorsement providing coverage at least as broad as ISO form CG 2010 11/85 written direction by Sublandlord, Subtenant shall make such deposits directly with Prime Landlord 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 PremisesFacility Mortgagee. The insurance requirements in this Paragraph 8 shall not in any way limitpolicies on the Leased Premises, in either scope or amount, including the indemnity obligations separately owed by Tenant to Landlord under this Lease, or the liability "Leasehold Improvements," "Fixtures" and "Personal Property" of Tenant for nonperformance of its obligations or 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 theretoSubtenant, shall be delivered to Landlord prior to insure against 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 (10) 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 event of a cancellation as a result of nonpayment, in which event the 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 insurance which Tenant is required to carry under Paragraph 8.2 is, in Landlord’s reasonable judgment, materially less than the amount or type of insurance coverage typically carried by tenants leasing space in Comparable Buildings which are similar to and operated for similar purposes as 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 Paragraph 8.risks:
Appears in 1 contract
Samples: Operations Transfer Agreement (Kindred Healthcare Inc)
