INSURANCE, DAMAGE OR DESTRUCTION. 8.1 Lessee, at its sole cost and expense, shall procure and maintain throughout the term of this Agreement insurance protection for all risk coverage on the Improvements which are part of the Leased Premises, to the extent of one hundred percent (100%) of the actual replacement cost thereof. Such insurance shall be written by insurers acceptable to Cities. The insurance shall provide for ten (10) days' notice of cancellation or material change, by certified mail, return receipt requested, to the Cities, Attention: Airport Manager.
8.1.1 The above stated property insurance shall be for the benefit and to safeguard the interests of the Cities and Lessee.
8.1.2 Lessee shall settle all losses with the insurance carrier. Lessee shall consult with the Cities and use its best efforts to obtain a settlement that covers the cost of repairing or rebuilding the Improvements.
8.1.3 Lessee shall provide certificates of insurance, in a form acceptable to the Cities and marked "premium paid" evidencing existence of all insurance required to be maintained prior to occupancy of the Improvements. Upon the failure of Lessee to maintain such insurance as above provided, the Cities, at their option, may take out such insurance and charge the cost thereof to Lessee, which shall be payable on demand, or may give notice of default pursuant to Article 18.
8.2 In the event the Improvements and any subsequent improvements, insurable or uninsurable, on the Leased Premises are damaged or destroyed to the extent that they are unusable by Lessee for the purposes for which they were used prior to such damage, or same are destroyed, Lessee shall promptly repair and reconstruct the Improvements substantially as they were immediately prior to such casualty or in a new or modified design, subject to the provisions of Article 5 hereof and applicable building codes and Airport design standards, if any, existing at the time of repairing or rebuilding. If the aforesaid damage or destruction occurs in the last five years of the Initial term or any option term of this Agreement, Lessee may elect not to repair and reconstruct the Improvements, subject to the following terms and conditions:
8.2.1 Lessee shall give the Cities written notice of its election not to repair and reconstruct the Improvements within ninety (90) days of the date upon which the Improvements were damaged or destroyed. Is such case, and Cities shall have the option of either:
8.2.1.1 Requiring Lessee to clear the site, remove a...
INSURANCE, DAMAGE OR DESTRUCTION. 4.1. Mortgagor will insure itself and the Mortgaged Property against such perils and to such limits as Mortgagee shall reasonably require for the full replacement value of the Mortgaged Property, and Mortgagor shall provide evidence of such coverages as Mortgagee may reasonably request. All such insurance shall be in such forms and with such companies, and written in such amounts and with such deductibles and endorsements, as may be reasonably satisfactory to Mortgagee from time to time, and losses thereunder shall be payable to Mortgagee under a standard form of mortgagee endorsement and shall require that the insurer provide Mortgagee with thirty (30) days notice in the event of cancellation.
4.2. Mortgagor will promptly notify Mortgagee of any loss thereunder, and Mortgagee may, after notice of its intention to do so to Mortgagor, make proof of loss thereof if not made within a reasonable time by Mortgagor. After default Mortgagee may, after notice of its intention to do so to Mortgagor, on behalf of Mortgagor, adjust and compromise any claims under such insurance and collect and receive the proceeds thereof and endorse drafts and Mortgagee is hereby irrevocably appointed attorney-in-fact of Mortgagor for such purposes. Mortgagee may deduct from such proceeds any expenses properly incurred by Mortgagee in collecting same, including reasonable counsel fees. Mortgagee shall hold such proceeds for the purposes set forth in Article VI of this Mortgage.
4.3. At least thirty (30) days prior to the expiration of the term of any insurance policy required hereunder, Mortgagor shall provide Mortgagee with satisfactory evidence of the renewal of such policy. If Mortgagor shall fail to procure, pay for and deliver to Mortgagee any policy or policies of insurance or renewals thereof, Mortgagee may at its option, but shall be under no obligation to do so, effect such insurance and pay the premiums therefor, and Mortgagor will repay to Mortgagee on demand any premiums so paid, with interest, at the rate set forth in the Loan Agreement, and until so paid, the same shall be secured by this Mortgage.
4.4. Upon the written request of Mortgagee, Mortgagor will pay to Mortgagee monthly one-twelfth of the annual premiums for the insurance required to be maintained under this Mortgage. The terms and conditions of Article I hereof relating to escrow payments for Taxes and similar charges shall also apply to such insurance premium escrow payments.
INSURANCE, DAMAGE OR DESTRUCTION. 9.1 To safeguard the interest of the Authority, the Lessee at its sole cost and expense shall procure and maintain throughout the term of this lease insurance protection for "all risk" coverage on the structure and improvements of which the Leased Premises is a part, to the extent of one hundred percent (100%) of the actual replacement cost thereof, in insurance companies licensed to do business in the State of Georgia. If said insurance company becomes financially incapable of performing under the terms of said policy, the Lessee shall promptly obtain a new policy issued by a financially responsible carrier and shall submit such new policy as previously provided.
9.1.1 The above stated property insurance shall name the Authority as Additional Insured, provide thirty
INSURANCE, DAMAGE OR DESTRUCTION. In the event the Premises are damaged by Fire, or any other casualty insured under Landlord’s fire and extended coverage insurance policy, to the extent that the facility is temporarily unusable, rent will xxxxx proportionately and Landlord shall restore. Landlord and Tenant will cover their own relocation and reconstruction costs during the reconstruction process. Tenant shall have the right to terminate the lease if premises are more than 50% damaged. Upon completion of such repairs and replacements by Landlord, Tenant shall promptly repair or replace all portions of the Premises, build-outs, lease-hold improvements, furniture, fixtures, to the condition existing immediately preceding such casualty. Business Interruption Insurance – Relocation Rent shall be covered through the insurance carried by the Tenant and the Landlord’s loss of rent will be covered by Loss of Rent Insurance.
INSURANCE, DAMAGE OR DESTRUCTION. 12.1 To safeguard the interest of the County, the Lessee at its sole cost and expense shall procure and maintain throughout the term of this lease insurance protection for "all risk" coverage on the structure and improvements of which the Leased Premises is a part, to the extent of one hundred percent (100%) of the actual replacement cost thereof, in insurance companies licensed to do business in the State of California. If said insurance company becomes financially incapable of performing under the terms of said policy, the Lessee shall promptly obtain a new policy issued by a financially responsible carrier and shall submit such new policy as previously provided.
12.1.1 The above stated property insurance shall name the County as Additional Insured, provide thirty
INSURANCE, DAMAGE OR DESTRUCTION. Debtor covenants and agrees that it shall at its sole expense, obtain for, deliver to, assign and maintain insurance respecting the Improvements and FF&E as required pursuant to the Indenture. Debtor shall pay promptly when due any premiums on such insurance policies and on any renewals thereof. In the event of the foreclosure of this Instrument or any other transfer of title to the Collateral in extinguishment of the indebtedness and other sums secured hereby, all right, title and interest of Debtor in and to all insurance policies and any renewals thereof, shall pass to any such purchaser at foreclosure or grantee. All insurance moneys received on account of any loss or damage to the Collateral, after deducting therefrom the reasonable charges or expenses paid or incurred in connection with the collection and disbursement of said moneys and after deducting therefrom payments, if any, required to be paid to third parties, may be used and applied by Debtor as provided in Section 4.10 of the Indenture.
INSURANCE, DAMAGE OR DESTRUCTION. To safeguard the interest of the County, the Lessee at its sole cost and expense shall procure and maintain throughout the term of this lease insurance protection for "all risk" coverage on the structure and improvements of which the Leased Premises is a part, to the extent of one hundred percent (100%) of the actual replacement cost thereof, in insurance companies licensed to do business in the State of California. If said insurance company becomes financially incapable of performing under the terms of said policy, the Lessee shall promptly obtain a new policy issued by a financially responsible carrier and shall submit such new policy as previously provided.
INSURANCE, DAMAGE OR DESTRUCTION. A. DCN shall procure and maintain, throughout the term of this Agreement, insurance protection for fire and extended coverage on the Leased Premises for one hundred percent (100%) of the actual replacement cost. Lessee shall reimburse DCN for Lessee's share of insurance as specified in this lease.
B. DCN shall settle all losses directly with the insurance carrier. The proceeds of all insurance shall be paid to DCN and shall, at the DCN's option, be for the repair and reconstruction of the improvements to the Leased Premises or the demolition thereof.
C. In the event the Leased Premises are damaged or destroyed to the extent that they are unusable by Lessee for the purposes for which they were used prior to such damage, or same is destroyed, DCN shall have the election of repairing or reconstructing the improvements substantially as they were immediately prior to such casualty or in a new or modified design consistent with Lessee's use thereof under the provisions of Article 9 hereof or as provided in Section D hereof.
D. In the event DCN in its sole and absolute discretion determines it to be impractical to repair and reconstruct the Leased Premises, DCN may terminate this Agreement and retain the insurance proceeds. In the event that DCN elects to repair the Leased Premises, this Agreement shall continue. During any period of time that a significant portion of the Leased Premises is untenantable due to casualty repair, Lessee shall be entitled to a pro- rata reduction in rent based upon the untenantable square footage.
E. Lessee shall, at its expense, replace and repair any and all of Lessee's fixtures, equipment and other personal property necessary to properly and adequately continue its business on the Leased Premises, but in no event shall Lessee be obligated to provide equipment and fixtures in excess of those existing prior to such damage or destruction.
F. In the event of damage or destruction of DCN property caused by the Lessee, its agents, employees, vehicles or other equipment, Lessee agrees to repair, reconstruct, or replace the affected property to the condition which existed prior to such damage or destruction. Lessee further agrees to cause such repair, reconstruction or replacement of affected property with due diligence and the repair must return the Leased Premises to its original or better condition.
INSURANCE, DAMAGE OR DESTRUCTION. 8.1 Lessee, at its sole cost and expense, shall procure and maintain throughout the Term, insurance protection for all risk coverage on the Improvements which are part of the Leased Premises, to the extent of one hundred percent (100%) of the actual replacement cost thereof. Such insurance shall be written by insurers acceptable to County. The insurance shall provide for ten (10) days’ notice of cancellation or material change, by U.S. mail, postage prepaid, to the County, Attention: Airport Director.
8.1.1 Lessee or unit owners will be required to secure any additional insurance that may be required by County for the conduct of commercial aeronautical activities (e.g., hangar-keepers insurance for commercial aircraft storage); reference PMCD Minimum Standards.
8.1.2 The above stated property insurance shall be for the benefit and to safeguard the interests of the County and Lessee.
8.1.3 Lessee shall settle all losses with the insurance carrier. Lessee shall consult with the County and use its best efforts to obtain a settlement that covers the cost of repairing or rebuilding the Improvements.
8.1.4 Lessee shall provide certificates of insurance, in a form acceptable to the County and marked "premium paid" evidencing the existence of all insurance required to be maintained prior to occupancy of the Improvements. Upon the failure of Lessee to maintain such insurance as above provided, the County, at their option, may take out such insurance and charge the cost to Lessee, which shall be payable on demand, or may give notice of default hereunder pursuant to Article 18.
8.2 In the event the Improvements and any subsequent improvements, insurable or uninsurable, on the Leased Premises are damaged or destroyed to the extent that they are unusable by Lessee for the purposes for which they were used prior to such damage, or same are destroyed, Lessee shall promptly repair and reconstruct the Improvements substantially as they were immediately prior to such casualty or in a new or modified design, subject to the provisions of Article 5 and applicable building codes and Airport Development Standards, if any, existing at the time of repairing or rebuilding. If the aforesaid damage or destruction occurs in the last five years of the Initial term or any option term of this Agreement, Lessee may elect not to repair and reconstruct the Improvements, subject to the following terms and conditions:
8.2.1 Lessee shall give the County written notice of its election not to re...
INSURANCE, DAMAGE OR DESTRUCTION
