Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan. (b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee. (c) The insurance companies issuing the Policies (the "INSURERS") Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer. (d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage. (e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property. (f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed. (g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower. (h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder. (i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage. (j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Samples: Open End Leasehold Mortgage (Life Time Fitness Inc)
Insurance Coverages. 15.1 Tenant must, at Xxxxxx’s sole cost and expense, procure and maintain the insurance described below in accordance with the requirement set forth below:
a. The minimum insurance coverages are as follows:
i. Property insurance (the “Tenant’s Property Insurance”) which covers: (a) Borrower will maintainthe Demised Premises for damages to the Demised Premises in the amount of $__ million for comprehensive (property) damages; (b) all of Tenant’s personal property in, on, at, or about the Demised Premises, including, without limitation, Tenant’s furniture, trade fixtures, equipment, inventory, and merchandise (collectively, “Tenant’s Personal Property”); and (c) all improvements must be written on the broadest available “special form” policy form; must include an agreed- amount endorsement for no less than one hundred percent (100%) of the full replacement cost of the Tenant’s Personal Property (new, without deduction for depreciation), the Demised Premises and improvements to the Demised Premises; must by written in amounts of coverage that meet any coinsurance requirements of the policy or policies; must include vandalism and malicious mischief coverage and sprinkler coverage; and must name Landlord as an “insured as its interest may appear.”
ii. Commercial general liability insurance (“Tenant’s Liability Insurance”) written on an “occurrence” policy form, covering Bodily Injury, Property Damage, and Personal Injury (all as defined in Section 16.2 below), arising out of or relating, directly or indirectly, to Tenant’s business operations, conduct, assumed liabilities, or use or occupancy of the Demised Premises. Tenant’s Liability Insurance must include the broadest available form of contractual liability coverage. It is the intent of Landlord and Tenant that Xxxxxx’s contractual liability coverage will provide coverage to the maximum extent possible of Tenant’s indemnification obligations under this Lease. The minimum acceptable limits for Tenant’s Liability Insurance are $2,000,000 per occurrence. Tenant must cause the tenants of the Property Landlord Parties (as defined in Section 16.2 below) to maintain, such insurance coverages and endorsements be named as “additional insureds” by endorsement satisfactory in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the LoanLandlord.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS") Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges time except to the reasonability of the extent such coverages and endorsements are not reasonably commercially available and further provided such coverages and endorsements are not more onerous to Borrower than the types and amounts Lender requires for other properties that Lender has required are similar in type or location as a condition of making the LoanProperty. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the LoanLoan except to the extent such coverages and endorsements are not commercially available and are more onerous to Borrower than the types and amounts Lender requires for other properties that are similar in type or location as the Property.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIESPolicies"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERSInsurers") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A A-or better and an A.M. Best Company, Inc. financial category rating of (i) Class X or better for all primary liability coverage and the first 80% of liability coverage and (ii) Class VIII or better for all secondary and remaining liability coverage and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's Xxxxxx’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's Xxxxxx’s rights under this Article, Lender Xxxxxx will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
. Borrower shall have the right to pay Insurance Premiums pursuant to an arrangement with one or more finance companies for the financing of certain blanket insurance policies maintained by Borrower under a Property Insurance Sharing Agreement among Borrower and certain of its affiliates (g) a "Blanket Insurance Premium Financing Arrangement"). Pursuant to such an arrangement Borrower will pay to such finance companies Borrower’s allocable share of the annual initial deposit for the applicable Insurance Premiums (the "Deposit") and Borrower’s allocable share of ten (10) regular monthly payments (the "Regular Payments") due for each blanket policy. The term "Financing Installment" as used herein means 1/12th of the aggregate of the Deposit and the Regular Payments for each annual period, as such amounts may be adjusted as hereafter set forth. Not less than twenty (20) days prior to each renewal date of each blanket policy, Borrower will provide Beneficiary in writing the estimated premium for such blanket policy for the following renewal period, and not carry separate insurance concurrent less than ten (10) days after the renewal date, Borrower will provide Beneficiary in kind writing the actual amount of such premium. Borrower will also notify Beneficiary in writing within ten (10) days after any change in the amounts allocated to the Property under the Blanket Insurance Premium Financing Arrangement or form any other change in premiums or contributing in amounts due from Borrower under the Blanket Insurance Premium Financing Arrangement. Thereafter, the "Financing Installment" shall be adjusted as reasonably determined by Beneficiary. In the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any material change in ownership or occupancy of the Property. This subsection does not abrogate Blanket Insurance Premium Financing Arrangement, the prohibitions on transfers set forth foregoing provisions shall be modified as reasonably determined by Beneficiary in this Mortgageorder to carry out the intent and purposes thereof.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges , provided, however, that the reasonability insurance required hereunder shall be of the coverages type and endorsements in the amounts that is no more onerous to Borrower than the types and amounts Lender has required requires for other properties that are similar in type and location as a condition of making the LoanProperty. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements reasonably satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS") Property is locatedmust be authorized to do business in the State of California, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A A- or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the InsurersInsurers so long as the credit rating requirements are no more stringent than those set forth herein. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 10 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender a certificate of insurance evidencing the new or renewed Policy not less than 5 days prior to the expiration date of the Policy being replaced or renewed, and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewedpromptly upon receipt by Borrower.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretiondiscretion (except that, so long as the Property is owned by Science Park Center LLC, a California limited liability company, Lender's prior approval will not be unreasonably withheld). If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements with respect to the Land, Improvements, Fixtures and Personal Property, in form and substance and in amounts as Lender Borrower may require in its reasonable discretion, reasonably determine from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in , subject to Lender's requirements, reasonable approval. Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing in effect as of the Loandate hereof.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (in each case to the extent relating to the Land, Improvements and Fixtures, the "POLICIESPolicies"). Each Policy will contain a standard waiver of subrogation and a -------- replacement cost endorsement and will provide for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-non- renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERSInsurers") must be -------- authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than within 30 days before the expiration date of invoice therefor and in any case in such a timely manner as to prevent lapse of the Policy being replaced or renewed (except to the extent that Borrower is required to deposit funds for Insurance Premiums with the Accumulation Depository, in which case such payments shall be made in accordance with the provisions of Article VI hereof) and will deliver to Lender an original or, if a ---------- blanket policy, a certified copy of each Policy marked "Paid" not less than 15 30 days prior to the expiration date after payment of the Policy being replaced or renewedrenewed or other evidence of payment of such Insurance Premiums reasonably satisfactory to Lender.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not may carry any of the insurance required under this Section on a blanket or umbrella policy without in provided that Borrower provides Lender with an original or copy certified by the insurer of each instance Lender's prior approval which may be withheld in Lender's sole discretionsuch policy. If Lender approves, Borrower will deliver to Lender a certified copy of the Each such blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each “Policies”).Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's Xxxxxx’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's Xxxxxx’s rights under this Article, Lender Xxxxxx will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original certificate of insurance not less than 15 days prior to the expiration of the Policy and an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 30 days prior to the expiration date of the Policy being replaced or renewedthereafter.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's ’s prior approval which may be withheld in Lender's sole discretionwritten approval. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's ’s right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretionrequire, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIESPolicies"). Each Policy will contain a standard waiver of subrogation -------- (where applicable) and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage mortgagee endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERSInsurers") Property is locatedmust be -------- authorized to do business in the State of California, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed; provided, however, that if an Insurer -------- permits payment of the Insurance Premium on a Policy in installments, Borrower may elect to pay in installments, in which event Borrower will timely pay each such installment when due and will deliver to Lender, not more than 30 days after payment of the first such installment, the Insurer's written acknowledgment of receipt of payment of such installment together with a schedule of all installment amounts and due dates.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretionapproval. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Samples: Deed of Trust (Kilroy Realty Corp)
Insurance Coverages. (a) Borrower will maintain, maintain or cause the tenants of the Property to maintain, be maintained such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, discretion from time to time. Borrower acknowledges the reasonability The insurance will be in an amount equal to 100% of the coverages full replacement cost of the Improvements and endorsements Personal Property (without deduction for depreciation) and will include fire and sprinkler leakage, extended coverage, vandalism, malicious mischief, boiler and machinery, terrorism coverage, windstorm, earthquake and flood insurance (if located in earthquake or flood zones), a minimum of 12 months of rent loss insurance, and such other kinds of insurance as may be required by Lender in its sole discretion provided that Lender has required as provides prior written notice of such request to Borrower and such insurance is available at commercial reasonable rates, premiums prepaid, in amounts satisfactory to Lender, with a condition of making the Loan. Until Lender notifies Borrower of changes standard mortgagee endorsement in Lender's requirements’s favor for the property insurance, Borrower will maintain not less than the an additional insured endorsement in Lender’s favor for liability insurance coverages and endorsements Lender required for closing a waiver of the Loansubrogation endorsement, where applicable.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage mortgagee endorsement on the property insurance as mortgagee and loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the state or commonwealth where the Property is located, must have been in business for at least 5 years, and must carry an a rating of “A-” or better by A.M. Best Companywith a Financial Size Category (FSC) of “X” or higher. In the exercise of its commercially reasonable discretion, Inc. policyholder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before and provide Lender with evidence of such payment promptly after receipt of the invoice and will provide evidence of renewal prior to expiration date of the Policy being replaced or renewed and will renewed. In the event Borrower is unable to deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvesdate, Borrower will deliver provide evidence of the renewed coverage by delivering to Lender an Xxxxx 27 (2004/04 or 1993/03) or Xxxxx 28 (2003/10) or the current industry equivalent until a certified copy of the blanket policy which shall allocate is available and delivered to the Property the amount of coverage Lender. Certified copies required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of hereunder may be certified by Borrower’s insurance benefits by reason of any claim made against such policy related to another property insured thereunderbroker.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Samples: Loan Agreement (Phillips Edison Grocery Center Reit I, Inc.)
Insurance Coverages. (a) Borrower and Grantor will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its sole reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower or Grantor of changes in Lender's requirements, Borrower and Grantor will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements reasonably satisfactory to Lender (the "POLICIESPolicies"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERSInsurers") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Grantor and Borrower will each comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Grantor, Borrower or the Property.
(f) Grantor and Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy (for the initial closing or any replacements of the original policy, with an XXXXX 27 certificate for any renewals thereafter) marked "Paid" not less than 15 10 days prior to the expiration date of the Policy being replaced or renewed.
(g) Neither Grantor nor Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Grantor or Borrower.
(h) If Grantor and/or Borrower will not carry carries any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower it will deliver to Lender prior to the date hereof or for any replacement policy a certified duplicate copy of the blanket policy (and certificates as described in paragraph (f), above, for renewals) which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower Grantor will give the Insurers prompt notice of any change in ownership or occupancy use of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of BorrowerGrantor's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIESPolicies"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERSInsurers") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy certificate evidencing coverage under the Policies marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed. Borrower shall provide a certified copy of each Policy promptly upon receipt thereof.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) If required by the Policy, Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force , except blanket polices, will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. 15.1 Tenant must, at Tenant's sole cost and expense, procure and maintain the insurance described below in accordance with the requirements set forth below:
a. The minimum insurance coverages are as follows:
(i) Property insurance (the "Tenant's Property Insurance") which covers: (a) Borrower will maintainthe Demised Premises for damages to the Demised Premises in the amount of $3 million for comprehensive (property) damages; (b) all of Tenant's personal property in, on, at, or about the Demised Premises, including, without limitation, Tenant's furniture, trade fixtures, equipment, inventory, and merchandise (collectively, "Tenant's Personal Property"); and (c) all improvements to the Demised Premises. Tenant's Property Insurance must be written on the broadest available "special form", policy form; must include an agreed-amount endorsement for no less than one hundred percent (100%) of the full replacement cost of the Tenant's Personal Property (new, without deduction for depreciation), the Demised Premises and improvements to the Demised Premises; must be written in amounts of coverage that meet any coinsurance requirements of the policy or policies; must include vandalism and malicious mischief coverage and sprinkler coverage; and must name Landlord as an "insured as its interest may appear."
(ii) Commercial general liability insurance ( "Tenant's Liability Insurance") written on an "occurrence" policy form, covering Bodily Injury, Property Damage, and Personal Injury (all as defined in Section 16.2 below), arising out of or relating, directly or indirectly, to Tenant's business operations, conduct, assumed liabilities, or use or occupancy of the Demised Premises. Tenant's Liability Insurance must include the broadest available form of contractual liability coverage. It is the intent of Landlord and Tenant that Xxxxxx's contractual liability coverage will provide coverage to the maximum extent possible of Tenant's indemnification obligations under this Lease. The minimum acceptable limits for Tenant's Liability Insurance are $2,000,000 per occurrence. Tenant must cause the tenants of the Property Landlord Parties (as defined in Section 16.2 below) to maintain, such insurance coverages and endorsements be named as "additional insureds" by endorsement satisfactory in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the LoanLandlord.
(biii) Workers' Compensation Insurance and Employer's Liability Insurance. The minimum acceptable limits for the Worker's Compensation Insurance are as set forth in the applicable statutes of the State of Texas and for the Employer's Liability Insurance are $500,000 per each accident, $500,000 disease per employee, and $500,000 disease policy limit. All such policies must contain waivers of subrogation in favor of Landlord. THE, XXXXXXX LAW FIRM LLP q HOUSTON, TX initials initials
(iv) At all times during which construction work is being performed by or on behalf of Tenant at the Demised Premises, Tenant must maintain "Builder's Risk" insurance, including renewalscovering the full replacement value of all such work being performed, required naming Landlord as an "insured as its interest may appear," and being written in amounts of coverage that meet any coinsurance requirements of the policy or policies.
b. The insurance requirements set forth in Section 15.1 (a) are independent of Tenant's waiver, indemnification, and other obligations under this Lease and cannot be construed or interpreted in any way to restrict, limit, or modify Tenant's waiver, indemnifications, and other obligations or to limit in any way Tenant's liability under this Lease. In addition to the requirements set forth in Section will be issued on valid and enforceable 15.1 (a), each insurance company issuing one or more of policies and endorsements satisfactory of insurance Tenant is required to Lender (the "POLICIES"). Each Policy will contain carry under this Article 15 must have a standard waiver rating of subrogation and a replacement cost endorsement and will provide for Lender to receive not no less than 30 ANIII in the current Best's Insurance Guide or A- in the current Standard and Poor Insurance Solvency Review and must be admitted to engage in the business of insurance in the State of Texas. The insurance Tenant is required to carry under this Lease must be primary insurance for all claims under such insurance and must provide that any insurance carried by the Landlord Parties is strictly excess, secondary, and noncontributing with any insurance carried by Tenant. The insurance Tenant is required to carry under this Lease must provide that it cannot be canceled, not renewed, or be subject to a change in coverage or limits of coverage except after thirty (30) days' prior written notice of any cancellationto Landlord and Xxxxxxxx's lenders. Tenant is permitted to provide its insurance through a blanket policy as long as Tenant, termination at Tenant's sole cost and expense, procures a "per location" endorsement, or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payeeequivalent reasonably acceptable to Landlord.
c. Tenant must deliver to Landlord adequate proof that Tenant is carrying the type and amount of insurance coverage required by this Lease before Xxxxxx enters onto the Demised Premises and at any time (cbut no more than twice per year) The insurance companies issuing the Policies (the "INSURERS") Property is locatedupon request from Landlord. Additionally, Tenant must have been in business for at least 5 yearsdeliver to Landlord, must carry an A.M. Best Company, Inc. policyholder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not no less than 30 thirty (30) days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket any policy, a certified copy of each Policy marked "Paid" adequate proof that Tenant has obtained renewal or replacement coverage for at least one (1) year immediately following such expiration. While the following checklist does not less than 15 days prior to override the expiration date requirements of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any preceding sentences, it is intended to give Tenant a preliminary checklist of the insurance required under this Section documentation Landlord requires: n XXXXX Form 27 "Evidence of Insurance" (for Property Insurance, Builder's Risk Insurance, Commercial General Liability Insurance, Worker's Compensation Insurance, and Employers' Liability Insurance). n Copies of all additional insured endorsements (which must be on a blanket ISO Form 2026 or umbrella policy without in each instance Lender's prior approval an ISO form which may be withheld in Lender's sole discretionreplaces such form). If Lender approves, Borrower will deliver to Lender a certified copy n Copies of the blanket policy which shall allocate to the Property the amount all loss payee endorsements. n Copies of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility all mortgagee clauses. n Copies of any reduction all waivers of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Propertysubrogation. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.initials initials
Appears in 1 contract
Insurance Coverages. (a) Borrower will 14.1 Landlord shall procure and maintain, with responsible companies qualified to do business in the State of Texas and with an A.M. Best Company rating of A- or cause better, throughout the tenants term of this lease a policy or policies of insurance, at its sole cost and expense (but subject to the Property reimbursement provisions of Paragraph VI above), causing the Flour Mill to maintain, such be insured under standard fire and extended coverage insurance coverages and endorsements liability insurance with limits in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain an amount not less than that required by Tenant as set forth in Section 14.2 herein (plus whatever endorsements or special coverage's Landlord in its sole discretion, may consider appropriate)
14.2 Tenant shall procure and maintain throughout the term of this lease a policy or policies of insurance, at its sole cost and expense, causing Tenant's fixtures and contents to be insured under standard fire and extended coverage insurance coverages and, with regard to liability insurance, insuring Tenant and endorsements Lender required for closing naming the Landlord as an additional insured against all claims, demands or actions arising out of or in connection with Tenant's use or occupancy of the Loan.
(b) Demised Premises, or by the condition of the Demised Premises. The insurance, including renewals, required under this Section will limits of Tenant's liability policy or policies shall be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for Lender to receive in an amount not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change one million dollars ($600,000) per occurrence (and no offset for occurrences on property other than the Demised Premises) and the limits of Tenant's insurance of its fixtures and contents shall be in an increase in coverage and that Lender will amount not less than five hundred thousand dollars ($300,000). All policies shall be named under a standard mortgage endorsement as loss payee.
(c) The written by insurance companies issuing the Policies (the "INSURERS") Property is located, must have been in business for at least 5 years, must carry with an A.M. Best Company, Inc. policyholder Company rating of A A- or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lenderbetter. Lender may select an alternative credit rating agency and may impose different credit rating standards for Tenant shall obtain a written 8 <PAGE> obligation on the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy part of each Policy marked "Paid" not less than 15 insurance company to notify Landlord at least thirty (30) days prior to cancellation of such insurance. Duly executed certificates of insurance shall be promptly delivered to Landlord and renewals thereof as required shall be delivered to Landlord at least fifteen (15) days prior to the expiration of the respective policy terms. If Tenant should fail to comply with the foregoing requirement relating to insurance, Landlord may obtain such insurance and Tenant shall pay to Landlord on demand as additional rental hereunder the premium cost thereof plus interest at the maximum contractual rate (but in no event to exceed 1 1/2 % per month) from the date of the Policy being replaced or renewed.
(g) Borrower will not carry separate payment by Landlord until repaid by Tenant. With respect to property insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate and notwithstanding anything to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth contrary contained in this MortgageLease, Tenant shall have the right to self-insure.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Samples: Lease Agreement (Guar Global Ltd.)
Insurance Coverages. (a) Lender hereby approves coverages currently maintained by Borrower. Borrower will maintain, or cause the tenants of the Property continue to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges time and in the reasonability of the future Lender will not require any changes in coverages and endorsements that Lender has required as a condition of making the Loanare greater than industry standards for Class A downtown office properties. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan. Notwithstanding the foregoing, Lender will not require coverages that are greater than Lender’s standard requirements for similarly situated Class A downtown office properties in its mortgage portfolio.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less no later than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" not less ” no later than 15 30 days prior to following the expiration inception date of the Policy being replaced or renewednew Policy.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's ’s prior approval which may be withheld in Lender's sole ’s reasonable discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. 15.1 Tenant must, at Tenant's sole cost and expense, procure and maintain the insurance described below in accordance with the requirements set forth below:
a. The minimum insurance coverages are as follows:
(i) Property insurance (the "Tenant's Property Insurance") which covers: (a) Borrower will maintainthe Demised Premises for damages to the Demised Premises in the amount of $3 million for comprehensive (property) damages; (b) all of Tenant's personal property in, on, at, or about the Demised Premises, including, without limitation, Tenant's furniture, trade fixtures, equipment, inventory, and merchandise (collectively, "Tenant's Personal Property"); and (c) all improvements to the Demised Premises. Tenant's Property Insurance must be written on the broadest available "special form", policy form; must include an agreed-amount endorsement for no less than one hundred percent (100%) of the full replacement cost of the Tenant's Personal Property (new, without deduction for depreciation), the Demised Premises and improvements to the Demised Premises; must be written in amounts of coverage that meet any coinsurance requirements of the policy or policies; must include vandalism and malicious mischief coverage and sprinkler coverage; and must name Landlord as an "insured as its interest may appear."
(ii) Commercial general liability insurance ( "Tenant's Liability Insurance") written on an "occurrence" policy form, covering Bodily Injury, Property Damage, and Personal Injury (all as defined in Section 16.2 below), arising out of or relating, directly or indirectly, to Tenant's business operations, conduct, assumed liabilities, or use or occupancy of the Demised Premises. Tenant's Liability Insurance must include the broadest available form of contractual liability coverage. It is the intent of Landlord and Tenant that Tenant's contractual liability coverage will provide coverage to the maximum extent possible of Tenant's indemnification obligations under this Lease. The minimum acceptable limits for Tenant's Liability Insurance are $2,000,000 per occurrence. Tenant must cause the tenants of the Property Landlord Parties (as defined in Section 16.2 below) to maintain, such insurance coverages and endorsements be named as "additional insureds" by endorsement satisfactory in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the LoanLandlord.
(biii) Workers' Compensation Insurance and Employer's Liability Insurance. The minimum acceptable limits for the Worker's Compensation Insurance are as set forth in the applicable statutes of the State of Texas and for the Employer's Liability Insurance are $500,000 per each accident, $500,000 disease per employee, and $500,000 disease policy limit. All such policies must contain waivers of subrogation in favor of Landlord.
(iv) At all times during which construction work is being performed by or on behalf of Tenant at the Demised Premises, Tenant must maintain "Builder's Risk" insurance, including renewalscovering the full replacement value of all such work being performed, required naming Landlord as an "insured as its interest may appear," and being written in amounts of coverage that meet any coinsurance requirements of the policy or policies.
b. The insurance requirements set forth in Section 15.1 (a) are independent of Tenant's waiver, indemnification, and other obligations under this Lease and cannot be construed or interpreted in any way to restrict, limit, or modify Tenant's waiver, indemnifications, and other obligations or to limit in any way Tenant's liability under this Lease. In addition to the requirements set forth in Section will be issued on valid and enforceable 15.1 (a), each insurance company issuing one or more of policies and endorsements satisfactory of insurance Tenant is required to Lender (the "POLICIES"). Each Policy will contain carry under this Article 15 must have a standard waiver rating of subrogation and a replacement cost endorsement and will provide for Lender to receive not no less than 30 ANIII in the current Best's Insurance Guide or A- in the current Standard and Poor Insurance Solvency Review and must be admitted to engage in the business of insurance in the State of Texas. The insurance Tenant is required to carry under this Lease must be primary insurance for all claims under such insurance and must provide that any insurance carried by the Landlord Parties is strictly excess, secondary, and noncontributing with any insurance carried by Tenant. The insurance Tenant is required to carry under this Lease must provide that it cannot be canceled, not renewed, or be subject to a change in coverage or limits of coverage except after thirty (30) days' prior written notice of any cancellationto Landlord and Landlord's lenders. Tenant is permitted to provide its insurance through a blanket policy as long as Tenant, termination at Tenant's sole cost and expense, procures a "per location" endorsement, or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payeeequivalent reasonably acceptable to Landlord.
c. Tenant must deliver to Landlord adequate proof that Tenant is carrying the type and amount of insurance coverage required by this Lease before Tenant enters onto the Demised Premises and at any time (cbut no more than twice per year) The insurance companies issuing the Policies (the "INSURERS") Property is locatedupon request from Landlord. Additionally, Tenant must have been in business for at least 5 yearsdeliver to Landlord, must carry an A.M. Best Company, Inc. policyholder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not no less than 30 thirty (30) days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket any policy, a certified copy of each Policy marked "Paid" adequate proof that Tenant has obtained renewal or replacement coverage for at least one (1) year immediately following such expiration. While the following checklist does not less than 15 days prior to override the expiration date requirements of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any preceding sentences, it is intended to give Tenant a preliminary checklist of the insurance required under this Section documentation Landlord requires: ■ XXXXX Form 27 "Evidence of Insurance" (for Property Insurance, Builder's Risk Insurance, Commercial General Liability Insurance, Worker's Compensation Insurance, and Employers' Liability Insurance). ■ Copies of all additional insured endorsements (which must be on a blanket ISO Form 2026 or umbrella policy without in each instance Lender's prior approval an ISO form which may be withheld in Lender's sole discretionreplaces such form). If Lender approves, Borrower will deliver to Lender a certified copy ■ Copies of the blanket policy which shall allocate to the Property the amount all loss payee endorsements. ■ Copies of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility all mortgagee clauses. ■ Copies of any reduction all waivers of insurance benefits by reason of any claim made against such policy related to another property insured thereundersubrogation.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, from time to timetime require of properties of similar types and quality. Borrower acknowledges the reasonability The insurance will be in an amount equal to 100% of the coverages full replacement cost of the Improvements and endorsements that Personal Property (without deduction for depreciation) and will include fire, extended coverage, vandalism, malicious mischief, sprinkler leakage, boiler and machinery, terrorism coverage, windstorm, earthquake and flood insurance (if located in an area identified as an earthquake or flood zone), and a minimum of twelve (12) months of rent loss insurance. The insurance will also include commercial general liability coverage in substance and amount satisfactory to Lender has required naming Lender as a condition of making the Loanan additional insured. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7 will receive not less than 30 thirty (30) days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage mortgagee endorsement on the property insurance as mortgagee and loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A A- or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums insurance premiums for each Policy not less than 30 and provide Lender with evidence of such payment within fifteen (15) days before of the expiration date of the Policy being replaced or renewed and Borrower will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 fifteen (15) days prior to the expiration date of the Policy being replaced or renewed. In the event Borrower is unable to deliver a certified copy 15 days prior to the expiration date, Borrower will provide evidence of the renewed coverage by delivering to Lender an Xxxxx 27 (2004/04 or 1993/03) or Xxxxx 28 (2003/10) or the current industry equivalent until a certified copy is available and delivered to Lender.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) If Borrower will not elects to carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower will deliver to Lender a certified copy of the blanket policy (which shall allocate to may be effectuated by a letter, signed by Borrower, certifying that an attached copy of the Property blanket policy is true, correct and complete) and an accord evidencing the amount existence of coverage required under this Section and otherwise shall such policy, which policy will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers and Lender prompt notice of any change in ownership or occupancy of the Property that may result in a change in the insurance requirements for the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. 15.1 Landlord must procure and maintain throughout the term of this lease a policy or policies of insurance, at its sole cost and expense (but subject to Article 6 above), causing the Project to be insured under Special Form or similar property insurance and commercial general liability insurance (with whatever deductibles, endorsements, exceptions or special coverages Landlord, in its sole discretion, may consider appropriate), to the extent necessary to comply with Landlord’s obligations pursuant to other provisions of this lease.
15.2 Tenant must procure and maintain throughout the term of this lease a policy or policies of insurance, at its sole cost and expense, (a) Borrower will maintaincausing Tenant’s fixtures and contents to be fully insured for their replacement value under standard Special Form or similar property insurance, (b) providing commercial general liability insurance insuring Tenant, on an occurrence basis, against all claims, demands, or cause the tenants actions arising out of or in connection with Tenant’s use or occupancy of the Property to maintainDemised Premises, such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges or by the reasonability condition of the coverages Demised Premises, and endorsements that Lender has required as a condition (c) providing worker’s compensation insurance in statutory amounts and employer’s liability coverage with limits of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing $500,000.00. Tenant’s commercial general liability policy or policies must provide coverage with a combined single limit of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change $1,000,000 per occurrence (with no offset for occurrences on property other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS") Property is locatedDemised Premises), must have been list Landlord as a loss payee (as to the Special Form or similar property insurance), as to Landlord’s interest in business for at least 5 yearsany of Tenant’s property, must carry and as an A.M. Best Company“additional insured” (as to all other insurance, Inc. policyholder rating of A or better and an A.M. Best Companyincluding, Inc. financial category rating of Class X or better without limitation, the commercial general liability insurance), and must be otherwise written by insurance companies and on forms and with deductibles satisfactory to LenderLandlord, and Tenant’s insurance shall be primary (with any policies of Landlord or Landlord’s mortgagees being excess, secondary and non-contributory). Lender may select an alternative credit rating agency Additionally, Tenant’s worker’s compensation and may impose different credit rating standards for employer’s liability policies must include waivers of subrogation in favor of Landlord. Tenant must obtain a written obligation on the Insurerspart of each insurance company to notify Landlord at least thirty (30) days prior to cancellation or modification of such insurance. Notwithstanding Lender's right Tenant must promptly deliver such policies or duly executed certificates of insurance to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of Landlord before Tenant occupies any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions portion of the Policies Demised Premises and with the requirements, notices and demands imposed by the Insurers and applicable must promptly deliver renewals thereof as required to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 Landlord at least thirty days prior to the expiration of the respective policy terms. If Tenant should fail to comply with the foregoing requirements relating to insurance, Landlord may obtain such insurance and Tenant must pay to Landlord on demand as additional rental hereunder the premium cost thereof plus interest at the maximum contractual rate (but in no event to exceed 1 ½% per month) from the date of the Policy being replaced or renewedpayment by Landlord until repaid by Tenant.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Samples: Office Lease (Quality Systems Inc)
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, sole discretion from time to time. Borrower acknowledges the reasonability The insurance will be in an amount equal to 100% of the coverages full replacement cost of the Improvements and endorsements that Lender has required Personal Property (without deduction for depreciation) and will include fire, extended coverage, vandalism, malicious mischief, sprinkler leakage, boiler and machinery, terrorism coverage, windstorm, earthquake and flood insurance (if located in an area identified as an earthquake or flood zone), day care facility general liability and umbrella coverage (if any portion of the Property is used as a condition day care or childcare services facility), and a minimum of making the Loan12 months of rent loss insurance. The insurance will also include commercial general liability coverage in substance and amount satisfactory to Lender naming Lender as an additional insured. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage mortgagee endorsement on the property insurance as mortgagee and loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A A- or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's Xxxxxx’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's Xxxxxx’s rights under this Article, Lender Xxxxxx will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums insurance premiums for each Policy not less than 30 and provide Lender with evidence of such payment within 15 days before of the expiration date of the Policy being replaced or renewed and Borrower will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 days prior to the expiration date of the Policy being replaced or renewed. In the event Borrower is unable to deliver a certified copy 15 days prior to the expiration date, Borrower will provide evidence of the renewed coverage by delivering to Lender an Xxxxx 27 (2004/04 or 1993/03) or Xxxxx 28 (2003/10) or the current industry equivalent until a certified copy is available and delivered to Lender.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) If Borrower will not elects to carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers and Lender prompt notice of any change in ownership or occupancy of the Property that may result in a change in the insurance requirements for the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's ’s right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's Xxxxxx’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's Xxxxxx’s rights under this Article, Lender Xxxxxx will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less no later than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" not less ” no later than 15 30 days prior to following the expiration inception date of the Policy being replaced or renewednew Policy.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's ’s prior approval which may be withheld in Lender's Xxxxxx’s sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower and Grantor will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its sole reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower or Grantor of changes in Lender's ’s requirements, Borrower and Grantor will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements reasonably satisfactory to Lender (the "“POLICIES"”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "“INSURERS"”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Grantor and Borrower will each comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Grantor, Borrower or the Property.
(f) Grantor and Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy (for the initial closing or any replacements of the original policy, with an XXXXX 27 certificate for any renewals thereafter) marked "“Paid" ” not less than 15 10 days prior to the expiration date of the Policy being replaced or renewed.
(g) Neither Grantor nor Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Grantor or Borrower.
(h) If Grantor and/or Borrower will not carry carries any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower it will deliver to Lender prior to the date hereof or for any replacement policy a certified duplicate copy of the blanket policy (and certificates as described in paragraph (f), above, for renewals) which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower Grantor will give the Insurers prompt notice of any change in ownership or occupancy use of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's Grantor’s right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
Appears in 1 contract
Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, discretion from time to time, provided that such insurance is generally available in the commercial markets and being required of substantially similarly situated borrowers. Borrower acknowledges the reasonability The insurance will be in an amount equal to one hundred percent (100%) of the coverages full replacement cost of the Improvements and endorsements that Personal Property (without deduction for depreciation) and will include (to the extent reasonably available) fire, extended coverage, vandalism, malicious mischief, sprinkler leakage, boiler and machinery, terrorism coverage, windstorm, earthquake and flood insurance (if located in an area identified as an earthquake or flood zone), and a minimum of twelve (12) months of rent loss insurance. The insurance will also include commercial general liability coverage in substance and amount reasonably satisfactory to Lender has required naming Lender as a condition of making the Loanan additional insured. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 thirty (30) days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage mortgagee endorsement on the property insurance as mortgagee and loss payee. Borrower agrees to provide Lender with notice of any other material change to a Policy, other than an increase in coverage, within two (2) Business Days of such change.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 five (5) years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A A- or better and an A.M. Best Company, Inc. financial category rating of Class X VIII or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the InsurersInsurers if also being required of substantially all similarly situated borrowers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply in all material respects with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums insurance premiums for each Policy not less than 30 and provide Lender with evidence of such payment within fifteen (15) days before of the expiration date of the Policy being replaced or renewed and Borrower will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 fifteen (15) days prior to the expiration date of the Policy being replaced or renewed. In the event Borrower is unable to deliver a certified copy fifteen (15) days prior to the expiration date, Borrower will provide evidence of the renewed coverage by delivering to Lender an Xxxxx 27 (2004/04 or 1993/03) or Xxxxx 28 (2003/10) or the current industry equivalent until a certified copy is available and delivered to Lender.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) If Borrower will not elects to carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers and Lender prompt notice of any change in ownership or occupancy of the Property that may result in a change in the insurance requirements for the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageLoan Agreement.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's ’s right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transfereetransferee (unless part of a blanket policy or not otherwise reasonably transferable).
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Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, from time to timetime require of properties of similar types and quality. Borrower acknowledges the reasonability The insurance will be in an amount equal to 100% of the coverages full replacement cost of the Improvements and endorsements that Personal Property (without deduction for depreciation) and will include fire, extended coverage, vandalism, malicious mischief, sprinkler leakage, boiler and machinery, terrorism coverage, windstorm, earthquake and flood insurance (if located in an area identified as an earthquake or flood zone), and a minimum of twelve (12) months of rent loss insurance. The insurance will also include commercial general liability coverage in substance and amount satisfactory to Lender has required naming Lender as a condition of making the Loanan additional insured. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 thirty (30) days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage mortgagee endorsement on the property insurance as mortgagee and loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A A- or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.. TIAA Authorization ID # AAA-7376; TIAA Inv. ID # 0006950 University Park Village Deed of Trust 15398858v.6 / 73828-000098
(f) Borrower will pay the Insurance Premiums insurance premiums for each Policy not less than 30 and provide Lender with evidence of such payment within fifteen (15) days before of the expiration date of the Policy being replaced or renewed and Borrower will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 fifteen (15) days prior to the expiration date of the Policy being replaced or renewed. In the event Borrower is unable to deliver a certified copy 15 days prior to the expiration date, Borrower will provide evidence of the renewed coverage by delivering to Lender an Xxxxx 27 (2004/04 or 1993/03) or Xxxxx 28 (2003/10) or the current industry equivalent until a certified copy is available and delivered to Lender.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) If Borrower will not elects to carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower will deliver to Lender a certified copy of the blanket policy (which shall allocate to may be effectuated by a letter, signed by Borrower, certifying that an attached copy of the Property blanket policy is true, correct and complete) and an accord evidencing the amount existence of coverage required under this Section and otherwise shall such policy, which policy will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers and Lender prompt notice of any change in ownership or occupancy of the Property that may result in a change in the insurance requirements for the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the ObligationsTEXAS FINANCE CODE §307.052 COLLATERAL PROTECTION INSURANCE NOTICE:
(i) BORROWER IS REQUIRED TO: (i) KEEP THE PROPERTY INSURED AGAINST DAMAGE IN THE AMOUNT LENDER SPECIFIES; (ii) PURCHASE THE INSURANCE FROM AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN THE STATE OF TEXAS OR AN ELIGIBLE SURPLUS LINES INSURER; AND (iii) NAME THE LENDER AS THE PERSON TO BE PAID UNDER THE POLICY IN THE EVENT OF A LOSS;
(ii) BORROWER MUST, all of Borrower's rightIF REQUIRED BY LENDER, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transfereeDELIVER TO LENDER A COPY OF THE POLICY AND PROOF OF THE PAYMENT OF PREMIUMS; AND
(iii) IF BORROWER FAILS TO MEET ANY REQUIREMENT LISTED IN SUBSECTIONS (j)(i) OR (j)(ii) IMMEDIATELY ABOVE, LENDER MAY OBTAIN COLLATERAL PROTECTION INSURANCE ON BEHALF OF BORROWER AT BORROWER’S EXPENSE.
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Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "Paid" not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall allocate to the Property the amount of coverage required under this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunder.
(i1) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
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Insurance Coverages. (a) Borrower will maintain, maintain or cause the tenants of the Property to maintain, be maintained such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges , including those coverages required by the reasonability of the coverages and endorsements that Lender has required as a condition of making the LoanLoan Agreement. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer. Lender hereby approves the insurance that Borrower is maintaining on the date of this Mortgage.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's ’s prior approval which may be withheld in Lender's ’s sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's ’s right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
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Insurance Coverages. (a) Borrower will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's ’s requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements satisfactory to Lender (the "POLICIES"“Policies”). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' ’ prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS"“Insurers”) must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's ’s right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer. Lender hereby approves the insurance that Borrower is maintaining on the date of this Mortgage.
(d) Notwithstanding Lender's ’s rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy marked "“Paid" ” not less than 15 days prior to the expiration date of the Policy being replaced or renewed.
(g) Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Borrower.
(h) Borrower will not carry any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's ’s prior approval which may be withheld in Lender's ’s sole discretion. If Lender approves, Borrower will deliver to Lender a certified copy of the blanket policy which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's ’s right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
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Insurance Coverages. 13.1 Landlord shall procure and maintain throughout the Lease Term a policy or policies of insurance, at its sole cost and expense (a) Borrower will maintainbut subject to Article VI above), insuring the Premises under standard fire and extended coverage insurance and liability insurance (with deductibles and whatever endorsements or cause the tenants of the Property to maintainspecial coverages Landlord, such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its reasonable sole discretion, from time may consider appropriate), to time. Borrower acknowledges the reasonability extent necessary to comply with Landlord's obligations pursuant to other provisions of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower of changes in Lender's requirements, Borrower will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loanthis Lease.
(b) The 13.2 Tenant, at its sole cost and expense, shall procure and maintain throughout the Lease Term a policy or policies of insurance, including renewalsat its sole cost and expense, required under this Section will be issued on valid insuring all fixtures and enforceable policies contents, and endorsements satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation all Improvements and a replacement cost endorsement and will provide other improvements constructed by or for Lender to receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy Tenant or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
Subtenant (c) The insurance companies issuing including, without limitation, the Policies (the "INSURERS") Property is locatedImprovements), must have been in business for at least 5 years80% of the replacement cost under standard fire and extended coverage insurance and, must carry an A.M. Best Companywith regard to liability insurance, Inc. policyholder rating insuring both Landlord and Tenant against all claims, demands and/or actions arising out of A or better and an A.M. Best Companyin connection with the use, Inc. financial category rating occupancy or operation of Class X the Premises by Tenant, any Subtenant or better and must any other person or entity, or the condition of the Premises. Tenant's liability policy or policies shall be otherwise written by insurance companies satisfactory to LenderLandlord. Lender may select an alternative credit rating agency and may impose different credit rating standards for Tenant shall obtain a written obligation on the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Borrower will comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Borrower or the Property.
(f) Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy part of each Policy marked "Paid" not less than 15 insurance company to notify Landlord at least thirty days prior to cancellation or alteration of insurance. Such policies or duly executed certificates of insurance shall be promptly delivered to Landlord, and renewals thereof as required shall be delivered to Landlord, at least thirty days prior to the expiration of the respective policy terms. If Tenant should fail to comply with the foregoing requirement relating to insurance, Landlord may obtain such insurance without notice, demand or opportunity to cure, and Tenant shall pay to Landlord, on demand, as additional Rent hereunder, the premium cost thereof, together with interest at the maximum contractual rate (but in no event to exceed 1 1/2% per month), from the date of payment by Landlord until repaid by Tenant. Landlord shall be named as loss payee with respect to the Policy being replaced standard fire and extended coverage insurance covering the leasehold improvements owned by Landlord.
13.3 Tenant shall obtain and maintain, and cause each of its Subtenants to obtain and maintain, at all times during the Lease Term insurance coverage as required hereunder and in Section 13.2 above and as may be required by law (including, without limitation, broad form comprehensive general liability coverage, products liability, broad form contractual liability coverage, liquor liability, auto liability, and business interruption, workers compensation and employees' liability insurance) from reputable insurance companies with an A.M. Best Rating of "A" and an A.M. Best Class Rating of XIV (or renewed.comparable ratings from a reputable insurance rating service in the event A.M. Best ratings are discontinued or materially altered), authorized to do business in the jurisdiction in which the Premises are located, and covering the activities of Tenant and its Subtenants. The insurance shall be in form reasonably satisfactory to Landlord, in amounts at least equal to the following:
(a) comprehensive commercial liability insurance, with a combination of primary and excess limits of not less than Two Million Dollars ($2,000,000.00), with minimum limits of One Million Dollars ($1,000,000.00) per occurrence, bodily injury and property damage combined;
(b) auto liability insurance, including coverage of owned, non-owned and hired vehicles, with a combination of primary and excess limits of not less than Five Hundred Thousand Dollars ($500,000.00) for bodily injury for each person, One Million Dollars ($1,000,000.00) for bodily injury for each occurrence and One Million Dollars ($1,000,000.00) for each occurrence of property damage;
(c) employer's liability insurance with a limit of not less than Five Hundred Thousand Dollars ($500,000.00);
(d) workers compensation insurance in such amount as may be required by applicable statute or rule;
(e) hazard insurance with sufficient coverage to cover the replacement cost of the Premises, including all Improvements, with a "value guard" endorsement, if available;
(f) business interruption insurance with a minimum of Two Hundred Thousand Dollars ($200,000.00) payable in three (3) equal monthly installments;
(g) Borrower will not carry separate hazard insurance concurrent in kind or form or contributing in with sufficient coverage to cover the event replacement costs of loss with any other insurance carried by Borrower.the contents of the Premises, including furniture, fixtures and equipment; and
(h) Borrower if beer, wine, liquor or other alcoholic beverages are served from the Premises or any part thereof, liquor liability insurance with a minimum of One Million Dollars ($1,000,000.00) per occurrence and One Million Dollars ($1,000,000.00) in the aggregate. Tenant shall provide Landlord with proof of such insurance from time to time as requested by Landlord, and such policies of insurance required herein shall name Landlord and its partners, and their respective, its affiliates, members, shareholders, directors, and officers, as additional insureds. The policies shall provide that the insurers will not carry give thirty (30) days prior written notice to Landlord before any material alteration to the terms of the policies or the expiration or termination of such policies of insurance. In the event Tenant fails to obtain or maintain, or cause its Subtenants to obtain and maintain, the insurance required under this Section on described herein, Landlord shall have the right, but not the obligation, to procure such insurance, and in such event, Tenant shall reimburse Landlord, as additional Rent, for the costs of such insurance, together with interest thereon at the maximum contractual rate allowed by applicable law (but in no event to exceed 1 1/2% per month) from the date advanced by Landlord until repaid. All public liability and property damage insurance policies shall contain a blanket or umbrella policy without in each instance Lenderprovision that Tenant's insurance coverage shall be primary to any coverage Landlord maintains. Prior to the Commencement Date, and thereafter at least sixty (60) days prior approval which may be withheld in Lender's sole discretion. If Lender approvesto the expiration of any policy, Borrower will Tenant shall deliver to Lender a certified copy Landlord certificates of insurance, and if requested, copies of all applicable policies which evidence the blanket policy which shall allocate to the Property the amount of coverage coverages required under by this Section and otherwise shall provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderLease.
(i) Borrower will give the Insurers prompt notice of any change in ownership or occupancy of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this Mortgage.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of Borrower's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
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Samples: Retail Space Lease (HCS Ii Inc)
Insurance Coverages. (a) Borrower and Grantor will maintain, or cause the tenants of the Property to maintain, maintain such insurance coverages and endorsements in form and substance and in amounts as Lender may require in its sole reasonable discretion, from time to time. Borrower acknowledges the reasonability of the coverages and endorsements that Lender has required as a condition of making the Loan. Until Lender notifies Borrower or Grantor of changes in Lender's requirements, Borrower and Grantor will maintain not less than the insurance coverages and endorsements Lender required for closing of the Loan.
(b) The insurance, including renewals, required under this Section will be issued on valid and enforceable policies and endorsements reasonably satisfactory to Lender (the "POLICIES"). Each Policy will contain a standard waiver of subrogation and a replacement cost endorsement and will provide for that Lender to will receive not less than 30 days' prior written notice of any cancellation, termination or non-renewal of a Policy or any material change other than an increase in coverage and that Lender will be named under a standard mortgage endorsement as loss payee.
(c) The insurance companies issuing the Policies (the "INSURERS") must be authorized to do business in the State or Commonwealth where the Property is located, must have been in business for at least 5 years, must carry an A.M. Best Company, Inc. policyholder policy holder rating of A or better and an A.M. Best Company, Inc. financial category rating of Class X or better and must be otherwise satisfactory to Lender. Lender may select an alternative credit rating agency and may impose different credit rating standards for the Insurers. Notwithstanding Lender's right to approve the Insurers and to establish credit rating standards for the Insurers, Lender will not be responsible for the solvency of any Insurer.
(d) Notwithstanding Lender's rights under this Article, Lender will not be liable for any loss, damage or injury resulting from the inadequacy or lack of any insurance coverage.
(e) Grantor and Borrower will each comply with the provisions of the Policies and with the requirements, notices and demands imposed by the Insurers and applicable to Grantor, Borrower or the Property.
(f) Grantor and Borrower will pay the Insurance Premiums for each Policy not less than 30 days before the expiration date of the Policy being replaced or renewed and will deliver to Lender an original or, if a blanket policy, a certified copy of each Policy (for the initial closing or any replacements of the original policy, with an XXXXX 27 certificate for any renewals thereafter) marked "Paid" not less than 15 10 days prior to the expiration date of the Policy being replaced or renewed.
(g) Neither Grantor nor Borrower will not carry separate insurance concurrent in kind or form or contributing in the event of loss with any other insurance carried by Grantor or Borrower.
(h) If Grantor and/or Borrower will not carry carries any of the insurance required under this Section on a blanket or umbrella policy without in each instance Lender's prior approval which may be withheld in Lender's sole discretion. If Lender approvespolicy, Borrower it will deliver to Lender prior to the date hereof or for any replacement policy a certified duplicate copy of the blanket policy (and certificates as described in paragraph (f), above, for renewals) which shall will allocate to the Property the amount of coverage required under this Section and otherwise shall will provide the same coverage and protection as would a separate policy insuring only the Property without the possibility of any reduction of insurance benefits by reason of any claim made against such policy related to another property insured thereunderProperty.
(i) Borrower Grantor will give the Insurers prompt notice of any change in ownership or occupancy use of the Property. This subsection does not abrogate the prohibitions on transfers set forth in this MortgageDeed of Trust.
(j) If the Property is sold at a foreclosure sale or otherwise is transferred so as to extinguish the Obligations, all of BorrowerGrantor's right, title and interest in and to the Policies then in force will be transferred automatically to the purchaser or transferee.
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