Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for: (i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises. (ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease. (iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00. (iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent). (b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy: (i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee. (ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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; (iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and (iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry. (c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that: (i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear; (ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance; (iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and (iv) the requirements set forth in this Section 22 are otherwise satisfied. (d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 2 contracts
Samples: Lease Agreement (KnowBe4, Inc.), Lease Agreement (KnowBe4, Inc.)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost cost, shall maintain with responsible insurance companies acceptable to Landlord and expensequalified to do business in Colorado, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof general comprehensive public liability insurance against claims for personal injury or (including death) and property damage, property damage arising from occurrences in, on and product liability occurring upon, in or about the Premises, such insurance to be written with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 3,000,000.00 per occurrence. Landlord shall be designated a named insured in the policies for each policy year. The insurance coverage required under this Section 22(a)(i) shallsuch insurance, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy which shall contain a contractual endorsement endorsements providing that the naming of more than one insured shall not operate to that effect. The general aggregate limits under limit or void the Commercial General Liability coverage of any named insured relating to claims by another named insured.
(b) Tenant, at its sole cost, shall maintain with responsible insurance policy companies acceptable to Landlord and qualified to do business in Colorado, "All Risk" or policies must apply separately to equivalent insurance upon all personal property upon the Premises and to Tenantall equipment, fixtures, additions, alterations and improvements and betterments installed by or for Tenant upon the Premises, including, without limitation, anything in the nature of a leasehold improvement, in an amount which is at least 80% of the full replacement cost thereof, which insurance shall name Landlord as a named insured and Landlord's use thereof (and not mortgagees as mortgagees under a standard mortgagee clause. In the event of damage or destruction to any other location or leasehold improvements, Tenant shall use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits proceeds of such policy applies separately insurance to repair or restore such leasehold improvements. If this Lease shall be terminated pursuant to subparagraph 11(a) on account of damage by fire or other casualty to the Building or the Premises, Landlord shall be entitled to all of the insurance proceeds payable under the aforesaid insurance relating to the leasehold improvements and the Premises.
(iic) Insurance covering all Tenant shall, prior to the commencement of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) least 30 days prior to the expiration date of each such policy, andfurnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, as often as any which certificates shall state that such policy shall expire insurance coverage may not be materially changed or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give canceled without at least ten days prior written notice to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the TenantLandlord's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfiedmortgagee.
(d) Notwithstanding anything herein to the contrary set forth herein abovecontrary, Landlord and Tenant do each hereby waive release the other, its officers, directors, partners, agents and employees (and Tenant hereby also releases Agent, its partners, officers, directors, agents and employees), to the extent of the releasing party's coverage under its insurance policies, from any and all claims against one another liability for any loss or damage which may be inflicted upon the property of such party, notwithstanding that such loss or damage shall have arisen out of the negligence of the other party, its partners, officers, directors, agents or employees; provided, however, that this release shall be effective only with respect to or destruction occurrences occurring during such time as the appropriate policy of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party so releasing shall also be responsible for contain a clause to the payment of any deductible amounts required to be paid under effect that such release shall not affect this said policy or the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance right of the type described in Section 22(a)(ii)insured to recover thereunder.
Appears in 1 contract
Insurance and Waiver of Subrogation. (a) Tenant further covenants During the term hereof, Subtenant shall obtain and agrees that from maintain all insurance types and after coverage as specified in the date of delivery of the Premises from Landlord Xxxxxxxxx to Tenantbe obtained and maintained by Sublandlord, Tenant will carry and maintain, at its sole cost and expense, the following types of insuranceas lessee, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 those specified in the Xxxxxxxxx. During the term hereof, Sublandlord shall continue to maintain all insurance types and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this as so specified in Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out 10.3 of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effectXxxxxxxxx. The general aggregate limits under the Commercial General Liability insurance policy or All such policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form maintained by Subtenant shall name Overlandlord and Sublandlord as additional insureds and Overlandlord’s lender as a loss payee thereunder and all such policies of policy insurance maintained by Sublandlord shall specify all endorsements required herein name Subtenant as additional insured in addition to Overlandlord and Overlandlord’s lender. Subtenant’s insurance shall specify on the face thereof that the limits of such policy applies separately be primary over Overlandlord’s and Sublandlord’s insurance with respect to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such except that Sublandlord’s insurance shall be held in trust by Tenant's insurance company primary for the repairFreezer Farm, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in Section 30(b) below, until the standard form occurrence of business interruption insurance policy) of Tenant at the Premises which Freezer Farm Vacate Date, and Sublandlord’s insurance shall be issued on an "primary for the Licensed Office Space until such time as Sublandlord has completely vacated said Licensed Office Space; notwithstanding the foregoing, Sublandlord shall continue to maintain all risks" basis (insurance coverages required under the Xxxxxxxxx. Notwithstanding the foregoing or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior provision contained herein to the execution of the Lease) be delivered to contrary, Sublandlord and Subtenant each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims they may have against one another for each other in connection with any losses or damage to or destruction of real or personal property they may suffer which are caused by the other party, to the extent that such losses or damage or destruction can be are covered by "all risks" property the injured party’s insurance, and Sublandlord and Subtenant each agree to obtain, from their respective insurers, a provision acknowledging this waiver and agreeing that their respective insurance carriers will not be subrogated to the rights of the type described in Section 22(a)(ii) above. Each injured party shall also be responsible for to the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would extent that these rights have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coveragewaived.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Insurance and Waiver of Subrogation. (a) Tenant further covenants shall keep in force at Tenant's expense as long as this Lease remains in effect and agrees that from and after the date of delivery of during such other times as Tenant occupies the Premises from Landlord to Tenantor any part thereof, Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) commercial general liability insurance covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premisesthereof, such insurance coverage to be written in amount of at least $1,000,000.00 per occurrence, on an occurrence basis with aggregate annual limits (applicable only to the Premises and not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits any other location) of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 5,000,000.00 and, if necessary, the policy shall contain with a contractual liability endorsement to that effectfor the indemnity in Paragraph 21 of this Lease. The general aggregate limits under the Commercial General Liability Tenant shall also keep in force "all risks" casualty coverage and water damage insurance policy or policies must apply separately to the Premises and to covering Tenant's use thereof (and personal property, including, but not limited to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenantinventory, trade fixtures, merchandise floor coverings, furniture and personal all other property from time to time in, on of Tenant whether removable or upon not at the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 termination of this Lease.
(iii) Worker's Compensation , including leasehold betterments and Employer's Liability improvements. All such insurance affording statutory coverage on leasehold betterments and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance improvements shall be issued on in amounts sufficient to cover the full replacement cost of any repair or reconstruction from any such hazard during the entire Term of this Lease. All commercial general liability policies shall list Landlord and any holder of a deed to secure debt, mortgage or other security interest encumbering the Property as an additional insured as their respective interests may appear and the "all risks" basis (or its equivalent).
(b) All casualty coverage and water damage insurance policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any holder of a to secure debt, mortgage or other party reasonably designated by Landlord) and security interest encumbering the coverage in (ii) shall also name Landlord Property as loss payee.
(ii) payees. All policies hereunder shall (and a certificate thereof shall be delivered to require that the insurer give Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, as often as written notice before any such policy policies are canceled. Tenant shall expire or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give deliver to Landlord certificates evidencing that such insurance is in place and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) all premiums have been paid and shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason deliver copies of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfiedLandlord.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Samples: Lease Agreement (Med E America Corp)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from Section 15.01. From and after the date of delivery of this Lease, the Premises from Landlord to Tenant, Tenant will carry and maintainLandlord, at its sole cost and expense, will keep and maintain policies of insurance on the following types improvements against loss or damage by fire and loss or damage by other risks or casualties now embraced by the so-called "extended coverage endorsement", in amounts at all times sufficient to prevent the Landlord from becoming a co-insurer under the terms of the applicable policy, said insurance being for Landlord's sole protection.
Section 15.02. Tenant covenants and agrees that it will not use the demised premises for such purposes or in such a manner as to preclude or prevent the Landlord from obtaining, through normal, usual and responsible efforts on its part, such insurance coverage as is herein required of the Landlord, and in no event will store any items, or undertake any activities, which would cause the improvements to be rated by fire insurance companies as extra hazardous. The Tenant agrees promptly to pay to Landlord such excess insurance premium cost, as may be from time to time determined. Further, if during the term of this Lease, the demised premises are used by the Tenant for any purposes or in any manner which causes the improvements to be rated by fire insurance companies as extra hazardous or which causes the cancellation or threatened cancellation of Landlord's hazard insurance, the Tenant, upon notification by the Landlord, will immediately cease such activities or storage, in order to remove the extra hazardous rating or the threat of cancellation of Landlord's hazard insurance.
Section 15.03. In addition to the preceding Section 15.02, the Tenant shall pay to the Landlord during each policy year falling partially or completely within the form of this Lease, and any renewals or extensions thereof, ONE HUNDRED PERCENT (100%) of any increase in the amount specified and insurance premium resulting from an increase in the form hereinafter provided for:combined rate for fire and extended coverage insurance on said improvements in excess of the premium paid on this insurance during the year 1990. If the Tenant shall occupy the demised premises under the term hereof for less than a full one-year period, then for that policy year, the Tenant shall be required to pay only a pro rata portion of any additional insurance premium chargeable to the Tenant under the provisions of the above paragraph. Any additional sums due Landlord pursuant to this Article shall be due after the premiums for said policies have been paid, and the Landlord has given Tenant written notice of such additional sum due, such sum being due and payable within thirty (30) days after the date of such notice.
(i) Liability Insurance in Section 15.04. From and after the Commercial General Liability form (or reasonable equivalent thereto) covering date of this Lease, Tenant will, at its own cost and expense, keep and maintain policies of general public liability insurance protecting and indemnifying the Premises Tenant and Tenant's use thereof the Landlord against any and all claims for personal injury damages to persons or deathproperty, or for loss of life or property damage and product liability occurring upon, in or about the Premises, such demised premises. Such insurance shall afford immediate protection to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits the limit of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, 500,000.00 in addition, extend respect of bodily injury or death to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately one person; and to the Premises and to Tenant's use thereof (and not to any other location or use limit of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than $1,000,000.00 in respect to any one hundred percent (100%) accident or occurrence; and to the limit of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent)$250,000.00 to property damage, with not more than $5,000.00 deductible.
(b) Section 15.05. All policies of the insurance provided for in Section 22(a) this Article shall be effected under standard form policies issued in form acceptable to Landlord by insurance companies with a rating insurers of recognized responsibility and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed authorized to do business in the state in State of North Carolina, and which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as are well as any mortgagee of Landlord and any other party reasonably designated rated by Landlord) and the coverage in (ii) shall also name Landlord as loss payeenational rating organizations.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to Section 15.06. Upon the execution commencement of the term of this Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant , and thereafter within no less than thirty (30) days prior to the expiration dates which are therefore furnished pursuant to this Article, Tenant shall provide Landlord with certificates of each such policy, and, 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;
(iii) shall contain a provision insurance evidencing that the insurer will give to Landlord insurance required is in effect, and such other parties in interest at least thirty (30) days notice in writing in advance of any material changethat the premiums therefore have been paid. Each policy delivered hereunder shall, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such obtainable, contain an agreement by the insurer that the policy shall not be cancelled without at least ten (10) days' prior written notice to the Landlord.
Section 15.07. The Landlord and Tenant, for their respective heirs, successors and assigns, hereby waive all rights, claims and causes of action which they may hereafter acquire against the other, as the case may be, to recover damage from the other for any act or actions committed by them or by persons or entities for which they are then responsible, arising out of any damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried loss sustained by the Landlord or Tenant to their respective property, or upon any cause of action against either party whose property which the other party hereto may be primarily or secondarily liable, when such loss, damage, claim or cause of action is damaged. These waivers shall apply if insured by either Landlord or Tenant against such loss, damage, claim or cause of action through any policy of insurance issued to Landlord or Tenant at such time, and the damage would have been covered by a customary "all risk" insurance policycarrier of such party is liable to pay for such loss, even if the party fails to obtain such coveragedamage, claim or cause of action.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Insurance and Waiver of Subrogation. (a) Tenant further covenants and Landlord agrees that from throughout the Term it will insure the Building (excluding any property which Tenant is obligated to insure) in amounts customarily carried by prudent owners of comparable buildings, against loss due to fire and after other casualties included in “special form” extended coverage property insurance. In addition, throughout the term, Landlord will maintain commercial general liability and such other insurance customarily carried by prudent owners of comparable building, including any insurance which may be required by any lender with a deed of trust encumbering the Property.
(b) Commencing as of the date of delivery of Tenant enters the Premises from Landlord to Tenantfor the purpose of performing the Tenant Improvements and continuing throughout the Term, Tenant will carry and maintainwill, at its sole cost and own expense, maintain commercial liability insurance (including personal injury liability, premises/operation, property damage, independent contractors and broad form contractual coverage in support of the following types indemnifications of insuranceLandlord by Tenant under this Lease) with respect to the Premises and Tenant’s activities in and about the Premises, Building and Property, providing bodily injury and property damage coverage, in the amount specified and in the form hereinafter provided foramounts no less than:
(i) Liability Insurance $3,000,000 combined single limit with respect to bodily injury or death to any one person;
(ii) $3,000,000 with respect to bodily injury or death arising out of any one occurrence;
(iii) $1,000,000 with respect to property damage or other loss arising out of any one occurrence;
(iv) business income insurance;
(v) property insurance with respect to Tenant’s personal property and Tenant Alterations in excess of Building standard, to be written on a “Special Form” basis for full replacement cost; and
(vi) workers compensation in statutory amounts and employer’s liability insurance with minimum coverages of $1,000,000;
(vii) Such additional insurance (other than earthquake, terrorism, environmental or flood insurance) in such amounts as Landlord shall reasonably require provided that the type of additional insurance and the amount of additional insurance are in all instances being generally required of tenants (with uses similar to Tenant’s hereunder) by landlords of comparable buildings located in South San Francisco, provided that Landlord shall not require any additional insurance during the first five (5) calendar years during the term.
(c) Said insurance is to be written by good and solvent insurance companies of recognized standing, admitted to do business in the Commercial General Liability form State of California and which have an A.M. Best’s rating of at least A-, VII. Tenant shall pay all premiums and charges therefor and upon failure to do so Landlord may, but shall not be obligated to, make such payments, and in such latter event Tenant agrees to pay the amount thereof to Landlord on demand and said sum shall be deemed to be Additional Rent and in each instance collectible on the first day of any month following the date of notice to Tenant in the same manner as though it were rent originally reserved hereunder. Certificates of Tenant’s insurance required above shall be deposited with Landlord together with any renewals, replacements or endorsements to the end that said insurance shall be in full force and effect for the benefit of Landlord during the Term. In the event Tenant shall fail to procure and place such insurance, Landlord may, but shall not be obligated to, after not less than ten (10) days prior written notice to Tenant that Landlord intends to procure and place the same at Tenant’s expense, procure and place same, in which event the amount of the premium paid shall be refunded by Tenant to Landlord upon demand and shall in each instance be collectible on the first day of the month or reasonable equivalent theretoany subsequent month following the date of payment by Landlord, in the same manner as though said sums were Additional Rent reserved hereunder.
(d) Nothing in this Paragraph shall prevent Tenant from obtaining insurance of the kind and in the amount specified above under a blanket insurance policy covering other properties as well as the Premises provided that the per location coverage afforded to the Premises shall not be less than the required coverage specified herein. Tenant shall deliver certificates of all such policies prior to the Commencement Date and each anniversary date thereafter. Tenant agrees that Landlord will be an additional insured under Tenant's use thereof ’s commercial general liability insurance policies with respect to the Premises.
(e) Landlord will not carry insurance of any kind on Tenant’s fixtures, furnishings, equipment or other property or Tenant Alterations, and, except as provided by law or the terms of this Lease or by reason of its fault or its breach of any of its obligations hereunder, shall not be obligated to repair any damage thereto or replace the same. In addition, Landlord will not carry business interruption insurance for the benefit of Tenant.
(f) Tenant shall not do or keep or permit anything to be kept in the Premises not permitted by the Permitted Use which would increase the fire or other casualty insurance rate on the Building or the property therein over the rate which would otherwise then be in effect or which would result in insurance companies of good standing refusing to insure the Building or any of such property in amounts and at normal rates reasonably satisfactory to Landlord. If Tenant violates the preceding sentence and such violation causes, the rate of fire insurance with extended coverage on the Building or equipment or other property of Landlord to be higher than it otherwise would be, Tenant shall reimburse Landlord, on demand, for that part of the premiums for fire insurance and extended coverage paid by Landlord because of such violation on the part of Tenant, which sum shall be deemed to be Additional Rent and collectible as such.
(g) Tenant and Landlord release each other and waive any right of recovery against claims each other for personal loss, damage or injury to the waiving party or deathits respective property (including, property damage without limitation, the Premises, Building and product liability occurring uponProperty, as the case may be) which occurs in or about the Premises, such insurance Building or Property, whether due to be written on an occurrence basis (not a claims made basis)the negligence of either party, its agents, employees, officers, contractors, licensees, invitees or otherwise, to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to extent that effect. The general aggregate limits such loss or damage is insured against under the Commercial General Liability terms of a “special form” property insurance policy or would have been insured had the injured party carried the “special form” property insurance required of it hereunder. Tenant and Landlord agree that all policies must apply separately to of property insurance obtained by either of them in connection with the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy the Property, as the case may be, shall contain an endorsement to that effect. The certificate appropriate waiver of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried subrogation clauses by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverageinsurer.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Insurance and Waiver of Subrogation. Tenant shall purchase at its own expense and keep in force during this Lease the insurance policies set forth in Section 9.1 of the Prime Lease. Said policies shall: (a) Tenant further covenants name Prime Landlord, Landlord and agrees that from and after the date of delivery of the Premises from Landlord any party holding an interest to Tenant, Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless which this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (may be subordinated as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
additional insureds; (b) All policies of the insurance provided for in Section 22(a) shall be issued in form by an insurance company with a Best rating of A-VIII or better and otherwise reasonably acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in California; (c) provide that said insurance shall not be cancelled or materially modified unless the state insurer endeavors to give thirty (30) days’ prior written notice to Landlord; (d) provide coverage on an occurrence basis; (e) provide coverage for the indemnity obligations of Tenant under this Lease; (f) contain a severability of insured parties provision and a cross liability endorsement; (g) be primary, not contributing with, and not in excess of, coverage which Landlords Building is located. Each Landlord may carry; (h) include a hostile fire endorsement; and every such policy:
(i) shall name otherwise be in such form and include such coverages as Landlord as an additional insured (as well as any mortgagee may reasonably require. Said policy or policies or, at Landlord’s option, Certificate of Landlord and any other party reasonably designated by Landlord) and Insurance on the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof so-called “ACCORD” Form 27 evidencing said policies, shall be delivered to Landlord at or prior to the execution by Tenant upon commencement of the Lease) Lease and renewals thereof shall be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within at least thirty (30) days prior to the expiration of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of said insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(a) damages for injury to or death of persons; (b) damages to property; (c) Any insurance provided for in Section 22(adamages to the Premises or any part thereof; or (d) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished claims arising by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein aboveforegoing, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage damages and claims are insured against or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid insured against by Landlord or Tenant under this Lease. This provision is intended to waive, fully, and for the applicable "all risks" fire and casualty benefit of each party, any rights and/or claims which might give rise to a right of subrogation by any insurance carried carrier. To coverage obtained by each party pursuant to this Lease shall include, without limitation, a waiver of subrogation by the party whose property is damaged. These waivers shall apply if carrier which conforms to the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent provisions of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).paragraph
Appears in 1 contract
Samples: Office Sublease (Ooma Inc)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost cost, shall maintain with responsible insurance companies acceptable to Landlord and expensequalified to do business in Colorado, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof general comprehensive public liability insurance against claims for personal injury or (including death) and property damage, property damage arising from occurrences in, on and product liability occurring upon, in or about the Premises, such insurance to be written with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 3,000,000.00 per occurrence. Landlord shall be designated a named insured in the policies for each policy year. The insurance coverage required under this Section 22(a)(i) shallsuch insurance, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy which shall contain a contractual endorsement endorsements providing that the naming of more than one insured shall not operate to that effect. The general aggregate limits under limit or void the Commercial General Liability coverage of any named insured relating to claims by another named insured.
(b) Tenant, at its sole cost, shall maintain with responsible insurance policy companies acceptable to Landlord and qualified to do business in Colorado, "All Risk" or policies must apply separately to equivalent insurance upon all personal property upon the Premises and to Tenantall equipment, fixtures, additions, alterations and improvements and betterments installed by or for Tenant upon the Premises, including, without limitation, anything in the nature of a leasehold improvement, in an amount which is at least 90% of the full replacement cost thereof, which insurance shall name Landlord as a named insured and Landlord's use thereof (and not mortgagees as mortgagees under a standard mortgagee clause. In the event of damage or destruction to any other location or leasehold improvements, Tenant shall use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits proceeds of such policy applies separately insurance to repair or restore such leasehold improvements. If this Lease shall be terminated pursuant to Paragraph 11(a) on account of damage by fire or other casualty to the Building or the Premises, Landlord shall be entitled to all of the insurance proceeds payable under the aforesaid insurance relating to the leasehold improvements and the Premises.
(iic) Insurance covering all Tenant shall, prior to the commencement of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) least 30 days prior to the expiration date of each such policy, andfurnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, as often as any which certificates shall state that such policy shall expire insurance coverage may not be materially changed or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give cancelled without at least ten days prior written notice to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the TenantLandlord's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfiedmortgagee.
(d) Notwithstanding anything herein to the contrary set forth herein abovecontrary, Landlord and Tenant do each hereby waive release the other, its officers, directors, partners, agents and employees (and Tenant hereby also releases Agent, its partners, officers, directors, agents and employees), to the extent of the releasing party's coverage under its insurance policies, from any and all claims against one another liability for any loss or damage which may be inflicted upon the property of such party, notwithstanding that such loss or damage shall have arisen out of the negligence of the other party, its partners, officers, directors, agents or employees; PROVIDED, HOWEVER, that this release shall be effective only with respect to or destruction occurrences occurring during such time as the appropriate policy of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party so releasing shall also be responsible for contain a clause to the payment of any deductible amounts required to be paid under effect that such release shall not affect the applicable "all risks" fire and casualty insurance carried by said policy or the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance right of the type described in Section 22(a)(ii)insured to recover thereunder.
Appears in 1 contract
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost cost, shall maintain with responsible insurance companies acceptable to Landlord and expensequalified to do business in Colorado, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof general comprehensive public liability insurance against claims for personal injury or (including death) and property damage, property damage arising from occurrences in, on and product liability occurring upon, in or about the Premises, such insurance to be written with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts all cases of not less than $1,000,000 per occurrence and to have general aggregate limits of not less than $2,000,000 aggregate. Landlord shall be designated an additional insured in the policies for each policy year. The insurance coverage required under this Section 22(a)(i) shallsuch insurance, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy which shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof providing that the limits naming of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less more than one hundred percent (100%) insured shall not operate to limit or void the coverage of their full replacement value from time any named insured relating to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust claims by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent)another named insured.
(b) All policies of the Tenant, at its sole cost, shall maintain with responsible insurance provided for in Section 22(a) shall be issued in form companies acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed qualified to do business in Colorado, "All Risk" or equivalent insurance upon all personal property upon the state Premises and all equipment, fixtures, additions, alterations and improvements and betterments installed by or for Tenant upon the Premises, including, without limitation, but not including anything in the nature of a leasehold improvement, in an amount which Landlords Building is located. Each and every such policy:
(i) at least 80% of the full replacement cost thereof, which insurance shall name Landlord as an additional insured (and Landlord's mortgagees as well as mortgagees under a standard mortgagee clause. In the event of damage or destruction to any mortgagee leasehold improvements, Tenant shall use the proceeds of such insurance to repair or restore such leasehold improvements provided that Landlord and any is repairing and/or restoring the Building pursuant to the provisions of Paragraph 11 hereof. If this Lease shall be terminated pursuant to Paragraph 11(a) on account of damage by fire or other party reasonably designated by Landlord) casualty to the Building or the Premises, Landlord shall be entitled to all of the insurance proceeds payable under the aforesaid insurance relating to the leasehold improvements and the coverage in (ii) shall also name Landlord as loss payeePremises, exclusive of Tenant's trade fixtures and improvements and alterations paid for by Tenant.
(iic) shall (and a certificate thereof shall be delivered to Landlord at or Tenant shall, prior to the execution commencement of the Lease) be delivered to each of Landlord Term, and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) at least 30 days prior to the expiration date of each such policy, andfurnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, as often as any which certificates shall state that such policy shall expire insurance coverage may not be materially changed or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give cancelled without at least ten days prior written notice to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the TenantLandlord's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfiedmortgagee.
(d) Notwithstanding anything herein to the contrary set forth herein abovecontrary, Landlord and Tenant do each hereby waive any release the other, its officers, directors, partners, agents and all claims against one another for damage to or destruction of real or personal property employees (and Tenant hereby also releases Agent, its partners, officers, directors, agents and employees), to the extent such damage or destruction can be covered of (i) any loss customarily insured against (in the case of Landlord by "all risks" property insurance other prudent owners and operators of Comparable Buildings and in the type described case of Tenant by other prudent tenants occupying in Section 22(a)(iiexcess of 10,000 square feet of rentable area of office space in Comparable Buildings) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" or "multi-peril" form insurance policycoverage, even if whether carried or not, including at a minimum fire and extended coverage insurance insuring against loss by fire, wind storm, riot, malicious mischief, vandalism, smoke and water damage (including damage caused by accidental discharge or leakage for sprinkler, plumbing, heating or air conditioning systems) and (ii) all loss, cost, damage or expense arising out of or due to any interruption of business, whether carried or not; such release shall include, from any and all liability for any loss or damage which may be inflicted upon the party fails to obtain property of such coverage.The intent party, notwithstanding that such loss or damage shall have arisen out of this provision is that each party shall look solely to the negligence of the other party, its partners, officers, directors, agents or employees, the releasing party's coverage under its insurance policies, from any and all liability for any loss or damage which may be inflicted upon the property of such party, notwithstanding that such loss or damage shall have arisen out of the negligence of the other party, its partners, officers, directors, agents or employees; provided, however, that this release shall be effective only with respect to property damage or destruction which can be covered by "all risks" occurrences occurring during such time as the appropriate policy of insurance of the type described in Section 22(a)(ii)party so releasing shall contain a clause to the effect that such release shall not affect the said policy or the right of the insured to recover thereunder.
Appears in 1 contract
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost cost, shall maintain with responsible insurance companies acceptable to Landlord and expensequalified to do business in Colorado, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof general comprehensive public liability insurance against claims for personal injury or (including death) and property damage, property damage arising from occurrences in, on and product liability occurring upon, in or about the Premises, such insurance to be written with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 3,000,000.00 per occurrence. Landlord shall be designated a named insured in the policies for each policy year. The such insurance, which shall contain endorsements providing that the naming of more than one insured shall not operate to limit or void the coverage of any named insured relating to claims by another named insured.
(b) Tenant, at its sole cost, shall maintain with responsible insurance coverage required under this Section 22(a)(i) shallcompanies acceptable to Landlord and qualified to do business in Colorado, in addition, extend to any liability of Tenant arising out of "All Risk" or equivalent insurance upon the indemnities provided for in Section 21 and, if necessarySatellite Equipment (hereinafter defined), the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to Generator (as defined in Exhibit N) and all personal property upon the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvementequipment, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise additions, alterations and personal property from time to time in, on improvements and betterments installed by or for Tenant upon the Premises, and alterationsincluding, additionswithout limitation, or changes made by Tenant pursuant to Section 12anything in the nature of a leasehold improvement, in an amount which is at least 80% of the full replacement cost thereof, which insurance shall name Landlord as a named insured and Landlord's mortgagees as mortgagees under a standard mortgagee clause. In the event of damage or destruction to any Satellite Equipment, the Generator or any leasehold improvements, Tenant shall use the proceeds of such insurance to repair or restore such Satellite Equipment, Generator or leasehold improvements. If this Lease shall be terminated pursuant to subparagraph 11(a) on account of damage by fire or other casualty to the Building or the Premises, Landlord shall be entitled to all of the insurance proceeds payable under the aforesaid insurance (but not less than with respect to the Satellite Equipment, the Generator and any movable or removable personal property) relating to the leasehold improvements to the Premises not to exceed, however, one hundred percent (100%) of their full replacement value from time the hard costs which would be incurred to time during replace such leasehold improvements; provided, however, that in the event that the Construction Allowance has not been repaid to Tenant in the entirety prior to such termination, then Landlord agrees to direct its insurer to pay such insurance proceeds to Tenant, to the extent of the unpaid Construction Allowance.
(c) Tenant shall, prior to the commencement of the Term, providing protection against perils included within and at least 30 days prior to the standard form expiration date of "all-risks" fire and casualty insurance each policy, together with insurance against sprinkler damagefurnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, vandalism and malicious mischief. Any policy proceeds from which certificates shall state that such insurance shall coverage may not be held in trust by Tenantmaterially changed or canceled without at least ten days prior written notice to Landlord and Landlord's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Leasemortgagee.
(iiid) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with Landlord shall maintain throughout the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) Term of the estimated gross earning (Lease with respect to the Building such insurance as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policyfollows:
(i) shall name Landlord as an additional insured standard all-risk property insurance, covering the Building in amounts at least equal to eighty percent (as well as any mortgagee 80%) of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.replacement cost of the Building;
(ii) shall (and employer's liability insurance with a certificate thereof shall be delivered to Landlord at or prior to the execution minimum limit of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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$100,000.00 for bodily injury;
(iii) shall contain a provision that commercial general liability insurance and excess liability insurance over the insurer will give to Landlord and such other parties insurance required in interest at least thirty (30subparagraph 10(d)(ii) days notice in writing in advance each with combined, minimum coverage of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry$3,000,000.00 per occurrence.
(ce) Any Notwithstanding anything in this Lease to the contrary, Landlord and Tenant each hereby release the other, its officers, directors, partners, agents and employees (and Tenant hereby also releases Agent, its partners, officers, directors, agents and employees), to the extent of the coverage under insurance provided policies required to be obtained by the releasing party under this Lease, from any and all liability for in Section 22(a) any loss or damage which may be maintained by means inflicted upon the property of a policy such party, notwithstanding that such loss or policies damage shall have arisen out of blanket insurancethe negligence or other misconduct of the other party, covering additional items its partners, officers, directors, agents or location or insureds, employees; provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant that this release shall be named effective only with respect to occurrences occurring during such time as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket appropriate policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) aboveparty so releasing shall not be effected by such release and the right of the insured to recover under the policy is not effected. Each party shall also be responsible for will cause its policy of insurance to contain a clause pursuant to which the payment insurance company waives subrogation or otherwise consents to a waiver of any deductible amounts required to be paid under right of recovery against the applicable "all risks" fire other party and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverageotherwise remains in effect.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Samples: Lease Agreement (KBS Real Estate Investment Trust II, Inc.)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after During the date of delivery of the Premises from Landlord to TenantTerm, Tenant will carry and maintain, at its sole cost shall maintain, with responsible insurance companies acceptable to Landlord and expense, the following types of insurance, qualified to do business in the amount specified and in Commonwealth of Pennsylvania, general comprehensive public liability insurance with the broad form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof commercial liability endorsement insuring against claims for personal injury or (including death) and property damage, with respect to Tenant's activities and property damage in, on and product liability occurring upon, in or about the Premises, such insurance and with respect to be written occurrences arising out of or related to Tenant's use or occupancy of the Premises and the Property and the activities therein, thereon and thereabout of Tenant and any subtenants and their respective servants, employees, agents, invitees and licensees, with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 5,000,000 per occurrence. Landlord, Amerimar Xxxxxxxxx Management Company, Inc. ("Manager"), or any other manager of the Building whose name is furnished to Tenant, and any Mortgagee (as hereinafter defined) whose name is furnished to Tenant, and (by general reference) their respective agents, partners and employees, all as their interests may appear, shall be designated additional named insureds in the policies for such insurance. Said policies shall contain endorsements providing that the naming of more than one insured shall not operate to limit or void the coverage of any named insured relating to claims by another named insured. Tenant shall, prior to the commencement of the Term, and at least 30 days prior to the expiration date of each policy yearwhich Tenant is required by this Lease to maintain, furnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, which certificates shall state that such insurance coverage may not be changed so as to reduce, diminish or eliminate the type, scope or amount of coverage as required herein, and state further that such insurance coverage may not be cancelled without at least twenty (20) days prior written notice to Landlord. The aforesaid amount of required insurance coverage required under this Section 22(a)(i) shall, at the request of Landlord, be increased, effective upon the 60th day after Landlord shall have given Tenant notice specifying the new amount, to be that amount which is customarily provided by similarly sized and situated tenants for leased space in additionCenter City Philadelphia, extend but not an amount greater than that which bears the same ratio to any liability $5,000,000 as the Consumer Price Index (hereinabove defined) for the calendar month next preceding the date of Tenant arising out such notice bears to the Consumer Price Index for the month in which the Commencement Date falls. Such notice shall not be given sooner than the fifth anniversary of the indemnities provided for in Section 21 anddate of this Lease nor more frequently than once every five years. During the Term, if necessaryLandlord shall maintain physical damage insurance on all additions, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately improvements and alterations to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of which become the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent)Landlord upon installation.
(b) All policies of During the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating Term, Landlord, at its cost and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured Operating Expense, shall maintain "Special Form" physical damage insurance on the Building for its full replacement value, including fire, sprinkler, leakage, vandalism and extended coverage on all additions and improvements, including those constructed in connection with and constituting Tenant's Work. Landlord's current physical damage insurance on the Building does include coverage for certain acts of terrorism. In no event shall Tenant be required (but Tenant may elect) to pay, as well as part of its Proportionate Share of Operating Expenses, an increase in insurance premiums applicable to terrorism coverage for any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior Calendar Year to the execution extent that such inclusion, in and of itself, would result in an increase in such Proportionate Share of Operating Expenses of more than three percent (3%) per Calendar Year during the Lease) be delivered to each of Landlord Term, calculated on a compounded and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carrycumulative basis.
(c) Any As used in this Paragraph 10(c) and in Paragraph 12 hereof only, "Landlord" shall mean Landlord, Beneficiary (if Landlord is a trustee under a land trust), Manager, any other manager of the Building, any Mortgagee; and "Landlord" and "Tenant" shall include their respective partners, shareholders, agents, employees, officers and directors. Notwithstanding anything in this Lease to the contrary, Landlord and Tenant each hereby releases the other, to the extent of the releasing party's coverage under its insurance provided policies and in any event to the extent of the insurance coverage which such party is required to maintain under this Lease or which may elect to self-insure to the extent expressly by this Lease, from any and all liability for in Section 22(a) any loss or damage which may be maintained by means inflicted upon the property of a policy such party, or policies for any personal injury or death, notwithstanding that such loss or damage shall have arisen out of blanket insurancethe negligence of the other party, covering additional items its partners, agents or location or insureds, employees; provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant that this release shall be named effective only with respect to occurrences occurring during such time as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket appropriate policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party so releasing shall also be responsible for not prohibit such release nor adversely affect the payment said policy or the right of any deductible amounts required the insured to be paid under the applicable "all risks" fire and casualty insurance carried by recover thereunder (unless the party whose property is damaged. These waivers shall apply if who would benefit from the damage would have been covered by a customary "all risk" insurance policy, even if the party fails release take such action or makes such payment so as to obtain eliminate such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(iiadverse effect).
Appears in 1 contract
Samples: Lease Agreement (American Business Financial Services Inc /De/)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after Landlord shall throughout the date of delivery of Term, keep the Premises from Landlord to Tenant, Tenant will carry insured against loss or damage by fire and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any those other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items perils included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time inin the Special Form (Special Extended Coverage--ISO Form CF1030) coverage, in an amount equal to the full replacement cost of the improvements from time to time existing on or upon the PremisesPremises (exclusive of foundations), and alterationsin reputable insurance companies qualified to do business in the State of Missouri. Tenant and Landlord shall each throughout the Term, additionscarry or cause to be carried Commercial General Liability Coverage Insurance (ISO Form CG 00 01) with respect to the Premises with one or more reputable insurance companies qualified to do business in Missouri in a minimum amount equivalent to Two Million Dollars ($2,000,000.00) combined single limit coverage, naming the other party and any mortgagee of the Premises (whose name shall have been furnished by the borrower party) as an additional insured. Tenant shall carry or changes made by Tenant pursuant caused to Section 12be carried during the Term, and without cost to Landlord, property insurance on all of Tenant’s furniture, fixtures, equipment and other personal property on the Premises in an amount not less than one hundred percent (100%) of their the full replacement value from time to time during the Termthereof, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated workmen’s compensation insurance in the amounts required by Landlord) and law covering all employees on the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at Premises. On or prior to the execution of the Lease) be delivered to each of Landlord Commencement Date and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within at least thirty (30) days prior to the expiration of any of such insurance coverages, each party shall deliver or cause to be delivered to the other party certificates of insurance evidencing all such policycoverages, andnaming the insured parties and stating that such coverages may not be cancelled, as often as any such policy shall expire modified or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest altered without at least thirty (30) days advance written notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) to all insureds. All insurance coverages shall be written underwritten by an insurance company having a Best’s Insurance Guide Rating of A/VII or better. Notwithstanding any provision herein to the contrary, Landlord acknowledges that so long as a primary policy which does not contribute to and the Tenant under this Lease is not in excess The City of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insuranceSt. Louis, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as permitted to self- insure its interest may appear;
(ii) the coverage afforded obligations under this paragraph to carry liability insurance. Each of Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein above, Landlord and Tenant do hereby waive any and all parties claiming thereunder, release and discharge the other party to this Lease from all claims against one another and liabilities for damage to or destruction of real or personal property loss or damage to the extent such damage Premises, the building located thereon, or destruction can be covered by "all risks" any personal property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of located therein or thereon, arising from, or caused by, any deductible amounts casualty or hazard covered, or required to be paid covered, in whole or in part by insurance on the Premises, arising from any cause that (i) would be insured against under the applicable "all risks" fire terms of any insurance required to be carried hereunder or (ii) is insured against under the terms of any insurance actually carried, regardless of whether such insurance is required to be carried hereunder. Each of Landlord and casualty insurance carried by Tenant agrees that in the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policyevent of any such loss or damage, even if the party fails to obtain such coverage.The intent of this provision is that each party it shall look solely to its insurance for recovery. Each party shall waive any right of subrogation which might exist in, or accrue to, any person on account thereof and shall cause the insurance company that issues property insurance to such party to waive any rights of subrogation with respect to such property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii)insurance.
Appears in 1 contract
Samples: Lease Agreement
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost cost, shall maintain with responsible insurance companies acceptable to Landlord and expensequalified to do business in Colorado, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof general comprehensive public liability insurance against claims for personal injury or (including death) and property damage, property damage arising from occurrences in, on and product liability occurring upon, in or about the Premises, such insurance to be written with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 3,000,000.00 per occurrence. Landlord shall be designated a named additional insured in the policies for each policy year. The insurance coverage required under this Section 22(a)(i) shallsuch insurance, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy which shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof providing that the limits naming of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less more than one hundred percent (100%) insured shall not operate to limit or void the coverage of their full replacement value from time any named insured relating to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust claims by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent)another named additional insured.
(b) All policies of the Tenant, at its sole cost, shall maintain with responsible insurance provided for in Section 22(a) shall be issued in form companies acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed qualified to do business in Colorado, "All Risk" or equivalent insurance upon all personal property upon the state Premises and all equipment, fixtures, additions, alterations and improvements and betterments installed by or for Tenant upon the Premises, including, without limitation, anything in the nature of a leasehold improvement, in an amount which Landlords Building is located. Each and every such policy:
(i) at least 80% of the full replacement cost thereof, which insurance shall name Landlord as an additional a named insured (and Landlord's mortgagees as well as mortgagees under a standard mortgagee clause. In the event of damage or destruction to any mortgagee leasehold improvements, Tenant shall use the proceeds of such insurance to repair or restore such leasehold improvements. If this Lease shall be terminated pursuant to subparagraph 11(a) on account of damage by fire or other casualty to the Building or the Premises, Landlord and any other party reasonably designated by Landlord) and shall be entitled to all of the coverage in (ii) shall also name Landlord as loss payeeinsurance proceeds payable under the aforesaid insurance relating to the leasehold improvements.
(iic) shall (and a certificate thereof shall be delivered to Landlord at or Tenant shall, prior to the execution commencement of the Lease) be delivered to each of Landlord Term, and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) at least 30 days prior to the expiration date of each such policy, andfurnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, as often as any which certificates shall state that such policy shall expire insurance coverage may not be materially changed or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give canceled without at least ten days prior written notice to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the TenantLandlord's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfiedmortgagee.
(d) Notwithstanding anything herein to the contrary set forth herein abovecontrary, Landlord and Tenant do each hereby waive release the other, its officers, directors, partners, agents and employees (and Tenant hereby also releases Agent, its partners, officers, directors, agents and employees), to the extent of the releasing party's coverage under its insurance policies, from any and all claims against one another liability for any loss or damage to which may be inflicted upon the property of such party, notwithstanding that such loss or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance shall have arisen out of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance negligence of the type described in Section 22(a)(ii)other party, its partners, officers, directors, agents or employees.
Appears in 1 contract
Samples: Lease Agreement (Kbkids Com Inc)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein abovehereinabove, Landlord and Tenant do hereby waive any and all claims against one another for damage to or destruction of real or personal property to the extent such damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.. The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii). To further effectuate the provisions of this Section 22(d), Landlord and Tenant both agree to provide copies of the Lease (and in particular, these waivers) to their respective insurance carriers and to require such insurance carriers to waive all rights of subrogation against the other party with respect to property damage covered by the applicable "all risks" fire and casualty insurance policy.
Appears in 1 contract
Samples: Lease Agreement (American Recreational Enterprises Inc)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and A. Landlord agrees that from throughout the Term it will insure the Building (excluding any property which Tenant is obligated to insure) for its full replacement cost against loss due to fire and after other casualties included in standard extended coverage insurance. In addition, Landlord will maintain public liability and loss of rental income insurance in amounts and with insurers satisfactory to Landlord.
B. Throughout the date of delivery of the Premises from Landlord to TenantTerm, Tenant will carry and maintainwill, at its sole cost and own expense, maintain comprehensive general liability insurance with respect to the following types of insuranceLeased Premises and Tenant’s activities in the Leased Premises and the Building, providing bodily injury and property damage coverage, in the amount specified and in the form hereinafter provided foramounts no less than:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal $3,000,000 with respect to bodily injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend death to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.one person;
(ii) Insurance covering all $3,000,000 with respect to bodily injury or death arising out of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than any one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.occurrence;
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits $500,000 with the Employer's Liability portion thereof respect to have minimum limits property damage or other loss arising out of $500,000.00any one occurrence.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) C. Nothing in this Paragraph 17 shall prevent Tenant from obtaining insurance of the estimated gross earning (as defined kind and in the standard form of business interruption amount specified above under a blanket insurance policy) of policy covering other properties as well as the Leased Premises. Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall agrees that it will name Landlord as an additional insured under the liability policies it is required to maintain pursuant to this Paragraph 17, and at least five (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (305) days prior to the expiration Lease Commencement Date and annually thereafter, Tenant will deliver evidence of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give insurance to Landlord and such other parties in interest at least on XXXXX Form 27, which shall provide Landlord thirty (30) days days’ notice in writing in advance of any material change, cancellation, termination cancellation or lapse, or the effective date modification of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carryTenant’s insurance policy.
(c) Any insurance provided D. Tenant and Landlord release each other and waive any right of recovery against each other for in Section 22(a) may be maintained by means of a policy loss or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated damage to the Tenant's improvements and property more specifically detailed waiving party or its respective property, which occurs in Section 22(a); and
(iv) or about the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything Leased Premises, whether due to the contrary set forth herein abovenegligence of either party, Landlord and Tenant do hereby waive any and all claims against one another for damage to its agents, employees, officers, contractors, licensees, invitees or destruction of real or personal property otherwise, to the extent that such loss or damage or destruction can would be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts required to be paid insured against under the applicable "all risks" terms of standard fire and casualty extended coverage insurance carried by the party whose property is damaged. These waivers shall apply policies if the damage would have been covered parties hereto complied with their obligations. Tenant and Landlord agree that all policies of insurance obtained by a customary "all risk" insurance policy, even if either of them in connection with the party fails to obtain such coverageLeased Premises shall contain appropriate waiver of subrogation clauses.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Insurance and Waiver of Subrogation. Tenant shall, at its expense, ----------------------------------- obtain and carry at all times during the term of this Lease (a) Tenant further covenants and agrees that from and after the date of delivery of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) public liability insurance covering the Premises with limits of at least One Million Dollars ($1,000,000.00) for one person and Tenant's use thereof against claims Three Million Dollars ($3,000,000.00) for personal injury any number of persons injured or death, killed in one occurrence and Five Hundred Thousand Dollars ($500,000.00) property damage and product liability occurring upon, in (or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits higher amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy as Landlord or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property its lender may from time to time inreasonably determine); and (b) fire insurance, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damageextended coverage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for , theft and mysterious disappearance endorsements and without co-insurance, covering the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession contents of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policyall alterations, andadditions, as often as any such policy shall expire and leasehold improvements made by or terminate. Renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material changefor Tenant, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute their full replacement value. Anything herein to and is not in excess of coverage which Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurancethe contrary notwithstanding, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named permitted to self-assume the risk of physical damage to its personal property in lieu of maintaining insurance. In the event of loss or damage to Tenant's personal property, Tenant agrees to be responsible for repairing or replacing such damaged property. All of such policies shall cover both Landlord and Tenant, as an additional insured thereunder as its interest their interests may appear;
, and all insurers thereon shall agree not to cancel or change the same without at least twenty (ii20) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering the risks referred days prior written notice to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth Landlord. Anything in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything Lease to the contrary set forth herein abovenotwithstanding, Landlord and Tenant do each hereby waive waives any and all claims rights of recovery, claim, action, or causes of action, against one another the other, its agents, servants, partners, shareholders, officers, or employees, for any loss or damage that may occur to the leased Premises or destruction of real the Building, or any improvements thereto, or any personal property to of such party therein, by reason of fire, the extent such damage elements, or destruction can any other cause which could be covered by "all risks" property insured against under the terms of standard fire and extended coverage insurance policies regardless of cause or origin, including negligence of the type described in Section 22(a)(ii) aboveother party hereto, its agents, officers, partners, shareholders, servants, or employees, and covenants that no insurer shall hold any right of subrogation against such other party. Each party shall also be responsible for the payment Landlord and Tenant will cause their respective insurers to issue appropriate waiver of any deductible amounts required subrogation rights endorsements to be paid under the applicable "all risks" fire and casualty policies of insurance carried by in connection with the party whose property is damaged. These waivers shall apply if Building and the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coveragedemised Premises.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Samples: Office Lease (SPR Inc)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after During the date of delivery of the Premises from Landlord to TenantTerm, Tenant will carry and maintain, at its sole cost shall maintain, with responsible insurance companies acceptable to Landlord and expense, the following types of insurance, qualified to do business in the amount specified and in Commonwealth of Pennsylvania, general comprehensive public liability insurance with the broad form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) commercial liability endorsement including contractual liability insurance covering the Premises and Tenant's use thereof indemnity obligations hereunder, insuring against claims for personal injury or (including death) and property damage, with respect to Tenant's activities and property damage in, on and product liability occurring upon, in or about the Premises, such insurance and with respect to be written occurrences arising out of or related to this Lease and/or Tenant's use or occupancy of the Premises and the Property and the activities therein, thereon and thereabout of Tenant and any subtenants and their respective servants, employees, agents, invitees and licensees, with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 for each policy year1,000,000 per occurrence. The insurance coverage required under this Section 22(a)(i) shallLandlord, in additionAmerimar Triad Management Company, extend to Inc. ("Manager"), or any liability of Tenant arising out other manager of the indemnities provided for in Section 21 Building, any Mortgagee (as hereinafter defined) and, if necessaryLandlord requires, Landlord's architect or contractor who may perform services or work in, on, about or in connection with the policy Premises, and the respective agents, partners and employees of the foregoing, all as their interests may appear, shall be designated named insureds in the policies for such insurance. Said policies shall contain a contractual endorsement endorsements providing that the naming of more than one insured shall not operate to limit or void the coverage of any named insured relating to claims by another named insured. Tenant shall, prior to the commencement of the Term, and at least 30 days prior to the expiration date of each policy which Tenant is required by this Lease to maintain, furnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, which certificates shall state that effectsuch insurance coverage may not be materially changed or canceled without at least twenty (20) days prior written notice to Landlord. The general aggregate limits under aforesaid amount of required insurance coverage shall, from time to time, be increased, effective upon the Commercial General Liability sixtieth (60th) day after Landlord shall have given Tenant notice specifying the new amount, to be that amount which bears the same ratio to $1,000,000 as the Consumer Price Index (hereinabove defined) for the calendar month next preceding the date of such notice bears to the Consumer Price Index for the last month of the Measurement Year (hereinabove defined). Such notice shall not be given sooner than the fifth anniversary of the date of this Lease, nor more frequently than once every five years. During the Term, Tenant, at its sole cost, shall maintain "all risk" physical damage insurance policy or policies must apply separately including fire, sprinkler, leakage, vandalism and extended coverage for the full replacement cost of all additions, improvements and alterations to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenantoffice furniture, trade fixtures, office equipment, merchandise and personal all other items of Tenant's property from time to time in, on or upon the Premises. Landlord agrees to maintain, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within property and liability insurance in scope and coverage amounts consistent with office building projects similar to the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent)Property.
(b) All policies Tenant shall not do or commit, or suffer or permit to be done or committed, any act or thing as a result of which any policy of insurance of any kind on or in connection with the Property shall become void or suspended, or any insurance risk on or in connection with the Building or any other portion of the insurance provided for in Section 22(a) Property shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X (in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution opinion of the Leaseinsuring companies or any insurance organization) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to rendered more hazardous. Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, shall pay 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in rent the amount of any increase of premiums for such insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess , resulting from any breach of coverage which Landlord may carrythis covenant.
(c) Any insurance provided for As used in Section 22(athis Paragraph 10(c) may be maintained by means of and in Paragraph 12 hereof only, "Landlord" shall mean Landlord, Beneficiary (if Landlord is a policy or policies of blanket insurancetrustee under a land trust), covering additional items or location or insuredsManager, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
(ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason manager of the use of such blanket policy of insurance;
(iii) Building, any such policy or policies (except any covering Mortgagee, and the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from the insurers under such policy specifying) the amount respective partners, shareholders, agents, employees, officers and directors of the total insurance allocated foregoing. Notwithstanding anything herein to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein abovecontrary, Landlord and Tenant do each hereby waive releases the other, its partners, agents and employees, to the extent of the releasing party's coverage under its insurance policies (or to the extent required to be carried hereunder), from any and all claims against one another liability for any loss or damage which may be inflicted upon the property of such party, notwithstanding that such loss or damage shall have arisen out of the negligence of the other party, its partners, agents or employees. Each party agrees to or destruction require its insurers to issue policies containing such provisions and a waiver of real or personal property the right of subrogation. Landlord and Tenant shall provide notice to the other party to the extent either of their respective policies do not contain such damage or destruction can be covered by "all risks" property insurance a required waiver of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment right of any deductible amounts required to be paid under the applicable "all risks" fire and casualty insurance carried by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coveragesubrogation.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Samples: Lease Agreement (Owosso Corp)
Insurance and Waiver of Subrogation. (a) Tenant further covenants and agrees that from and after During the date of delivery of the Premises from Landlord to TenantTerm, Tenant will carry and maintain, at its sole cost shall maintain, with responsible insurance companies reasonably acceptable to Landlord and expense, the following types of insurance, qualified to do business in the amount specified and in State of Illinois, general comprehensive public liability insurance with the broad form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) commercial liability endorsement including contractual liability insurance covering the Premises and Tenant's use thereof indemnity obligations hereunder, insuring against claims for personal injury or (including death) and property damage, with respect to Tenant's activities and property damage in, on and product liability occurring upon, in or about the Premises, such insurance and with respect to be written occurrences arising out of or related to this Lease and/or Tenant's use or occupancy of the Premises and the Property and the activities therein, there on and thereabout of Tenant and any subtenants and their respective servants, employees, agents, invitees and licensees, with coverage on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits all cases of not less than a combined single limit of $2,000,000 for each policy yearper occurrence. The insurance coverage required Landlord, Landlord's beneficiary ("Beneficiary") (if at any time Landlord is a trustee under this Section 22(a)(i) shalla land trust), in additionAmerimar Adamx Xxxagement Company, extend to Inc. ("Manager"), or any liability of Tenant arising out other manager of the indemnities provided for in Section 21 Building, any Mortgagee (as hereinafter defined) and, if necessaryLandlord requires, Landlord's architect or contractor who may perform services or work in, on, about or in connection with the policy Premises, and the respective agents, partners and employees of the foregoing, all as their interest may appear, shall be designated additional insureds in the policies for such insurance (provided Landlord has notified Tenant in writing of the identify of such parties). Said policies shall contain a contractual endorsement endorsements providing that the naming of additional insureds shall not operate to limit or void the coverage of any named insured or additional insured relating to claims by another named insured or additional insured. Tenant shall, prior to the commencement of the Term, and at least 30 days prior to the expiration date of each policy which Tenant is required by this Lease to maintain, furnish to Landlord certificates evidencing the coverage required hereinabove in this Paragraph and the renewal thereof, which certificates shall state that effectsuch insurance coverage may not be materially changed or cancelled without at least twenty (20) days prior written notice to Landlord. The general aggregate limits under aforesaid amount of required insurance coverage may, from time to time, be increased, in Landlord's reasonable discretion, effective upon the Commercial General Liability 60th day after Landlord shall have given Tenant notice specifying the new amount. During the Term, Tenant, at its sole cost, shall maintain "all risk" physical damage insurance policy or policies must apply separately including fire, sprinkler, leakage, vandalism and extended coverage for the full replacement cost of all additions, improvements and alterations to the Premises and to of all office furniture, trade fixtures, office equipment, merchandise and all other items of Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify property on the face thereof that the limits of such policy applies separately to the Premises.
(iib) Insurance covering all Tenant shall not do or commit, or suffer or permit to be done of committed, any act or thing as a result of which any policy of insurance of any kind on or in connection with the Property shall become void or suspended, or any insurance risk on or in connection with the Building or any other portion of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained by Tenant, trade fixtures, merchandise and personal property from time to time in, on or upon the Premises, and alterations, additions, or changes made by Tenant pursuant to Section 12, in an amount not less Property (other than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischief. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement of the property damage or destroyed unless this Lease shall cease and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (as defined risks inherent in the standard form operation of a general business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports", and licensed to do business in the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(iioffice) shall (and a certificate thereof shall be delivered to Landlord at or prior to in the execution opinion of the Leaseinsuring companies or any insurance organization) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to rendered more hazardous. Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, shall pay 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in rent the amount of any increase of premiums for such insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess , resulting from any breach of coverage which Landlord may carrythis covenant.
(c) Any Landlord agrees to maintain in force and effect during the Term all-risk fire and extended coverage insurance provided for (or a reasonable equivalent thereof) in Section 22(a) may be maintained an amount equal to at least 80% of the replacement cost of the Building (insuring the shell and core on the Building and the Building systems). Landlord shall also carry commercial general liability insurance with respect to the Building in amounts and with coverages deemed prudent by means of a policy or Landlord. Landlord's liability insurance policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured thereunder as its interest may appear;
excess and non-contributory of Tenant's liability insurance policies. The cost and expense of all such insurance shall be included in the Operating Expenses. Notwithstanding the foregoing, Landlord reserves the right to self-insure any risks which it elects to self-insure pursuant to a bona fide self-insurance program (ii) the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of such blanket policy of insurance;
(iii) any such policy or policies (except any covering including, without limitation, the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement from that would otherwise be covered by the insurers under such policy specifying) the amount of the total insurance allocated to the Tenant's improvements and property more specifically detailed in Section 22(apolicies described above); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) As used in this Paragraph 10(d) and in Paragraph 12 hereof only, "Landlord" shall mean Landlord, Beneficiary (if Landlord is a trustee under a land trust), Manager, any other manager of the Building, any Mortgagee, and the respective partners, shareholders, agents, employees, officers and directors of the foregoing. Notwithstanding anything herein to the contrary set forth herein abovecontrary, and to the extent permitted by law, Tenant and Landlord and Tenant do hereby waive release the other party from any and all claims against one another liability for damage to or destruction of real or personal property to the extent such any loss, damage or destruction can be injury to such party's property which is covered by "all risks" property insurance of the type described in Section 22(a)(iicarried (or required hereunder to be carried) above. Each by such party (and each party shall also be responsible for the payment deductibles under its own insurance policies, notwithstanding that such loss, damage or injury shall have arisen out of any deductible amounts the negligence of the other party. The policies of insurance which Landlord and Tenant are required to be paid maintain under this Lease shall contain a clause to the applicable "all risks" fire and casualty insurance carried by effect that such release shall not affect said policy or the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policy, even if the party fails to obtain such coverage.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance right of the type described in Section 22(a)(ii)insured to recover thereunder and that the insurer waives all rights of subrogation which such insurer may have against Tenant and Landlord, respectively.
Appears in 1 contract
Samples: Office Lease (Sapient Corp)
Insurance and Waiver of Subrogation. Tenant shall, at its own expense, obtain and carry at all time during the term of this Lease: (a) comprehensive liability insurance covering the Building with respect to the activities to be undertaken by and on behalf of Tenant further covenants and agrees that against liability resulting from and after the date of delivery careless, negligent, or unlawful use of the Premises from Landlord to Tenant, Tenant will carry and maintain, at its sole cost and expense, the following types of insurance, in the amount specified and in the form hereinafter provided for:
(i) Liability Insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Premises and Tenant's use thereof against claims for personal injury or death, property damage and product liability occurring upon, in or about the Premises, such insurance to be written on an occurrence basis (not a claims made basis), to be in combined single limits amounts not less than $1,000,000 and to have general aggregate limits of not less than $2,000,000 for each policy year. The insurance coverage required under this Section 22(a)(i) shall, in addition, extend to any liability of Tenant arising out of the indemnities provided for in Section 21 and, if necessary, the policy shall contain a contractual endorsement to that effect. The general aggregate limits under the Commercial General Liability insurance policy or policies must apply separately to the Premises and to Tenant's use thereof (and not to any other location or use of Tenant) and such policy shall contain an endorsement to that effect. The certificate of insurance evidencing the Commercial General Liability form of policy shall specify all endorsements required herein and shall specify on the face thereof that the limits of such policy applies separately to the Premises.
(ii) Insurance covering all of the items included in Tenant's leasehold improvement, heating, ventilating and air conditioning equipment maintained Building by Tenant, trade fixturesits officers, merchandise agents, or employees in connection with the use of the Building with limits of at least One Million and personal property 00/100 dollars ($1,000,000.00) for injury or death to any one person, $2,000,000.00 for injury or death for more than one person resulting from time to time inone occurrence, on or upon the Premiseswhichever is greater, and alterations, additions, or changes made by Tenant pursuant $1,000,000.00 for damage to Section 12, in an amount not less than one hundred percent (100%) of their full replacement value from time to time during the Term, providing protection against perils included within the standard form of "all-risks" fire and casualty insurance policy, together with insurance against sprinkler damage, vandalism and malicious mischiefproperty. Any policy proceeds from such insurance shall be held in trust by Tenant's insurance company for the repair, construction and restoration or replacement All of the property damage or destroyed unless this Lease policies shall cease cover both Landlord and terminate under the provision of Section 28 of this Lease.
(iii) Worker's Compensation and Employer's Liability insurance affording statutory coverage and containing statutory limits with the Employer's Liability portion thereof to have minimum limits of $500,000.00.
(iv) Business Interruption Insurance equal to not less than fifty percent (50%) of the estimated gross earning (Tenant, as defined in the standard form of business interruption insurance policy) of Tenant at the Premises which insurance shall be issued on an "all risks" basis (or its equivalent).
(b) All policies of the insurance provided for in Section 22(a) shall be issued in form acceptable to Landlord by insurance companies with a rating and financial size of not less than A-X in the most current available "Best's Insurance Reports"their interests may appear, and licensed any insurers thereon shall agree not to do business in cancel or change the state in which Landlords Building is located. Each and every such policy:
(i) shall name Landlord as an additional insured (as well as any mortgagee of Landlord and any other party reasonably designated by Landlord) and the coverage in (ii) shall also name Landlord as loss payee.
(ii) shall (and a certificate thereof shall be delivered to Landlord at or prior to the execution of the Lease) be delivered to each of Landlord and any such other parties in interest within thirty (30) days after delivery of possession of the Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such policy, and, 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;
(iii) shall contain a provision that the insurer will give to Landlord and such other parties in interest same without at least thirty (30) days prior written notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the amount of insurance; and
(iv) shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord. Landlord may carry.
(c) Any insurance provided for in Section 22(a) may be maintained by means of a policy or policies of blanket insurance, covering additional items or location or insureds, provided, however, that:
(i) Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an “additional insured thereunder with contractual liability” as evidenced by certificates to be furnished to Landlord on the effective date of this lease and annually upon the nonrenewal of insurance coverage by Tenant. Tenant shall also, at its interest may appear;
(ii) own expense, carry and maintain casualty and property damage insurance with respect to its property in the coverage afforded Building, including its machinery, equipment, furniture, fixtures, improvements and other property under the care or control of Tenant and its employees, in an amount at least equal to the replacement value of said property. Tenant shall provide Landlord with certificates evidencing the insurance carried hereunder. Landlord will maintain and any such other parties in interest will not be reduced or diminished by reason continue to maintain during the term of the use of such blanket Lease its own policy of insurance;
(iii) any such policy or policies (except any covering the risks referred to in Section 22(a) shall specify therein (or Tenant shall furnish Landlord with a written statement comprehensive liability insurance providing coverage against liability resulting from the insurers under such policy specifying) the amount careless, negligent, or unlawful use or maintenance of the total insurance allocated Building by the Landlord, its officers, agents and employees. Notwithstanding any other provision in this Lease to the Tenant's improvements and property more specifically detailed in Section 22(a); and
(iv) the requirements set forth in this Section 22 are otherwise satisfied.
(d) Notwithstanding anything to the contrary set forth herein abovecontrary, Landlord and Tenant do each hereby waive releases the other party and the officers, employees and agents of the other party from any and all claims against one another liability or responsibility to such party or anyone claiming through or under them by way of subrogation or otherwise for any loss or damage to the Building, Tenant’s property in the Building, or destruction of real or personal property to the extent such Building or property, resulting from any occurrence coverable by the property damage or destruction can be covered by "all risks" property insurance of the type described in Section 22(a)(ii) above. Each party shall also be responsible for the payment of any deductible amounts policies required to be paid under the applicable "all risks" fire and casualty insurance carried maintained hereunder by the party whose property is damaged. These waivers shall apply if the damage would have been covered by a customary "all risk" insurance policysuch party, even if such occurrence shall have been caused by the fault or intentionally tortious or negligent act or omission of the other party fails or anyone for whom the other party may be responsible. Both Landlord and Tenant agree that its policies will include such a clause or endorsement permitting such waiver, but the failure to obtain such coveragea clause or endorsement shall not negate the waiver provided herein.The intent of this provision is that each party shall look solely to its insurance with respect to property damage or destruction which can be covered by "all risks" insurance of the type described in Section 22(a)(ii).
Appears in 1 contract
Samples: Lease Agreement
