Insurance; Casualty. In addition to such title insurance as Borrower is required to maintain in respect of the Property, Borrower shall maintain or cause to be maintained insurance covering the Property, at Borrower’s sole expense, with licensed insurers approved by Lender, the following policies of insurance in form and substance satisfactory to Lender:
(i) At all times, any real property under construction at the Property shall be covered by a policy of commercial property insurance, which shall include, without limitation, such endorsements as Lender may require, insuring Lender against damage to the Property and improvements thereon, in an amount acceptable to Lender. Lender shall be named on the policy under a Lender’s Loss Payable Endorsement (form # 438BFU or equivalent).
(ii) A policy of flood insurance, as required by applicable governmental regulations or as deemed reasonably necessary by Lender.
(iii) A policy of commercial general liability insurance with limits as reasonably required by Lender, insuring against liability for injury and/or death to any person and/or damages to property occurring on the Property and/or in the improvements thereon from any cause whatsoever. Borrower shall provide to Lender certificates evidencing all required insurance policies, or other evidence of insurance acceptable to Lender. All insurance policies shall provide that the insurance shall not be cancelable or materially adversely changed without ten (10) days’ prior written notice to Lender. Lender shall be named under a Lender’s Loss Payable Endorsement (form # 438BFU or equivalent) with respect to all insurance policies that Borrower actually maintains with respect to the Property or the improvements thereon. Borrower shall provide to Lender evidence of terrorism coverage and any other hazard insurance Lender may deem necessary at any time while all or any portion of Lender’s commitment remains available or any portion of the Loan remains outstanding, provided, however, if Lender requires terrorism coverage and the premiums for such coverage will be greater than three (3) times the cost of the premiums for such coverage on the date of this Agreement, or if terrorism insurance is not then available, then Borrower may elect, in lieu of obtaining such coverage from a third-party insurer, to provide to Lender a satisfactory indemnity from KBS REIT with respect to any uninsured loss caused by terrorism.
Insurance; Casualty. Payment of Taxes, Etc. ..
Insurance; Casualty. 11.1 Landlord shall maintain, throughout the Term, policies of insurance covering damage to the Demised Premises, excluding Tenant's fixtures, or equipment, in the amount of the full replacement value thereof, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, "all risk" and fire sprinkler leakage insurance. Landlord shall furnish Tenant, upon written demand therefor, a copy of such policies or a certificate evidencing such insurance.
11.2 Tenant will, at its own cost and expense, obtain and maintain during the Term hereof, a policy or policies of comprehensive general liability insurance, or its equivalent, with minimum limits of not less than Five Million Dollars ($5,000,000) for death or injury per occurrence and in the aggregate and Two Million Dollars ($2,000,000) for property damage per occurrence and in the aggregate. Such policy or policies shall be issued by companies having a Best's rating of not less than A, shall name Landlord as additional insured, shall require the insurer to give Landlord at least twenty (20) days' written notice of its intention to cancel or terminate the insurance policy or policies and shall cover the entire Demised Premises.
11.3 In case at any time during the Term a portion of the Demised Premises shall be damaged by fire or other casualty which materially interferes with the conduct of Tenant's business, then, at the option of Tenant, (a) the proceeds of any insurance shall be used by Tenant to repair the Demised Premises in accordance with the procedures set forth in Section 11.4 or (b) Tenant may terminate this Lease in which case the estate and interest of Tenant in the Demised Premises shall immediately terminate and Rent and additional rent hereunder shall be adjusted as of the date of such casualty.
11.4 In case at any time or times during the Term, the Demised Premises shall be damaged other than as described in Section 11.3 hereof, then the proceeds of any insurance maintained hereunder for the Demised Premises (and not for Tenant's property on or adjacent to the Demised Premises) shall be payable to a mutually acceptable escrow agent for the joint account of Landlord and Tenant, to be held by such escrow agent in trust, for the purpose of paying the cost of the repair or replacement of the Demised Premises, to such extent as may be necessary, and so far as sufficient for said purpose, and the same shall be paid over promptly by ...
Insurance; Casualty. 49 7.05 Liens................................................................. 49 7.06
Insurance; Casualty. (a) The Borrower shall and shall cause each Subsidiary to maintain insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as is usually carried by Persons engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or such Subsidiary operates, including, without limitation, public liability insurance, casualty insurance against loss or damage to its properties and assets and business interruption insurance.
(b) In the case of any damage or casualty to any property, plant or equipment of the Borrower or any Subsidiary, the Borrower will and will cause such Subsidiary, as determined by the sound business judgment of the Borrower, to pursue diligently claims available to it under casualty or other applicable insurance policies (other than business interruption insurance policies) relating to such property, plant or equipment and shall use the proceeds of such policies to (i) finance or refinance (through reimbursement of such Person's treasury or otherwise) in whole or in part the cost of repairing or replacing such property, plant or equipment promptly and in a good workmanlike manner, (ii) otherwise reinvest the proceeds in property, plant or equipment for any of the lubes, aeromatics or refining businesses of the Borrower or, in the case of proceeds received in respect of the property, plant or equipment of such Subsidiary, the business of the Borrower or such Subsidiary, or (iii) prepay Term Loans.
Insurance; Casualty. Borrower shall maintain or cause to be maintained insurance covering each Borrowing Base Property in such amounts and covering such risks as are set forth in the Mortgages.
Insurance; Casualty. 7.1 Owner shall at all times during Owner’s ownership of the Property cause the Property to be insured with Causes of Loss – Special Form (formerly known as “All Risk”) property insurance in an amount not less than the full replacement cost of all improvements on the Property at the time of loss with like kind and quality (such amount may exceed the Previous Sales Price or Maximum Sales Price of the Property). Such insurance shall be provided by a carrier admitted to engage in the business of insurance in the state of Idaho. No policy will contain a deductible or self-insured retention in excess of three percent (3%) of the Previous Sales Price unless otherwise approved by BCHA. If requested by BCHA, Owner shall cause BCHA to be named as an additional insured as its interests may appear by endorsement acceptable to BCHA and shall promptly deliver to BCHA a copy of Owner’s insurance policy in conformance with this section. If the forms of policies required by this section are superseded or no longer available, BCHA will have the right to require other equivalent or better forms.
7.2 If the Property is damaged or destroyed, Owner shall promptly notify BCHA in writing. Owner shall thereafter promptly make a claim on any insurance policy covering such damage or destruction. The mortgagee shall have first claim on such proceeds to the extent necessary to pay mortgage principal and any accrued interest. Owner shall thereafter have the option to either a) utilize the remaining proceeds of any insurance settlement, together with a new mortgage not to exceed the balance (except with written approval of the BCHA) of any mortgages paid from said settlement to repair or restore the Property to its condition prior to such damage or destruction, unless Owner obtains BCHA’s prior written approval to repair or restore the Property to some other condition or state, or b) to take such proceeds from the insurance settlement as would have been generated from a Sale per the terms of Section 5 of this Covenant (net of mortgages or other obligations paid from the proceeds from the proceeds of the insurance settlement), and assign the balance of the insurance proceeds, together with title to the Property, to the BCHA.
Insurance; Casualty. (a) Throughout the term of this Agreement, City shall carry and maintain in force, or cause to be carried and maintained in force, the insurance described below, the premiums for all of which shall be the sole cost and expense of City.
(i) Commercial General Liability Insurance (including protective liability coverage on operations of independent contractors engaged in construction, blanket contractual liability coverage, products liability coverage, and explosion, collapse and underground hazards coverage) for the benefit of City and Developer, as an additional insured, against claims for personal injury, bodily injury and property damage, with a limit of not less than $3,000,000 in the event of personal injury or bodily injury to any number of persons or of damage to property arising out of any one occurrence, and not less than $3,000,000 in the
(ii) “All risk” builder’s risk insurance, written on a completed value basis, in an amount not less than the total replacement cost of the City Improvements under construction, including, if applicable, the coverages available under the so-called “installation floater”.
(b) In the event of destruction or damage to the City Improvements by fire or other casualty prior to Substantial Completion, City shall restore, reconstruct and repair the City Improvements. City shall use all available insurance proceeds for restoration, reconstruction or repair, as required by this Agreement, and Developer shall consent to such use of insurance proceeds as required.
Insurance; Casualty. At all times until the Closing has been consummated, Seller shall maintain in full force and effect casualty and liability insurance on or with respect to the Property, it being understood and agreed that all risk of loss with respect to the Property shall remain with Seller through Closing. In the event that prior to the Closing Date, the Improvements are materially damaged, destroyed, or rendered unusable, in whole or in part, by fire or other cause (“Casualty”) then the Purchaser may terminate this Contract by notice to the Seller within ten (10) days of Purchaser’s receipt of Seller’s notice of such damage or proceeding, in which case the Deposit shall be refunded to Purchaser, and thereafter neither party shall have any further obligation or liability to the other by virtue of this Contract, except as otherwise expressly provided herein.
Insurance; Casualty. Each party is responsible to keep in force all liability insurance coverages and vehicle insurance on their respective property in accordance with their customary practices. In the event prior to the Closing the Assets suffer a casualty (i) in the amount of $400,000 or less then the Purchaser shall be entitled to receive the insurance proceeds from Seller's liability coverage with respect to the Assets (the "Proceeds") and Seller shall pay the amount equal to the deductible under such coverage to Purchaser (the "Deductible") and (ii) in excess of $400,000 then the Purchaser, at its option, may terminate this Agreement or elect to receive the Proceeds and the Deductible.
