Common use of Insurance and Casualty Damage Clause in Contracts

Insurance and Casualty Damage. (a) Mortgagor shall keep, or cause to be kept, all of the following insurance policies with respect to the Mortgaged Property in companies, forms, amounts and coverage satisfactory to Mortgagee, containing waiver of subrogation and standard New York mortgagee endorsements in favor of Mortgagee and providing for thirty (30) days' written notice to Mortgagee in advance of cancellation of said policies for non-payment of premiums or any other reason or for material modification of said policies, and ten (10) days' written notice to Mortgagee in advance of payment of any insurance claims under said policies to any person: (i) Insurance against loss or damage by fire and such other hazards, casualties and contingencies (including, without limitation, so-called all risk coverages) as Mortgagee reasonably may require, in an amount equal to the full replacement cost of the Mortgaged Property (exclusive of excavation, footings and foundations), with a replacement cost endorsement and in such amounts so as to avoid the operation of any coinsurance clause, for such periods and otherwise as Mortgagee reasonably may require from time to time. Prior to completion of the Improvements, casualty or hazard insurance shall be in the form of a "builder's risk completed value non-reporting form" insurance policy; (ii) Comprehensive general public liability, property damage and indemnity insurance, including, without limitation, so-called assumed and contractual liability coverage and claims for bodily injury, death or property damage, naming Mortgagee as an additional insured, in such amounts as Mortgagee reasonably may from time to time require; (iii) Following completion of any Improvements, insurance against business interruption rent loss or abatement of rent, covering payment of rent and like charges from the Mortgaged Property over a term of not less than twelve (12) months, in an amount at least equal to the aggregate annual amount payable from time to time under the Note; (iv) Workers' Compensation insurance, naming Mortgagee as an additional insured, in the amount required by law. Mortgagor shall deliver renewal certificates of all insurance required above, together with written evidence of full payment of the annual premiums therefor at least thirty (30) days prior to the expiration of the existing insurance. Any such insurance may be provided under so-called "blanket" policies, so long as the amounts and coverages thereunder will, in Mortgagee's sole judgment, provide protection equivalent to that provided under a single policy meeting the requirements hereinabove. All policies of insurance shall be issued by a financially sound and generally recognized insurer lawfully doing business in New York and acceptable to Mortgagee having an A.M. Best Company rating of A-VIII or better. If at any time, Mortgagee is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Mortgagee shall have the right with reasonable notice to Mortgagor to take such action as Mortgagee deems necessary to protect its interest in the Mortgaged Property, including without limitation, the obtaining of such insurance coverage as Mortgagee in Mortgagee's sole discretion deems appropriate, and all expenses incurred by Mortgagee in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Mortgagor to Mortgagee upon demand.

Insurance and Casualty Damage. The Lessee agrees that during the term of this lease (aIncluded in Additional Rent, Section 5) Mortgagor the Lessee shall keepmaintain fire and extended coverage insurance for the full insurable value of the leased premises provided and shall be responsible for any and all deductibles associated with said coverage. The Lessee further agrees to have the Lessor nan1ed as additional insured on said coverage. At Lessee’s option, Lessee may elect to have Lessor provide fire and extended coverage insurance for the premises and shall reimburse Lessor for premium cost of same by means of the payment of Additional Rent (see Section 4, above). Lessor’s providing insurance coverage shall not relieve Lessee’s responsibility for any deductible required. Upon request, Lessor shall provide Lessee with written notification and verification of said premium costs and payment. If the leased premises are rendered substantially unfit for the occupancy or use herein contemplated by any casualty or peril insured against and the primary term or extended term of this lease shall have at least two years to run, Lessor at Lessor’s expense shall promptly and diligently restore the leased premises to the condition existing prior to the occurrence of the insurable casualty or peril, and all rental shall xxxxx from the date of such occurrence until the leased premises are so restored. If the leased premises are rendered partially unfit for the occupancy or use herein contemplated by any casualty or peril insured against, then the Lessor shall diligently cause the premises to be restored provided that the rental shall be justly and fairly reduced from the date of the occurrence of the casualty or peril until the leased premises are so restored. If the leased premises are rendered pru.1ially or substantially unfit for the use herein contemplated by any casualty or peril other than an insured casualty or peril, then Lessor, at Lessor’s sole option, may either cause the premises to be promptly restored in which event the rental shall xxxxx or be justly reduced, as the case may be, or cause to be keptterminate this lease provided, all however, that Lessor must notify Lessee in writing of the following insurance policies with respect to the Mortgaged Property in companies, forms, amounts and coverage satisfactory to Mortgagee, containing waiver of subrogation and standard New York mortgagee endorsements in favor of Mortgagee and providing for thirty (30) days' written notice to Mortgagee in advance of cancellation of said policies for non-payment of premiums or any other reason or for material modification of said policies, and ten (10) days' written notice to Mortgagee in advance of payment of any insurance claims under said policies to any person: (i) Insurance against loss or damage by fire and such other hazards, casualties and contingencies (including, without limitation, so-called all risk coverages) as Mortgagee reasonably may require, in an amount equal to the full replacement cost of the Mortgaged Property (exclusive of excavation, footings and foundations), with a replacement cost endorsement and in such amounts so as to avoid the operation of any coinsurance clause, for such periods and otherwise as Mortgagee reasonably may require from time to time. Prior to completion of the Improvements, casualty or hazard insurance shall be in the form of a "builder's risk completed value non-reporting form" insurance policy; (ii) Comprehensive general public liability, property damage and indemnity insurance, including, without limitation, so-called assumed and contractual liability coverage and claims for bodily injury, death or property damage, naming Mortgagee as an additional insured, in such amounts as Mortgagee reasonably may from time to time require; (iii) Following completion of any Improvements, insurance against business interruption rent loss or abatement of rent, covering payment of rent and like charges from the Mortgaged Property over a term of not less than twelve (12) months, in an amount at least equal to the aggregate annual amount payable from time to time under the Note; (iv) Workers' Compensation insurance, naming Mortgagee as an additional insured, in the amount required by law. Mortgagor shall deliver renewal certificates of all insurance required above, together with written evidence of full payment of the annual premiums therefor at least its election within thirty (30) days prior following the date of occurrence of such casualty or peril. Lessee shall neither bring nor keep on the leased premises anything that will cause an increase in the fire or casualty insurance premiums on the leased premises, nor shall Lessee use the premises in any manner or for any purpose that will cause either an increase in insurance premiums, the cancellation of any insurance coverage or the refusal of any insurance carrier to insure the expiration leased premises against the specified hazards, and Lessee shall not permit the employees, agents, guests or sub-lessees to do any of the existing insuranceacts prohibited to Lessee herein. Any such insurance Lessee shall pay on demand, as additional rent, any increase that may be provided under so-called "blanket" policies, so long required in the insurance premiums as the amounts and coverages thereunder will, in Mortgagee's sole judgment, provide protection equivalent to that provided under a single policy meeting the requirements hereinaboveresult of any violation of this provision. All policies of insurance shall be issued by a financially sound and generally recognized insurer lawfully doing business in New York and acceptable to Mortgagee having an A.M. Best Company rating of A-VIII or better. If at any time, Mortgagee is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Mortgagee Lessor shall have the right with reasonable notice option to Mortgagor terminate this lease if any violation of this provision results in either the cancellation of any insurance on the premises or the refusal by an insurance carrier to insure the premises. If the Lessor elects not to terminate this lease, Lessor may take such any available legal action as Mortgagee deems necessary to protect its interest in enjoin Lessee from continuing the Mortgaged Property, including without limitation, acts or conduct detrimental to the obtaining of such present insurance coverage as Mortgagee in Mortgagee's sole discretion deems appropriate, and all expenses incurred by Mortgagee in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Mortgagor to Mortgagee upon demandrate.

Insurance and Casualty Damage. (a) a. Mortgagor shall keep, or cause to be kept, all of the following insurance policies with respect to the Mortgaged Property in companies, forms, amounts and coverage satisfactory to Mortgagee, containing waiver of subrogation and standard New York mortgagee endorsements in favor of Mortgagee and providing for thirty (30) days' ’ written notice to Mortgagee in advance of cancellation of said policies for non-payment of premiums or any other reason or for material modification of said policies, and ten (10) days' ’ written notice to Mortgagee in advance of payment of any insurance claims under said policies to any person: (i) : i Insurance against loss or damage by fire and such other hazards, casualties and contingencies (including, without limitation, so-called all risk coverages) as Mortgagee reasonably may require, in an amount equal to the full greater of (1) the Loan Amount, or (2) the replacement cost of the Mortgaged Property (exclusive of excavation, footings and foundations)Property, with a replacement cost endorsement and in such amounts so as to avoid the operation of any coinsurance clause, for such periods and otherwise as Mortgagee reasonably may require from time to time. Prior to completion of the Improvements, casualty or hazard insurance shall be in the form of a "builder's risk completed value non-reporting form" insurance policy; (ii) Comprehensive ii Commercial general public liability, property damage and indemnity liability insurance, including, without limitation, so-called assumed and contractual liability coverage and claims for bodily injury, death or property damage, naming Mortgagee as an additional insured, in such amounts as Mortgagee reasonably may from time to time require; (iii) Following completion of any Improvements, insurance . iii Insurance against business interruption interruption, rent loss or abatement of rent, covering payment of rent and like charges from the Mortgaged Property over a term of not less than twelve (12) months, in an amount at least equal to the aggregate annual amount payable from time to time under the Note; (iv) Workers' Compensation insurance. iv If the Mortgaged Property is located in a flood hazard zone as designated pursuant to the Flood Disaster Protection Act of 1973, naming Mortgagee as an additional insured, in the Mortgagor will maintain flood insurance for the Loan Amount or the maximum amount required by law. of flood insurance satisfactory to Mortgagee; Mortgagor shall deliver renewal certificates of all insurance required above, together with written evidence of full payment of the annual premiums therefor at least thirty (30) days prior to the expiration of the existing insurance. Any such insurance may be provided under so-called "“blanket" ” policies, so long as the amounts and coverages thereunder will, in Mortgagee's ’s sole judgment, provide protection equivalent to that provided under a single policy meeting the requirements hereinabove. All policies of insurance shall be issued by a financially sound and generally recognized insurer lawfully doing business in New York and acceptable to Mortgagee having an A.M. Best Company rating of A-VIII or better. If at any time, Mortgagee is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Mortgagee shall have the right with reasonable notice to Mortgagor to take such action as Mortgagee deems necessary to protect its interest in the Mortgaged Property, including without limitation, the obtaining of such insurance coverage as Mortgagee in Mortgagee's ’s sole discretion deems appropriate, and all expenses incurred by Mortgagee in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Mortgagor to Mortgagee upon demand.