Insurance Required of Tenant. Tenant will obtain and maintain in full force during the Term the following insurance coverage with respect to the Demised Premises: (a) Comprehensive public liability insurance, with a contractual liability endorsement, covering bodily injury, death, property and other damage in the amount of at least One Million and No/100 Dollars ($1,000,000.00) per occurrence, with an aggregate limit of at least One Million and No/100 Dollars ($1,000,000.00). (b) Insurance against all casualties included under standard insurance industry practices within the classification "Fire and Lightning, Extended Coverage, Vandalism and Malicious Mischief," flood insurance (if required by Landlord, any mortgagee or governmental authority) and war risk insurance (if obtainable), each in an amount adequate to cover the full replacement value of all personal property, decorations, trade fixtures, furnishings, equipment, alterations, leasehold improvements and betterments, and all other items located or placed in the Demised Premises by Tenant. (c) Boiler or machinery insurance covering all pressure vessels, boilers, air conditioning equipment, or similar equipment, if any, in, on, adjoining, above, or beneath the Demised Premises, in the amount of at least Fifty Dollars ($50.00) per square foot of Floor Area in the Demised Premises. (d) Business interruption insurance covering loss of Minimum Rent and all other sums due hereunder resulting from losses covered by the policies referred to in subparagraphs (b) and (c) above. (e) Plate glass insurance covering the plate glass in the Demised Premises. (f) Workmen's compensation insurance covering all persons employed, directly or indirectly, in connection with any finish work performed by Tenant or any repair or alteration authorized by this Lease or consented to by Landlord, and all employees and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, as required by laws of the State where the Demised Premises are located or of the United States; provided, however, Landlord may, in its sole discretion, waive this requirement in the case of non-major finish work and/or non-major repairs or alterations (e.g., minor finish work not requiring a permit from any government authority). All the insurance required by this Section 5.1, except the workmen's compensation insurance required by subparagraph (f), will be written in the name of and will insure Landlord, Greybridge Partners, LLC, any other designee(s) of Landlord, Ground Lessor, if any, and Tenant, and will be written by one or more responsible insurance companies satisfactory to Landlord and in form satisfactory to Landlord; all such insurance may be carried under a blanket policy covering the Demised Premises and any other of Tenant's stores (provided such blanket policies meet the requirements of this Section 5.1); all such insurance policies will contain endorsements that: (i) the policy may not be cancelled or amended with respect to Landlord or its designees except upon thirty (30) days prior written notice to Landlord and any such designees by the insurance company; (ii) Tenant will be solely responsible for payment of premiums and that Landlord or its designees will not be required to pay any premium for such insurance; and (iii) in the event of payment of any loss covered by such policy, Landlord or its designees will be paid first by the insurance company for Landlord's loss. All policies of insurance provided for herein shall be issued by insurance companies that have a general policyholder's rating of not less than "A" and a financial rating equivalent to a policyholder's surplus of at least One Hundred Million Dollars ($100,000,000.00), as rated in the most current available "Best's" Insurance Reports, and that have been admitted or qualified to do business in the state in which the Demised Premises are located by the insurance commission or other highest board, body or official responsible for overseeing the insurance business in such state. Tenant's general liability policy as required in Section 5. l (a) shall contain cross liability endorsements. All public liability, property damage or other casualty insurance policies shall be written as primary policies, not contributory with or secondary to coverage that Landlord may carry. The minimum limits of the comprehensive public liability policy hereinafter set forth will not limit or diminish Tenant's liability under this Lease. Tenant will deliver to Landlord at least fifteen (15) days prior to the Rent Commencement Date and thereafter at least fifteen (15) days prior to the expiration of any such policy, either a duplicate original or a certificate of insurance on all policies procured by Txxxxx in compliance with its obligations hereunder, together with evidence satisfactory to Landlord of the payment of the premiums therefor. All certificates of insurance delivered to Landlord shall contain an agreement by the company issuing said policy to give Landlord thirty (30) days' advance written notice of any cancellation, lapse, reduction or other adverse change respecting such insurance. If Tenant fails to obtain and provide any or all of the insurance required by this Section 5.1, then Landlord may, but will not be required to, purchase such insurance on behalf of Tenant and add the cost of such insurance as Additional Rent payable on demand. All liability insurance policies required to be obtained and maintained by Tenant under this Lease will contain endorsements deleting from such policies the "Care, Custody and Control," the "Alterations and Extraordinary Repairs" and the "Contract Liability" exclusions and all other exclusions of sim ilar import or effect, or, in the alternative, Tenant will obtain "Fire Legal Liability" coverage in addition to the liability coverage required by Section 5.1(a). The minimum limits of the comprehensive public liability policy of insurance required by this Section 5.1 will be subject to increase at any time, and from time to time, after the commencement of the third (3rd) Lease Year if Landlord deems it necessary for adequate protection. Within thirty (30) days after written demand there for by Landlord, Tenant will furnish Landlord with a policy meeting the new requirements. Txxxxx agrees, at its own expense, to comply with all rules and regulations of the Fire Insurance Rating Organization having jurisdiction of the Demised Premises and to comply with all requirements imposed by Landlord's insurance carrier, if any. If natural gas is used in the Demised Premises, Tenant will install at its expense both manual and automatic gas cutoff devices. Tenant shall not do or cause to be done or permit on the Demised Premises or in the Building anything deemed extra hazardous on account of fire and Tenant shall not use the Demised Premises or the Building in any manner which will cause an increase in the premium rate for any insurance in effect on the Building or a part thereof. If, because of anything done, caused to be done, permitted or omitted by Tenant or its agent(s), contractor(s), employee(s), invitee(s), licensee(s), servant(s), subcontractor(s) or subtenant(s) the premium rate for any kind of insurance in effect on the Building or any part thereof shall be raised, Tenant shall pay Landlord on demand the amount of any such increase in premium which Landlord shall pay for such insurance and if Landlord shall reasonably demand that Tenant remedy the condition which caused any such increase in an insurance premium rate, Tenant shall remedy such condition within five (5) days after receipt of such demand.
Appears in 1 contract
Samples: Lease (Ra Medical Systems, Inc.)
Insurance Required of Tenant. (a) Tenant will shall obtain and maintain in full force during provide, on or before the earlier of the commencement of the Term or Tenant's entering the Leased Premises for any purpose, and keep in force at all times thereafter the following insurance coverage coverages with respect to the Demised Leased Premises:
(ai) Comprehensive public liability insuranceGeneral Liability Insurance, with a contractual liability endorsement, covering bodily injury, death, property relating to the Leased Premises and other damage in the amount its appurtenances on an occurrence basis with a minimum single limit of at least One Million and No/100 Dollars ($1,000,000.00) per occurrence, with an aggregate limit of at least One Million and No/100 Dollars ($1,000,000.00$ 1,000,000).
(bii) Insurance against all casualties included under standard insurance industry practices within the classification "Fire and Lightninglightning, Extended Coverage, Vandalism and Malicious Mischief," flood insurance , Flood (if "required by Landlord, any mortgagee mortgage or governmental authority) and war risk insurance War Risk (if obtainable), each ) Insurance in an amount adequate to cover the full replacement value cost of all personal property, decorations, trade fixtures, furnishings, equipment, alterations, leasehold improvements and betterments, and all other items located or placed in the Demised Premises by Tenantcontents therein.
(ciii) Boiler or machinery insurance Machinery Insurance covering all pressure vessels, boilers, air conditioning equipment, equipment or similar equipment, if any, in, on, adjoining, above, . above or beneath the Demised Leased Premises, in the an amount of at least Fifty One Million Dollars ($50.00) per square foot of Floor Area in the Demised Premises1,000,000).
(d) Business interruption insurance covering loss of Minimum Rent and all other sums due hereunder resulting from losses covered by the policies referred to in subparagraphs (b) and (c) above.
(eiv) Plate glass insurance covering the plate glass in the Demised Premises.
Glass Insurance (fv) Workmen's compensation insurance Compensation Insurance covering all persons employed, directly or indirectly, in connection with any finish work performed by Tenant or any repair or alteration authorized authorization by this Lease or consented to by Landlord, and all employees and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, as required by the laws of the State where the Demised Leased Premises are located or of the United States; provided, however, Landlord may, located.
(vi) Rent Insurance covering those risks referred to in its sole discretion, waive this requirement in the case of non-major finish work and/or non-major repairs or alterations (e.g., minor finish work not requiring a permit from any government authority). All the insurance required by this Section 5.1, except the workmen's compensation insurance required by subparagraph (f), will be written in the name of and will insure Landlord, Greybridge Partners, LLC, any other designee(s) of Landlord, Ground Lessor, if any, and Tenant, and will be written by one or more responsible insurance companies satisfactory to Landlord and in form satisfactory to Landlord; all such insurance may be carried under a blanket policy covering the Demised Premises and any other of Tenant's stores (provided such blanket policies meet the requirements of this Section 5.1); all such insurance policies will contain endorsements that: (i) the policy may not be cancelled or amended with respect to Landlord or its designees except upon thirty (30) days prior written notice to Landlord and any such designees by the insurance company; (ii) Tenant will be solely responsible for payment of premiums in an amount equal to all Minimum Annual Rent and that Landlord or its designees will not be required to pay any premium for such insurance; and (iii) in the event of payment of any loss covered by such policy, Landlord or its designees will be paid first by the insurance company for Landlord's loss. All policies of insurance provided for herein shall be issued by insurance companies that have a general policyholder's rating of not less than "A" and a financial rating equivalent to a policyholder's surplus of at least One Hundred Million Dollars ($100,000,000.00), as rated in the most current available "Best's" Insurance Reports, and that have been admitted or qualified to do business in the state in which the Demised Premises are located by the insurance commission or other highest board, body or official responsible for overseeing the insurance business in such state. Tenant's general liability policy as required in Section 5. l (a) shall contain cross liability endorsements. All public liability, property damage or other casualty insurance policies shall be written as primary policies, not contributory with or secondary to coverage that Landlord may carry. The minimum limits of the comprehensive public liability policy hereinafter set forth will not limit or diminish Tenant's liability under this Lease. Tenant will deliver to Landlord at least fifteen (15) days prior to the Rent Commencement Date and thereafter at least fifteen (15) days prior to the expiration of any such policy, either a duplicate original or a certificate of insurance on all policies procured by Txxxxx in compliance with its obligations hereunder, together with evidence satisfactory to Landlord of the payment of the premiums therefor. All certificates of insurance delivered to Landlord shall contain an agreement by the company issuing said policy to give Landlord thirty (30) days' advance written notice of any cancellation, lapse, reduction or other adverse change respecting such insurance. If Tenant fails to obtain and provide any or all of the insurance required by this Section 5.1, then Landlord may, but will not be required to, purchase such insurance on behalf of Tenant and add the cost of such insurance as Additional Rent sums payable on demand. All liability insurance policies required to be obtained and maintained by Tenant under this Lease will contain endorsements deleting from such policies for a period of twenty-four (24) months commencing with the "Care, Custody and Control," the "Alterations and Extraordinary Repairs" and the "Contract Liability" exclusions and all other exclusions date of sim ilar import or effect, or, in the alternative, Tenant will obtain "Fire Legal Liability" coverage in addition to the liability coverage required by Section 5.1(a). The minimum limits of the comprehensive public liability policy of insurance required by this Section 5.1 will be subject to increase at any time, and from time to time, after the commencement of the third (3rd) Lease Year if Landlord deems it necessary for adequate protection. Within thirty (30) days after written demand there for by Landlord, Tenant will furnish Landlord with a policy meeting the new requirements. Txxxxx agrees, at its own expense, to comply with all rules and regulations of the Fire Insurance Rating Organization having jurisdiction of the Demised Premises and to comply with all requirements imposed by Landlord's insurance carrier, if any. If natural gas is used in the Demised Premises, Tenant will install at its expense both manual and automatic gas cutoff devices. Tenant shall not do or cause to be done or permit on the Demised Premises or in the Building anything deemed extra hazardous on account of fire and Tenant shall not use the Demised Premises or the Building in any manner which will cause an increase in the premium rate for any insurance in effect on the Building or a part thereof. If, because of anything done, caused to be done, permitted or omitted by Tenant or its agent(s), contractor(s), employee(s), invitee(s), licensee(s), servant(s), subcontractor(s) or subtenant(s) the premium rate for any kind of insurance in effect on the Building or any part thereof shall be raised, Tenant shall pay Landlord on demand the amount of any such increase in premium which Landlord shall pay for such insurance and if Landlord shall reasonably demand that Tenant remedy the condition which caused any such increase in an insurance premium rate, Tenant shall remedy such condition within five (5) days after receipt of such demandloss.
Appears in 1 contract
Insurance Required of Tenant. Tenant will obtain and maintain in full force during the Term the following insurance coverage with (a) With respect to the Demised PremisesTenant's performance under this Lease, and in addition to Tenant's obligation to indemnify, Tenant shall at its sole cost and expense:
(ai) Comprehensive public liability maintain the insurance coverages and limits required by this Section and any additional insurance and/or bonds required by law on or before the Effective Date or Tenant's entering the Premises for any purpose, and at all times during the Term;
(ii) procure the required insurance from an insurance company eligible to do business in the State of South Carolina and having and maintaining a Financial Strength Rating of "A-" or better and a Financial Size Category of "VII" or better, as rated in the A.M. Best Key Rating Guide for Property and Casualty Insurance Companies, except that, in the case of Workers' Compensation insurance, with a contractual liability endorsementTenant may procure insurance from the state fund of the State of South Carolina; and
(iii) deliver to Landlord, covering bodily injury, death, property certificates of insurance stating the types of insurance and other damage in policy limits. Tenant shall provide or will endeavor to have the amount of issuing insurance company provide at least One Million and No/100 Dollars thirty ($1,000,000.0030) per occurrencedays advance written notice of cancellation, with an aggregate limit non-renewal, or reduction in coverage, terms, or limits to Landlord. Tenant shall deliver such certificates:
1) On or before the Effective Date or Tenant's entering the Premises for any purpose; and
2) prior to expiration of at least One Million and No/100 Dollars ($1,000,000.00)any insurance policy required in this Section.
(b) Insurance against all casualties included The parties agree:
(i) the failure of Landlord to demand such certificate of insurance or failure of Landlord to identify a deficiency will not be construed as a waiver of Tenant's obligation to maintain the insurance required under standard this Lease;
(ii) that the insurance industry practices within required under this Lease does not represent that coverage and limits will necessarily be adequate to protect Tenant, nor be deemed as a limitation on Tenant's liability to Landlord in this Lease;
(iii) Tenant may meet the classification "Fire required insurance coverages and Lightning, Extended Coverage, Vandalism limits with any combination of primary and Malicious Mischief," flood Umbrella/Excess liability insurance; and
(iv) Tenant may not maintain a deductible that exceeds $5,000.00 on any liability and not more than $25,000.00 on any property policy without Landlord's prior written approval.
(c) The insurance (if required by this Section includes the following coverages:
(i) Workers' Compensation insurance with benefits afforded under the laws of the State of South Carolina and Employers Liability insurance with limits of at least: $500,000.00 for Bodily Injury – each accident $500,000.00 for Bodily Injury by disease – policy limits $500,000.00 for Bodily Injury by disease – each employee
(ii) Commercial General Liability insurance written on Insurance Services Office (ISO) Form CG 00 01 12/07 or a substitute form providing equivalent coverage, covering liability arising from the Premises, operations, independent contractors, personal injury, products/completed operations, and liability assumed under an insured contract (including the tort liability of another assumed in a business contract) with limits of at least: $3,000,000.00 General Aggregate limit (per location basis) $1,000,000.00 each occurrence limit for all bodily injury or property damage incurred in any one (1) occurrence $3,000,000.00 each occurrence limit for Personal Injury and Advertising Injury $5,000,000.00 Products/Completed Operations Aggregate limit $100,000.00 Damage to Rented Premises
(iii) The Commercial General Liability insurance policy must:
1) include Landlord and Landlord's lenders, if any, as Additional Insureds using the ISO Additional Insured-Managers or Lessors of Premises endorsement form CG 20 11 04/13, or an acceptable substitute providing equivalent coverage. Tenant shall provide a copy of the Additional Insured endorsement to Landlord. The Additional Insured endorsement may either be specific to Landlord or may be "blanket" or "automatic" addressing any mortgagee person or governmental authorityentity as required by contract. A copy of the Additional Insured endorsement must be provided within sixty (60) days of execution of this Lease and war risk within sixty (60) days of each Commercial General Liability policy renewal;
2) include a waiver of subrogation in favor of Landlord;
3) be primary and non-contributory with respect to any insurance or self-insurance that is maintained by Landlord; and
4) the policy aggregate must be provided on a per location basis.
(if obtainable), each in an amount adequate iv) Property insurance with limits equal to cover the full 90% replacement value cost of all Tenant's personal property, decorations, trade fixtures, furnishings, equipment, alterationsalterations and repairs, leasehold improvements and betterments, and all other items contents located or placed therein and shall include business interruption. The property insurance policy will include a waiver of subrogation in the Demised Premises by Tenant.
(c) Boiler or machinery insurance covering all pressure vessels, boilers, air conditioning equipment, or similar equipment, if any, in, on, adjoining, above, or beneath the Demised Premises, in the amount favor of at least Fifty Dollars ($50.00) per square foot of Floor Area in the Demised PremisesLandlord.
(d) Business interruption insurance covering loss of Minimum Rent and all other sums due hereunder resulting from losses covered by the policies referred to in subparagraphs (b) and (c) above.
(e) Plate glass insurance covering the plate glass in the Demised Premises.
(f) Workmen's compensation insurance covering all persons employed, directly or indirectly, in connection with any finish work performed by Tenant or any repair or alteration authorized by this Lease or consented to by Landlord, and all employees and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, as required by laws of the State where the Demised Premises are located or of the United States; provided, however, Landlord may, in its sole discretion, waive this requirement in the case of non-major finish work and/or non-major repairs or alterations (e.g., minor finish work not requiring a permit from any government authority). All the insurance required by this Section 5.1, except the workmen's compensation insurance required by subparagraph (f), will be written in the name of and will insure Landlord, Greybridge Partners, LLC, any other designee(s) of Landlord, Ground Lessor, if any, and Tenant, and will be written by one or more responsible insurance companies satisfactory to Landlord and in form satisfactory to Landlord; all such insurance may be carried under a blanket policy covering the Demised Premises and any other of Tenant's stores (provided such blanket policies meet the requirements of this Section 5.1); all such insurance policies will contain endorsements that: (i) the policy may not be cancelled or amended with respect to Landlord or its designees except upon thirty (30) days prior written notice to Landlord and any such designees by the insurance company; (ii) Tenant will be solely responsible for payment of premiums and that Landlord or its designees will not be required to pay any premium for such insurance; and (iii) in the event of payment of any loss covered by such policy, Landlord or its designees will be paid first by the insurance company for Landlord's loss. All policies of insurance provided for herein shall be issued by insurance companies that have a general policyholder's rating of not less than "A" and a financial rating equivalent to a policyholder's surplus of at least One Hundred Million Dollars ($100,000,000.00), as rated in the most current available "Best's" Insurance Reports, and that have been admitted or qualified to do business in the state in which the Demised Premises are located by the insurance commission or other highest board, body or official responsible for overseeing the insurance business in such state. Tenant's general liability policy as required in Section 5. l (a) shall contain cross liability endorsements. All public liability, property damage or other casualty insurance policies shall be written as primary policies, not contributory with or secondary to coverage that Landlord may carry. The minimum limits of the comprehensive public liability policy hereinafter set forth will not limit or diminish Tenant's liability under this Lease. Tenant will deliver to Landlord at least fifteen (15) days prior to the Rent Commencement Date and thereafter at least fifteen (15) days prior to the expiration of any such policy, either a duplicate original or a certificate of insurance on all policies procured by Txxxxx in compliance with its obligations hereunder, together with evidence satisfactory to Landlord of the payment of the premiums therefor. All certificates of insurance delivered to Landlord shall contain an agreement by the company issuing said policy to give Landlord thirty (30) days' advance written notice of any cancellation, lapse, reduction or other adverse change respecting such insurance. If Tenant fails to obtain and provide any or all of the insurance required by this Section 5.1aforesaid insurance, then Landlord may, but will shall not be required to, purchase such insurance on behalf of Tenant and add recover the cost of such insurance as Additional Rent payable on demand. All liability insurance policies required to be obtained and maintained by Tenant due under this Lease will contain endorsements deleting from such policies the "Care, Custody and Control," the "Alterations and Extraordinary Repairs" and the "Contract Liability" exclusions and all other exclusions of sim ilar import or effect, or, in the alternative, Lease. Tenant will obtain "Fire Legal Liability" coverage in addition to the liability coverage required by Section 5.1(a). The minimum limits of the comprehensive public liability policy of insurance required by this Section 5.1 will be subject to increase at any time, and from time to time, after the commencement of the third (3rd) Lease Year if Landlord deems it necessary for adequate protection. Within thirty (30) days after written demand there for by Landlord, Tenant will furnish Landlord with a policy meeting the new requirements. Txxxxx agrees, at as its own expense, to comply with all rules and regulations of the Fire Insurance Rating Organization fire insurance rating organization having jurisdiction of the Demised Premises and to comply with all requirements imposed by Landlord's insurance carrier, if any. If natural gas is used in the Demised Premises, Tenant will install at its expense both manual and automatic gas cutoff devices. Tenant shall not do or cause to be done or permit on the Demised Premises or in the Building anything deemed extra hazardous on account of fire and Tenant shall not use the Demised Premises or the Building in any manner which will cause an increase in the premium rate for any insurance in effect on the Building or a part thereof. If, because of anything done, caused to be done, permitted or omitted by Tenant or its agent(s), contractor(s), employee(s), invitee(s), licensee(s), servant(s), subcontractor(s) or subtenant(s) the premium rate for any kind of insurance in effect on the Building or any part thereof shall be raised, Tenant shall pay Landlord on demand the amount of any such increase in premium which Landlord shall pay for such insurance and if Landlord shall reasonably demand that Tenant remedy the condition which caused any such increase in an insurance premium rate, Tenant shall remedy such condition within five (5) days after receipt of such demandjurisdiction.
Appears in 1 contract
Samples: Lease (Arotech Corp)
Insurance Required of Tenant. (a) Tenant will shall obtain and maintain in full force during provide, on or before the earlier of the commencement of the Term or Tenant's entering the Leased Premises for any purpose, and keep in force at all times thereafter, the following insurance coverage coverages with respect to the Demised Leased Premises:
(ai) Comprehensive public liability insuranceGeneral Liability Insurance, with a contractual liability endorsement, covering relating to the Leased Premises and its appurtenances on an occurrence basis with a minimum single limit of Three Million ($3,000,000.00) Dollars for bodily injury, or personal injury (including death, property ) and other damage in the amount of at least One Million and No/100 Dollars Five Hundred Thousand ($1,000,000.00500,000.00) per occurrence, with an aggregate limit Dollars in respect of at least One Million and No/100 Dollars ($1,000,000.00)property damage.
(bii) Insurance against all casualties included under standard insurance industry practices within the classification "Fire and Lightning, Extended Coverage, Vandalism and Malicious Mischief," flood insurance Mischief and Flood (if required by Landlord, any mortgagee or governmental authority) authority and war risk insurance (if obtainable), each ) Insurance in an amount adequate to cover the full replacement value cost of all personal property, decorations, trade fixtures, furnishings, equipment, alterations, leasehold improvements and betterments, equipment and all other items located or placed in the Demised Premises by Tenantcontents therein.
(ciii) Boiler or machinery insurance Machinery Insurance covering all pressure vessels, boilers, air air--conditioning equipment, or similar equipment, if any, in, on, adjoining, above, above or beneath the Demised Leased Premises, in the amount of at least Fifty Dollars One Million ($50.001,000,000.00) per square foot of Floor Area in the Demised PremisesDollars.
(div) Business interruption insurance covering loss of Minimum Rent and all other sums due hereunder resulting from losses covered by the policies referred to in subparagraphs (b) and (c) above.
(e) Plate glass insurance covering the plate glass in the Demised Premises.
(f) WorkmenWorker's compensation insurance Compensation Insurance covering all persons employed, directly or indirectly, in connection with any finish work performed by Tenant or any repair or alteration authorized by this Lease lease or consented to by Landlord, and all employees and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, as required by laws the law of the State where of New York.
(v) Plate Glass Insurance.
(vi) Comprehensive Automobile Liability Insurance providing third party liability insurance with One Million ($1,000,000.00) Dollars inclusive limits, covering all licensed vehicles owned or operated by or on behalf of Tenant.
(b) Before undertaking any alterations, additions, improvements or construction, Tenant shall obtain at its expense a public liability insurance policy insuring Tenant and Landlord against any liability which may arise on account of such proposed alterations, additions, improvements or construction on an occurrence basis with the Demised Premises are located or minimum limits set forth in this Section.
(c) All of the United States; provided, however, Landlord may, in its sole discretion, waive this requirement in the case of non-major finish work and/or non-major repairs or alterations (e.g., minor finish work not requiring a permit from any government authority). All the aforesaid insurance required by this Section 5.1, except the workmenWorker's compensation insurance Compensation Insurance required by subparagraph (f), will a) (iv) above shall be written in the name of Landlord (and will insure Landlord, Greybridge Partners, LLC, any other designee(s) of Landlord, Ground Lessor, if any, ) and Tenant, Tenant and will shill be written by one or more responsible insurance companies satisfactory with a general policy-holder's rating of not less than A and a financial rating of AA as rated in the most current available "Best's" insurance reports, licensed to Landlord do business in New York and authorized to issue such policy(ies) in form reasonably satisfactory to Landlord; all such insurance may be carried under a blanket policy covering the Demised Premises and any other of Tenant's stores (provided such blanket policies meet the requirements of this Section 5.1); all such insurance policies will shall contain endorsements that: (i) the policy such insurance may not be cancelled or amended with respect to Landlord (or its designees designees) except upon thirty (30) days days' prior written notice to Landlord (and any such designees designees) by the insurance company; (ii) Tenant will shall be solely responsible for payment of premiums and that Landlord (or its designees will designees) shall not be required to pay any premium for such insurance; and (iii) in the event of payment of any loss covered by such policy, Landlord (or its designees will designees) shall be paid first by the insurance company for Landlord's loss. All policies of insurance provided for herein shall be issued by insurance companies that have a general policyholder's rating of not less than "A" and a financial rating equivalent to a policyholder's surplus of at least One Hundred Million Dollars ($100,000,000.00), as rated in the most current available "Best's" Insurance Reports, and that have been admitted or qualified to do business in the state in which the Demised Premises are located by the insurance commission or other highest board, body or official responsible for overseeing the insurance business in such state. Tenant's general liability policy as required in Section 5. l (a) shall contain cross liability endorsements. All public liability, property damage or other casualty insurance policies shall be written as primary policies, not contributory with or secondary to coverage that Landlord may carry. The minimum limits of the comprehensive public general liability policy hereinafter set forth will not of insurance shall in no way limit or diminish Tenant's liability under this Leasehereunder. Tenant will shall deliver to Landlord at least fifteen (15) days prior to the Rent Commencement Date time such insurance is first required to be carried by Tenant, and thereafter at least fifteen (15) days prior to the expiration of any such policy, either a duplicate original or a certificate of insurance on all policies procured by Txxxxx Tenant in compliance with its obligations hereunder, together with evidence satisfactory to Landlord of the payment of the premiums therefor. All certificates of insurance delivered to Landlord shall contain an agreement by the company issuing said policy to give Landlord thirty (30) days' advance written notice of any cancellation, lapse, reduction or other adverse change respecting such insurance. If Tenant fails to obtain and provide any or all of the insurance required by this Section 5.1aforesaid insurance, then Landlord may, but will shall not be required to, purchase such insurance on behalf of Tenant and add the cost of such insurance as Additional Rent additional rent payable on demandwith the next installment of Minimum Rent. All liability Tenant's failure to keep in force the aforementioned insurance policies required shall be regarded as a material default hereunder entitling Landlord to be obtained and maintained by Tenant under exercise any or all of the remedies provided in this Lease will contain endorsements deleting from such policies the "Care, Custody and Control," the "Alterations and Extraordinary Repairs" and the "Contract Liability" exclusions and all other exclusions of sim ilar import or effect, or, lease in the alternative, Tenant will obtain "Fire Legal Liability" coverage in addition to the liability coverage required by Section 5.1(a). event of Tenant's default.
(d) The minimum limits of the comprehensive public general liability policy of insurance required by this Section 5.1 will shall be subject to increase at any time, and from time to time, after the commencement of the third (3rd) Lease Year if Landlord deems it shall deem same reasonably necessary for adequate protectionprotection to reflect changed circumstances, reflecting without limitation (i) changes required by any mortgagee of the Property, (ii) changes indicated by the amount of plaintiffs' verdicts in personal injury actions in New York, or (iii) changes consistent with the standards required by other landlords for supermarkets in New York. Within thirty (30) days after written demand there for therefor by Landlord, Tenant will shall furnish Landlord with a policy meeting the new requirements. Txxxxx agrees, at its own expense, to comply evidence of Tenant's compliance with all rules and regulations of the Fire Insurance Rating Organization having jurisdiction of the Demised Premises and to comply with all requirements imposed by Landlord's insurance carrier, if any. If natural gas is used in the Demised Premises, Tenant will install at its expense both manual and automatic gas cutoff devices. Tenant shall not do or cause to be done or permit on the Demised Premises or in the Building anything deemed extra hazardous on account of fire and Tenant shall not use the Demised Premises or the Building in any manner which will cause an increase in the premium rate for any insurance in effect on the Building or a part thereof. If, because of anything done, caused to be done, permitted or omitted by Tenant or its agent(s), contractor(s), employee(s), invitee(s), licensee(s), servant(s), subcontractor(s) or subtenant(s) the premium rate for any kind of insurance in effect on the Building or any part thereof shall be raised, Tenant shall pay Landlord on demand the amount of any such increase in premium which Landlord shall pay for such insurance and if Landlord shall reasonably demand that Tenant remedy the condition which caused any such increase in an insurance premium rate, Tenant shall remedy such condition within five (5) days after receipt of such demand.
Appears in 1 contract
Insurance Required of Tenant. Tenant will obtain and maintain in full force during the Term the following insurance coverage with (a) With respect to the Demised PremisesTenant's performance under this Lease, and in addition to Tenant's obligation to indemnify, Tenant shall at its sole cost and expense:
(ai) Comprehensive public liability maintain the insurance coverages and limits required by this Section and any additional insurance and/or bonds required by law on or before the Effective Date or Tenant's entering the Premises for any purpose, and at all times during the Term;
(ii) procure the required insurance from an insurance company eligible to do business in the State of South Carolina and having and maintaining a 3 [initials of signatories] [initials of signatories] Financial Strength Rating of “A-” or better and a Financial Size Category of “VII” or better, as rated in the A.M. Best Key Rating Guide for Property and Casualty Insurance Companies, except that, in the case of Workers' Compensation insurance, with a contractual liability endorsementTenant may procure insurance from the state fund of the State of South Carolina; and
(iii) deliver to Landlord, covering bodily injury, death, property certificates of insurance stating the types of insurance and other damage in policy limits. Tenant shall provide or will endeavor to have the amount of issuing insurance company provide at least One Million and No/100 Dollars thirty ($1,000,000.0030) per occurrencedays advance written notice of cancellation, with an aggregate limit non-renewal, or reduction in coverage, terms, or limits to Landlord. Tenant shall deliver such certificates:
1) On or before the Effective Date or Tenant's entering the Premises for any purpose; and
2) prior to expiration of at least One Million and No/100 Dollars ($1,000,000.00)any insurance policy required in this Section.
(b) Insurance against all casualties included The parties agree:
(i) the failure of Landlord to demand such certificate of insurance or failure of Landlord to identify a deficiency will not be construed as a waiver of Tenant's obligation to maintain the insurance required under standard this Lease;
(ii) that the insurance industry practices within required under this Lease does not represent that coverage and limits will necessarily be adequate to protect Tenant, nor be deemed as a limitation on Tenant's liability to Landlord in this Lease;
(iii) Tenant may meet the classification "Fire required insurance coverages and Lightning, Extended Coverage, Vandalism limits with any combination of primary and Malicious Mischief," flood Umbrella/Excess liability insurance; and
(iv) Tenant may not maintain a deductible that exceeds $5,000.00 on any liability and not more than $25,000.00 on any property policy without Landlord's prior written approval.
(c) The insurance (if required by this Section includes the following coverages:
(i) Workers' Compensation insurance with benefits afforded under the laws of the State of South Carolina and Employers Liability insurance with limits of at least: $500,000.00 for Bodily Injury – each accident $500,000.00 for Bodily Injury by disease – policy limits $500,000.00 for Bodily Injury by disease – each employee
(ii) Commercial General Liability insurance written on Insurance Services Office (ISO) Form CG 00 01 12/07 or a substitute form providing equivalent coverage, covering liability arising from the Premises, operations, independent contractors, personal injury, products/completed operations, and liability assumed under an insured contract (including the tort liability of another assumed in a business contract) with limits of at least: $3,000,000.00 General Aggregate limit (per location basis) 4 [initials of signatories] [initials of signatories] $1,000,000.00 each occurrence limit for all bodily injury or property damage incurred in any one (1) occurrence $3,000,000.00 each occurrence limit for Personal Injury and Advertising Injury $5,000,000.00 Products/Completed Operations Aggregate limit $100,000.00 Damage to Rented Premises
(iii) The Commercial General Liability insurance policy must:
1) include Landlord and Landlord's lenders, if any, as Additional Insureds using the ISO Additional Insured-Managers or Lessors of Premises endorsement form CG 20 11 04/13, or an acceptable substitute providing equivalent coverage. Tenant shall provide a copy of the Additional Insured endorsement to Landlord. The Additional Insured endorsement may either be specific to Landlord or may be “blanket” or “automatic” addressing any mortgagee person or governmental authorityentity as required by contract. A copy of the Additional Insured endorsement must be provided within sixty (60) days of execution of this Lease and war risk within sixty (60) days of each Commercial General Liability policy renewal;
2) include a waiver of subrogation in favor of Landlord;
3) be primary and non-contributory with respect to any insurance or self-insurance that is maintained by Landlord; and
4) the policy aggregate must be provided on a per location basis.
(if obtainable), each in an amount adequate iv) Property insurance with limits equal to cover the full 90% replacement value cost of all Tenant's personal property, decorations, trade fixtures, furnishings, equipment, alterationsalterations and repairs, leasehold improvements and betterments, and all other items contents located or placed therein and shall include business interruption. The property insurance policy will include a waiver of subrogation in the Demised Premises by Tenant.
(c) Boiler or machinery insurance covering all pressure vessels, boilers, air conditioning equipment, or similar equipment, if any, in, on, adjoining, above, or beneath the Demised Premises, in the amount favor of at least Fifty Dollars ($50.00) per square foot of Floor Area in the Demised PremisesLandlord.
(d) Business interruption insurance covering loss of Minimum Rent and all other sums due hereunder resulting from losses covered by the policies referred to in subparagraphs (b) and (c) above.
(e) Plate glass insurance covering the plate glass in the Demised Premises.
(f) Workmen's compensation insurance covering all persons employed, directly or indirectly, in connection with any finish work performed by Tenant or any repair or alteration authorized by this Lease or consented to by Landlord, and all employees and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, as required by laws of the State where the Demised Premises are located or of the United States; provided, however, Landlord may, in its sole discretion, waive this requirement in the case of non-major finish work and/or non-major repairs or alterations (e.g., minor finish work not requiring a permit from any government authority). All the insurance required by this Section 5.1, except the workmen's compensation insurance required by subparagraph (f), will be written in the name of and will insure Landlord, Greybridge Partners, LLC, any other designee(s) of Landlord, Ground Lessor, if any, and Tenant, and will be written by one or more responsible insurance companies satisfactory to Landlord and in form satisfactory to Landlord; all such insurance may be carried under a blanket policy covering the Demised Premises and any other of Tenant's stores (provided such blanket policies meet the requirements of this Section 5.1); all such insurance policies will contain endorsements that: (i) the policy may not be cancelled or amended with respect to Landlord or its designees except upon thirty (30) days prior written notice to Landlord and any such designees by the insurance company; (ii) Tenant will be solely responsible for payment of premiums and that Landlord or its designees will not be required to pay any premium for such insurance; and (iii) in the event of payment of any loss covered by such policy, Landlord or its designees will be paid first by the insurance company for Landlord's loss. All policies of insurance provided for herein shall be issued by insurance companies that have a general policyholder's rating of not less than "A" and a financial rating equivalent to a policyholder's surplus of at least One Hundred Million Dollars ($100,000,000.00), as rated in the most current available "Best's" Insurance Reports, and that have been admitted or qualified to do business in the state in which the Demised Premises are located by the insurance commission or other highest board, body or official responsible for overseeing the insurance business in such state. Tenant's general liability policy as required in Section 5. l (a) shall contain cross liability endorsements. All public liability, property damage or other casualty insurance policies shall be written as primary policies, not contributory with or secondary to coverage that Landlord may carry. The minimum limits of the comprehensive public liability policy hereinafter set forth will not limit or diminish Tenant's liability under this Lease. Tenant will deliver to Landlord at least fifteen (15) days prior to the Rent Commencement Date and thereafter at least fifteen (15) days prior to the expiration of any such policy, either a duplicate original or a certificate of insurance on all policies procured by Txxxxx in compliance with its obligations hereunder, together with evidence satisfactory to Landlord of the payment of the premiums therefor. All certificates of insurance delivered to Landlord shall contain an agreement by the company issuing said policy to give Landlord thirty (30) days' advance written notice of any cancellation, lapse, reduction or other adverse change respecting such insurance. If Tenant fails to obtain and provide any or all of the insurance required by this Section 5.1aforesaid insurance, then Landlord may, but will shall not be required to, purchase such insurance on behalf of Tenant and add recover the cost of such insurance as Additional Rent payable on demand. All liability insurance policies required to be obtained and maintained by Tenant due under this Lease will contain endorsements deleting from such policies the "Care, Custody and Control," the "Alterations and Extraordinary Repairs" and the "Contract Liability" exclusions and all other exclusions of sim ilar import or effect, or, in the alternative, Lease. Tenant will obtain "Fire Legal Liability" coverage in addition to the liability coverage required by Section 5.1(a). The minimum limits of the comprehensive public liability policy of insurance required by this Section 5.1 will be subject to increase at any time, and from time to time, after the commencement of the third (3rd) Lease Year if Landlord deems it necessary for adequate protection. Within thirty (30) days after written demand there for by Landlord, Tenant will furnish Landlord with a policy meeting the new requirements. Txxxxx agrees, at as its own expense, to comply with all rules and regulations of the Fire Insurance Rating Organization fire insurance rating organization having jurisdiction of the Demised Premises and to comply with all requirements imposed by Landlord's insurance carrier, if any. If natural gas is used in the Demised Premises, Tenant will install at its expense both manual and automatic gas cutoff devices. Tenant shall not do or cause to be done or permit on the Demised Premises or in the Building anything deemed extra hazardous on account of fire and Tenant shall not use the Demised Premises or the Building in any manner which will cause an increase in the premium rate for any insurance in effect on the Building or a part thereof. If, because of anything done, caused to be done, permitted or omitted by Tenant or its agent(s), contractor(s), employee(s), invitee(s), licensee(s), servant(s), subcontractor(s) or subtenant(s) the premium rate for any kind of insurance in effect on the Building or any part thereof shall be raised, Tenant shall pay Landlord on demand the amount of any such increase in premium which Landlord shall pay for such insurance and if Landlord shall reasonably demand that Tenant remedy the condition which caused any such increase in an insurance premium rate, Tenant shall remedy such condition within five (5) days after receipt of such demandjurisdiction.
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Samples: Lease (Arotech Corp)
