Common use of Insurance Company Satisfactory Clause in Contracts

Insurance Company Satisfactory. Section 14.4 is deleted in its entirety and is replaced with the following: "All of the policies of insurance referred to in Section 14.1 shall comply with applicable legal requirements of the State in which the Leased Property is located. Any insurance, other than self-insurance or insurance maintained by an off-shore insurance company wholly-owned by an Affiliate of Tenant, shall be maintained with a company rated not less than A:X by A.M. Best Co. All insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to Landlord. Tenant shall pay all premiums for the policies of insurance referred to in Section 14.1 and shall deliver certificates thereof to Landlord prior to their effective date (and with respect to any renewal policy, at least five (5) days prior to the expiration of the existing policy). In the event Tenant fails to satisfy its obligations under this Section 14.4, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord upon written demand as Additional Rent. Tenant shall use its best efforts to cause each insurer mentioned in Section 14.1 to agree, by endorsement on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days' written notice before the policy or policies in question shall be altered, allowed to expire or canceled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (i) any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the Leased Property for purposes more hazardous than those permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding taken by the Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in title to or ownership of the Leased Property."

Insurance Company Satisfactory. Section 14.4 is deleted in its entirety and is replaced with the following: "All of the policies of insurance referred to in Section 14.1 shall comply with applicable legal requirements of be written by an insurance company licensed and in good standing in the State in which the Leased Property is located. Any insurance, other than self-insurance or insurance maintained by an off-shore insurance company wholly-owned by an Affiliate of Tenant, shall be maintained with a company and rated not less than A:X by A.M. Best Co. All (or such higher rating as may be required by a Facility Mortgagee), except that it is hereby agreed by Landlord and Tenant that the first Five Hundred Thousand Dollars ($500,000) of general and professional liability coverage may be provided by Liberty Health Corp. as set forth in Section 14.1. In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to Landlord. Tenant shall pay all premiums for the policies of insurance referred to in Section 14.1 and shall deliver certificates thereof to Landlord prior to their effective date (and with respect to any renewal policy, at least five thirty (530) days prior to the expiration of the existing policy). In the event Tenant fails to satisfy its obligations under this Section 14.4, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefortherefore, which premiums shall be repayable to Landlord upon written demand as Additional Rent. Tenant shall use its best efforts to cause each Each insurer mentioned in Section 14.1 to shall agree, by endorsement on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days' written notice before the policy or policies in question shall be altered, allowed to expire or canceled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (i) any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the Leased Property for purposes more hazardous than those permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding taken by the any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (ivii) any change in title to or ownership of the Leased Property, provided that the name of the new owner shall be provided to the insurance company."

Insurance Company Satisfactory. Section 14.4 is deleted in its entirety and is replaced with the following: "All of the policies of insurance referred to in Section 14.1 shall comply with applicable legal requirements of be written by an insurance company licensed and in good standing in the State in which the Leased Property is located. Any insurance, other than self-insurance or insurance maintained by an off-shore insurance company wholly-owned by an Affiliate of Tenant, shall be maintained with a company located and rated not less than A:X by A.M. Best Co. All (or such higher rating as may be required by the Fee Mortgagee). In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to Landlord. Tenant shall pay all premiums for the policies of insurance referred to in Section 14.1 and shall deliver certificates thereof to Landlord prior to their effective date (and with respect to any renewal policy, at least five thirty (530) days prior to the expiration of the existing policy). In the event Tenant fails to satisfy its obligations under this Section 14.4, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord upon written demand as Additional Rent. Tenant shall use its best efforts to cause each Each insurer mentioned in Section 14.1 to shall agree, by endorsement on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days' written notice before the policy or policies in question shall be altered, allowed to expire or canceled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (i) any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the Leased Property for purposes more hazardous than those permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding taken by the Facility Fee Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in title to or ownership of the Leased Property."

Insurance Company Satisfactory. Section 14.4 is deleted in its entirety and is replaced with the following: "All of the policies of insurance referred to in Section 14.1 shall comply with applicable legal requirements of be written by an insurance company licensed and in good standing in the State in which the Leased Property is located. Any insurance, other than self-insurance or insurance maintained by an off-shore insurance company wholly-owned by an Affiliate of Tenant, shall be maintained with a company located and rated not less than A:X by A.M. Best Co. All In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to Landlord. Tenant shall pay all premiums for the policies of insurance referred to in Section 14.1 and shall deliver certificates thereof to Landlord prior to their effective date (and with respect to any renewal policy, at least five thirty (530) days prior to the expiration of the existing policy). In the event Tenant fails to satisfy its obligations under this Section 14.4, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord upon written demand as Additional Rent. Tenant shall use its best efforts to cause each Each insurer mentioned in Section 14.1 to shall agree, by endorsement on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days' written notice before the policy or policies in question shall be altered, allowed to expire or canceled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (i) any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the Leased Property for purposes more hazardous than those permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding taken by the any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in title to or ownership of the Leased Property."

Insurance Company Satisfactory. Section 14.4 is deleted in its entirety and is replaced with the following: "All of the policies of insurance referred to in Section 14.1 shall comply with applicable legal requirements of be written by an insurance company licensed and in good standing in the State state in which the Leased Property is located. Any insurance, other than self-insurance or insurance maintained by an off-shore insurance company wholly-owned by an Affiliate of Tenant, shall be maintained with a company located and rated not less than A:X by A.M. Best Co. All In addition, all insurance carried by Tenant hereunder shall have deductible amounts which are reasonably acceptable to Landlord. Tenant shall pay all premiums for the policies of insurance referred to in Section 14.1 and shall deliver certificates thereof to Landlord prior to their effective date (and with respect to any renewal policy, at least five thirty (530) days prior to the expiration of the existing policy). In the event Tenant fails to satisfy its obligations under this Section 14.4, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, which premiums shall be repayable to Landlord upon written demand as Additional Rent. Tenant shall use its best efforts to cause each Each insurer mentioned in Section 14.1 to shall agree, by endorsement on the policy or policies issued by it, or by independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days' written notice before the policy or policies in question shall be altered, allowed to expire or canceled. Each such policy shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding (i) any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such insurance payment, (ii) the occupation or use of the Leased Property for purposes more hazardous than those permitted by the provisions of such policy, (iii) any foreclosure or other action or proceeding taken by the any Facility Mortgagee pursuant to any provision of a mortgage, note, assignment or other document evidencing or securing a loan upon the happening of an event of default therein or (iv) any change in title to or ownership of the Leased Property."