Common use of Insurance; Waiver of Subrogation Clause in Contracts

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 4 contracts

Samples: Lease (CareDx, Inc.), Lease (CareDx, Inc.), Lease (CareDx, Inc.)

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Insurance; Waiver of Subrogation. 21.1. 22.1 Landlord shall maintain insurance for the Building and the Project Project, including the Tenant Improvements, in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that the deductibles for such insurance coverage shall be commercially reasonable; and provided further that the limits of such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischiefSpecial Form property insurance. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by LandlordTenant Improvements, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 22.1 shall constitute a portion of Operating Expenses. 21.2. 22.2 In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 22.2 shall constitute a portion of Operating Expenses. 21.3. 22.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,0000) general aggregate for death or bodily injury and property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. 22.4 The liability insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Landlord’s constituent partners and their respective officers, employees, agents, general partners, members and the Building Lenders (if disclosed by Landlord to Tenant in writing) (“Landlord Parties”) as additional insureds. Said All insurance carried by either Landlord or Tenant as required under this Lease shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 22.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 22.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 22.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage Special Form insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be damage or are required to carry by written notice to the other partythis Lease, containing a description of the circumstances hereinafter set forth in this Section 21.7whichever is greater. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.722.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 22.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with reasonable requirements of Landlord’s Lender or or, following the initial Term, to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 3 contracts

Samples: Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc)

Insurance; Waiver of Subrogation. 21.1. 24.1 Landlord shall maintain insurance for the Building and the Project (including, but not limited to, all equipment and improvements owned by Landlord and located in the Project) in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred Notwithstanding the foregoing, Landlord acknowledges and agrees that the emergency generators serving the tenants of the Building shall be covered by Landlord pursuant Landlord’s insurance throughout the Term (or self-insured by Landlord, in which case the obligation to this Section 21.1 replace such self-insured equipment shall constitute a portion be treated under Article 25 as if such equipment was insured for 100% of Operating Expensesits replacement value, without deductible). 21.2. 24.2 In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 24.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. 24.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 24.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 24.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 24.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.724.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 24.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.724.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 24.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 24.9 Any costs incurred by Landlord pursuant to this Article 24 shall constitute a portion of Operating Expenses.

Appears in 3 contracts

Samples: Lease (Tocagen Inc), Lease (Tocagen Inc), Lease (Tocagen Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant Tenan: shall, at its own cost and expense, procure and maintain in effect, beginning on during the Term Commencement Date or the date insurance described below for the benefit of occupancyTenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the premises are located. Commercial General Liability, whichever occurs first, Commercial Automobile Liability and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Umbrella Liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance as required to be purchased and maintained by Tenant pursuant to this Lease below shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Trust and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. Tenant shall maintain the following coverages with minimum and unimpaired limits as specified below: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $5,000,000 for bodily injury and property damage per occurrence, $5,000,000 general aggregate and $3,000,000 products and completed operations aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance shall be written on an “all risk” of physical loss or damage basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing expenses, including rents due Landlord under the Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and Employers’ Liability insurance with limits of not less than the following: each accident, Five Hundred Thousand Dollars ($500,000); disease (policy limit), Five Hundred Thousand Dollars ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats hazardous materials on or about the Leased Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $2,000,000 policy aggregate. (f) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed, adequate builder’s risk insurance, together with the insurance required in Exhibit X-x. 23.4. Said insurance shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under subrogation from insurers. As long as commercially available, such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to throughout the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Term. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. After the initial Term, Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses, subject to the provisions of Article 9.

Appears in 3 contracts

Samples: Sublease (Zentalis Pharmaceuticals, Inc.), Sublease (Zentalis Pharmaceuticals, LLC), Sublease (Zentalis Pharmaceuticals, LLC)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for death or bodily injury and Medical malpractice insurance at limits of not less than One Million Dollars ($1,000,000) for property damage with respect to 1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises. 21.4(f) [Intentionally omitted.] (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including any Alterations, insurance required in Exhibit B-3 must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Tenant and its insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant agrees to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of Landlord Parties for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 3 contracts

Samples: Lease (Zentalis Pharmaceuticals, Inc.), Lease (Zentalis Pharmaceuticals, LLC), Lease (Zentalis Pharmaceuticals, LLC)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant’s first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, commercial general liability insurance, on an occurrence basis, insuring Tenant and Tenant’s agents, employees and independent contractors against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $ 1,000,000.00 and a general aggregate limit of $2,000,000.00. Such insurance shall: (i) name Landlord, and Landlord’s lenders if required by such lenders, and any management company retained to manage the Premises if requested by Landlord, as additional insureds; (ii) include broad form contractual liability coverage insuring Tenant’s indemnity obligations under Section 20.1; (iii) include products liability coverage (with limits of $2,000,000.00 on a “claims made” basis), boiler and machinery liability coverage, and products completed operations coverage; (iv) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord’s lenders, which shall be excess insurance with respect only to losses arising out of Tenant’s negligence; and (v) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for the Building maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), “all risk” insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering the Project in amounts equal to full replacement cost (exclusive of the costs of excavationexcavations, foundations and footings), and without reference all other improvements and fixtures that may be constructed or installed on the Premises, in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof. If any boilers or other pressure vessels or systems are installed on the Premises, Landlord shall maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), boiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, and Landlord’s lenders if required by such lenders, as their interests may appear; (ii) contain a Lender’s Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord’s lenders and name Landlord, or Landlord’s lender if required by such lender, as the loss payee; (iii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds; (iv) include a building ordinance endorsement, an agreed amount endorsement and an inflation endorsement; and (v) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord’s lenders, which shall be excess insurance. The full replacement value of the Project, and other improvements and fixtures insured thereunder shall, for the purpose of establishing insurance limits and premiums only, be determined by the company issuing the insurance policy and shall be redetermined by said company within six (6) months after completion of any material alterations or improvements to the Premises and otherwise at intervals of not more than three (3) years. Landlord shall promptly increase the amount of such the insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord carried pursuant to this Section 21.2 to the amount so redetermined. The proceeds of the insurance described in this Section shall constitute a portion be used for the repair, replacement and restoration of Operating Expensesthe Premises and other improvements and fixtures insured thereunder, as further provided in Article 22; provided, however, if this Lease is terminated after damage or destruction, the insurance policy or policies, all rights thereunder and all insurance proceeds shall be assigned to Landlord. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 21.3 At all times during the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease, Tenant shall maintain, at Tenant’s expense, business interruption insurance in order to insure that the Basic Annual Rent and Operating Expenses provided for hereunder will be paid for a period of up to one (1) commercial general year after any casualty insured against by all risk policy of insurance described in Section 21.2 above or any restriction of access to the Premises as a result of such casualty. 21.4 At all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, “all risk” insurance against trade fixtures, equipment and merchandise of Tenant or any portion thereof, from time to time, in an amount equal to the full replacement value thereof. 21.5 At all times during the term of this Lease, Tenant shall maintain workers’ compensation insurance in accordance with California law, and employers’ liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence typical for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect companies similar to the PremisesTenant. 21.4. The 21.6 All of the policies of insurance required referred to be purchased and maintained by Tenant pursuant to in this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article 21 shall be with written by companies having a rating of not less than policyholder rating of A- authorized to do business in California and financial category rating of at least Class VIII rated A+VII or better in Best’s Insurance Guide.” Tenant Guide or written by Lloyd’s of London. Each insurer of liability coverage referred to in this Article 21 shall obtain for Landlord from agree, by endorsement on the insurance companies applicable policy or cause the insurance companies to furnish certificates of coverage by independent instrument furnished to Landlord. No , that it will give Landlord, and Landlord’s lenders if required by such lenders, at least ten (10) days’ prior written notice by registered mail before the applicable policy shall be subject to cancellation or reduction or diminishment except after cancelled for non-payment of premium, and thirty (30) days’ prior written notice to Landlord from by registered mail before the insurer. All such policies applicable policy shall be written cancelled or altered in coverage, scope, amount or other material term for any other reason (although any failure of an insurer to give notice as primary policies, provided herein shall not contributing with and not be a breach of this Lease by Tenant). No policy shall provide for a deductible amount in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance $100,000, unless approved in advance in writing by Landlord, which approval shall not be prejudiced unreasonably withheld. Tenant shall deliver to Landlord, and to Landlord’s lenders if required by other losses covered such lenders, certificates evidencing such insurance policies, issued by the policyinsurer, prior to the required date for commencement of such coverage. Tenant shall, at At least twenty ten (2010) days prior to the expiration of any such policiespolicy, furnish Tenant shall deliver to Landlord, and Landlord’s lenders if required by such lenders, a certificate evidencing renewal, or a certified copy of a new policy or certificate evidencing the same. If Tenant fails to provide to Landlord with renewals any such certificate by the required date for commencement of coverage, or binders. Tenant agrees that if Tenant does not take out and maintain such insurancewithin ten (10) days prior to expiration of any policy, or to pay the premiums therefor when required, Landlord may (shall have the right, but shall not be required to) the obligation, to procure said insurance on Tenant’s behalf and at its cost to be pay the premiums therefor. Any premiums so paid by Landlord shall be repaid by Tenant to Landlord with the next due installment of rent, and failure to repay the same shall have the same consequences as Additional failure to pay any installment of Rent. 21.5. Tenant assumes 21.7 Landlord may provide the risk property insurance required under this Article 21 pursuant to a so-called blanket policy or policies of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) property insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruptionmaintained by Landlord. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 21.8 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, partners, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its party’s property or the property of others under such waiving party’s its control, in each case to the extent that such loss or damage is caused by or results from risks insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force which insures such waiving party’s property at the time of such loss or damage. Such waivers , which waiver shall continue so in effect as long as the parties’ respective insurers permit such waiver under the terms of their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth insurance policies or otherwise in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurerwriting. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 2 contracts

Samples: Lease (Biocept Inc), Lease (Biocept Inc)

Insurance; Waiver of Subrogation. 21.124.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by LandlordTenant, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.224.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.324.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.424.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII IX in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy.that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty five (205) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.524.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvementsimprovements installed by Tenant, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.624.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.724.7. Notwithstanding anything to the contrary in this Lease, Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage or is required to be insured against under this Lease. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.724.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. Such waivers shall continue so long as their respective insurers permit. If such waivers are no longer permitted by an insurer, the following provisions shall apply. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 24.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.724.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.824.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or Lender. 24.9. Any costs incurred by Landlord pursuant to bring coverage limits this Article 24 shall constitute a portion of Operating Expenses, subject to levels then being required of new tenants within the ProjectArticle 10.

Appears in 2 contracts

Samples: Lease (Ardelyx, Inc.), Lease (Ardelyx, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability with insurers financially acceptable and lawfully authorized to do business in the state where the Project is located Commercial General Liability insurance on a broad-based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises (including $100,000 fire legal liability (each loss)) with a 2,000,000) products and completed operations aggregate. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant and Tenant’s use or occupancy of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other material modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). Should carrier be unwilling or unable to provide such notice, Tenant shall provide notice to Landlord in accordance with this Section. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty thirty (2030) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 2 contracts

Samples: Lease (EverQuote, Inc.), Lease (EverQuote, Inc.)

Insurance; Waiver of Subrogation. 21.122.1. Landlord shall maintain Commercial Property insurance for the Building and the Project Property in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire All Risk” or “Special Form” subject to standard terms, conditions, limitations and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischiefexclusions. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen. Landlord’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for cover any improvements installed by Tenant Tenant, any Alterations or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether Tenant’s business or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expensespersonal property. 21.222.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence and One Million Dollars ($1,000,000) general annual aggregate for death or bodily injury, or property damage with respect to third-party liability occurring in, on or about the Project. Any costs incurred Property, but only to the extent caused by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesLandlord’s negligence. 21.322.3. Tenant shall, at its own cost and expense, including any policy deductible or self-insured retentions, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term Term, or such other period as specified herein, insurance for the benefit of Tenant and Landlord (and occupancy by Tenant, if any, after termination of this Leaseas their interests may appear) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premisesas specified in Exhibit H attached hereto. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.522.4. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, leasehold improvements and leasehold improvementspersonal property, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to business or personal property of Tenant or business interruption. Landlord shall have no obligation to insure Tenant’s business interruption exposure. 21.622.5. In Anything in this Lease to the contrary notwithstanding, to the full extent permitted by law, each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant hereby waives, and each hereby waive shall cause its insurers to waive, any and all rights of recovery recovery, claim, action or cause of action, against the other Landlord Indemnitees or against the officers, directors, employees, agents and representatives of the other on account of Tenant for any loss or damage occasioned by such waiving party that may occur to the Premises, any improvements thereto, or its property or the any personal property of others under such waiving either party’s control, in each case by reason of fire, the elements, or any other cause to the extent that such loss or damage is insured against covered, or, under any fire and extended coverage the terms of this Lease, required to be covered, by the terms of a commercial property insurance policy that either Landlord with “All Risk” or Tenant may have “Special Form” causes of loss coverage in force effect at the time of such loss regardless of cause or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other partyorigin, containing a description including negligence of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord Indemnitees or Tenant, as set forth in the first sentence applicable, and each covenants that no insurer shall hold any right of this Section 21.7subrogation against Landlord Indemnitees or Tenant, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insureras applicable. 21.822.6. Landlord may, at its reasonable discretion, change the insurance policy limits and forms which are required to be provided by Tenant and may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the ProjectProperty. 22.7. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses, including the insurance premiums and costs of any policies required to be carried under this Article or that Landlord elects or is otherwise required to carry in connection with its ownership, operation and management of the Property. 22.8. Any Tenant performing Tenant Alterations shall comply, and cause its contractors to comply, with the insurance requirements set forth in Exhibit B-1, hereto. 22.9. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 2 contracts

Samples: Lease (Graybug Vision, Inc.), Lease (Graybug Vision, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Except as otherwise provided in Section 23.10 below, Landlord shall maintain insurance for the Building and the Project (including the portion of the Tenant Improvements that are made a part of or affixed to the Building after completion of construction thereof) in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, in addition to insuring the Tenant Improvements to the extent set forth above, Landlord may, but shall not be deemed required to, provide insurance for any other improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Five Million Dollars ($1,000,0005,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Prior to entering into the Premises for purposes of constructing the Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date Improvements or the date of occupancy, whichever occurs firstany part thereof, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability with insurers lawfully authorized to do business in the state where the Project is located, Tenant shall, at its own cost and expense, procure and maintain in effect the following insurance policies: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and for property damage with respect to the Premises (including $100,000 fire legal liability (each loss)) with a Two Million Dollar ($2,000,000) products and completed operations aggregate; and pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits of not less than One Million Dollars ($1,000,000) for property damage per incident and not less than Two Million Dollars ($2,000,000) in the aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. Such environmental coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. 21.4(b) Commercial property insurance with special causes of loss coverage, including earthquakes and flood insurance, insuring Tenant’s interest in any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by it and contained therein (collectively, “Tenant’s Property”), such insurance coverage to be equal to the full insurable value of Tenant’s Property. (c) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and Employers’ Liability insurance with limits of not less than the following: each accident, Five Hundred Thousand Dollars ($500,000); disease (policy limit), Five Hundred Thousand Dollars ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) During all construction by Tenant at the Premises, with respect to tenant improvements or alterations being constructed, adequate builder’s risk insurance (naming Landlord and Landlord’s mortgagees from time to time as loss payees as their interests may appear), together with the insurance required in Exhibit B-3. 23.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, the Association, Ground Lessor, BioMed Realty, L.P., BioMed Realty Trust, Inc., University City Science Center, Wexford-UCSC Joint Venture, LLC, Wexford Science & Technology, LLC, Wexford Development, LLC and Wexford Science Center 2, LLC and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant and Tenant’s use or occupancy of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given), or if Tenant’s carrier is unwilling or unable to provide such notice, Tenant shall provide written notice to Landlord in accordance with this Section. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the Ground Lessor and any other landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, Property and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.723.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.this

Appears in 2 contracts

Samples: Lease Agreement (Spark Therapeutics, Inc.), Lease Agreement (Spark Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) comprehensive commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said Such insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from Tenant (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or Lender. 23.9. Any costs incurred by Landlord pursuant to bring coverage limits to levels then being required this Article shall constitute a portion of new tenants within the ProjectOperating Expenses.

Appears in 2 contracts

Samples: Lease (Shotspotter, Inc), Lease (Shotspotter, Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of engineering and design plans, excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, anticipated rental loss during the period of repairs or rebuilding, workmen’s workers’ compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred Such insurance, if placed by Landlord pursuant Landlord, is not intended to this replace any coverage required to be maintained by Tenant in Section 21.1 shall constitute a portion of Operating Expenses23.5 herein. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit limits of not less than One Five Million Dollars ($1,000,0005,000,000) per occurrence and in the aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and for property damage arising from Tenant’s use of the Premises (including $100,000 fire legal liability (each loss)); and pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits of not less than Five Hundred Thousand Dollars ($500,000) per occurrence and not less than One Million Dollars ($1,000,000) for property damage in the aggregate, with respect to environmental contamination and pollution of the PremisesPremises or any adjacent or adjoining properties caused by Tenant. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from Tenant’s use of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in A.M. Best’s Insurance Guide.” Ratings Guide — current edition. Tenant shall obtain for provide Landlord from the insurance companies or cause the insurance companies to furnish with certificates of coverage to Landlordinsurance and any endorsements required herein including additional insured, waiver of subrogation and notice of cancellation. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be must include dedicated limits or a “blanket policy” per project aggregate that specifically provides that the amount of insurance shall not be prejudiced by losses at other losses properties covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or bindersbinders evidencing the coverages required herein. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Subject to Sections 23.3, 23.7 and 28.1, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements. Furthermore, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, or any other form of special, consequential or punitive damages relative to such damageany damage to any fixtures, all as more particularly set forth within this Leasegoods, inventory, merchandise, equipment and leasehold improvements. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each hereby of their insurers agree to waive any and all rights of recovery subrogation against one another as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained there under. If necessary, each party agrees to endorse the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case required insurance policies to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such permit waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, as required hereunder and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to hold harmless and indemnify the other party for any loss or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area expense incurred as a result of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other partywaivers of subrogation from insurers. If the such release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be reasonably raised to conform with requirements of Landlord’s Lender or to bring coverage limits to reasonable levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 2 contracts

Samples: Sublease Agreement (Natera, Inc.), Sublease Agreement (Natera, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Pollution Legal Liability insurance is not currently required based on the Hazardous Materials Documents that Tenant delivered to Landlord as of the Execution Date. If the Hazardous Materials Documents change during the Term and Tenant continues to store, handle, generate or treat Hazardous Materials on or about the Premises or other circumstances change related to Tenant’s use of Hazardous Materials on or about the Premises, Landlord reserves the right, in Landlord’s sole discretion, to require Tenant to obtain Pollution Legal Liability insurance. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two ($1,000,0002) for property damage years thereafter. (f) During all construction by Tenant at the Premises, with respect to the Premisestenant improvements being constructed (including any Alterations, insurance required in Exhibit B-1) must be in place. 21.423.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and XXX Xxxxxx Parent L.P., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Each of Tenant and Landlord and Tenant each their respective insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties and Tenant Parties, as applicable, with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant and Landlord agree to endorse the officersrequired insurance policies to permit waivers of subrogation as required hereunder and hold harmless, directorsindemnify and compensate the Landlord Parties and Tenant Parties, employeesas applicable, agents and representatives of the other on account of for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s and Landlord’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord or Tenant, as applicable, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 2 contracts

Samples: Lease (Oncorus, Inc.), Lease (Oncorus, Inc.)

Insurance; Waiver of Subrogation. 21.118.1. Landlord shall maintain a policy or policies of insurance for protecting Landlord against the Building following (all of which shall be payable by Tenant as Operating Expenses): 18.1.1. Fire and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally other perils normally included within the classification “Fire of fire and Extended Coverage,” extended coverage, together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief, to the extent of the full replacement cost of the Premises, including, at Landlord's option, flood coverage, exclusive of trade fixtures, equipment and improvements insured by Tenant, with agreed value, full replacement and other endorsements which Landlord may elect to maintain; 18.1.2. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure Twenty-four (24) months of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part extent of or are affixed to 100% of the Buildinggross rentals from the Premises; 18.1.3. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial Comprehensive general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) [***] for bodily injury or death or bodily injury, or and property damage with respect to the ProjectPremises, a general aggregate not less than $[***] for bodily injury or death and property damage with respect to the Premises, and not less than $[***] of excess umbrella liability insurance; and 18.1.4. Any costs incurred by At Landlord's sole option, environmental liability or environmental clean-up/remediation insurance in such amounts and with such deductibles and other provisions as Landlord pursuant may determine in its sole and absolute discretion. Notwithstanding the foregoing, Landlord may, at Landlord's option, request that Tenant procure and/or maintain, and pay directly, for one or more the foregoing policies of insurance, and Tenant shall exercise reasonable efforts to this Section 21.2 shall constitute a portion promptly procure such policies of Operating Expensesinsurance (or maintain such policies of insurance, as the case may be), and Landlord may require Tenant to name Landlord and Landlord's related parties as loss payees, in addition to other customary provisions related to Landlord's status as the owner of the Property. 21.318.2. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on during the Term Commencement Date or the date following insurance for the benefit of occupancyTenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the Premises are located: 18.2.1. Commercial General Liability insurance on a broad-based occurrence coverage form, whichever occurs firstwith coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and continuing throughout the Term (contractual liability with limits of liability of not less than $[***] for bodily injury and occupancy property damage per occurrence, $[***] general aggregate, which limits may be met by Tenant, if any, after termination use of this Lease) commercial general excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. 18.2.2. Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than Two Million Dollars ($2,000,000) [***] per occurrence accident for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage. 18.2.3. Commercial Property insurance covering property damage with respect to the Premises. 21.4full replacement cost value and business interruption. The insurance Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord) and Tenant's property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be purchased and maintained insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant's agents, employees or subcontractors. Such insurance, with respect only to all Alterations, Tenant Improvements or other work performed on the Premises by Tenant pursuant to this Lease (collectively, "Tenant Work"), shall name Landlord and Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., 's current and future mortgagees as loss payees as their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insuredsinterests may appear. Said Such insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, an "all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks risk" of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such waiving party or its property or other risks Landlord may from time to time designate, for the property full replacement cost value of others the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant's lost profits and necessary continuing expenses, including rents due Landlord under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended Lease. The minimum period of indemnity for business interruption coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description twelve (12) months plus twelve (12) months' extended period of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurerindemnity. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 2 contracts

Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)

Insurance; Waiver of Subrogation. 21.1. Landlord Landlord, as part of Operating Expenses, shall maintain carry throughout the Term insurance for upon the Building and the Project Building, (i) in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, (ii) providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischiefmischief and rental losses for a period not less than twelve (12) months, and (iii) if commercially available, with a deductible not to exceed Ten Thousand Dollars ($10,000). At Tenant's request, Landlord shall use its good faith efforts to cause such deductible to be reduced, provided that such reduced deductible is commercially available and that Tenant shall be solely responsible for all costs and expenses in connection with the reduction of such deductible, including, without limitation, any increases in the premium associated with such reduced deductible. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant or that which are in addition to the standard improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionLandlord, Landlord as part of Operating Expenses, shall further carry throughout the Term commercial general liability insurance with a single loss limit of not less than One Two Million Dollars ($1,000,0002,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after the expiration or earlier termination of this Lease) comprehensive commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and injury, not less than One Million Dollars ($1,000,0001,000,000.00) for property damage with respect to the Demised Premises, and not less than a Five Million Dollar ($5,000,000) aggregate loss limit. 21.4. The aforesaid required insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc.Landlord and Tenant, and their respective officers, employees, employees and agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said All insurance required by this Article 21 shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Each of Landlord and Tenant shall obtain for Landlord from the its insurance companies or cause the its insurance companies to furnish certificates of coverage to Landlordthe other party hereto. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Each of Landlord and Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord the other party hereto with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where The party carrying the insurance is to name Landlord Parties as additional insureds, Tenant shall, required hereunder shall upon Landlord’s written requestrequest of the other party hereto, also designate and furnish certificates evidencing such Landlord Parties the requesting party as additional insureds an insured to (ai) any Lender lender of Landlord such requesting party holding a security interest in in, as applicable, the Lease or the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force force, but not less than as required pursuant to this Article 21, at the time of such loss or damage. Such waivers shall continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, Tenant upon obtaining the policies of insurance required or permitted under this Lease, Lease shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.7 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s other's insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project's lender.

Appears in 2 contracts

Samples: Lease Agreement (Cytrx Corp), Lease (Cytrx Corp)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect), provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by ; provided, however, that Landlord pursuant shall provide insurance for the Tenant Improvements that are made a part of or are permanently affixed to this Section 21.1 shall constitute a portion of Operating Expensesthe Building. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesPremises. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Commercial General Liability insurance on a broad-based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and for property damage with respect to the Premises (including $100,000 fire legal liability (each loss)) with Two Million Dollars ($2,000,000) products and completed operations aggregate; and pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits of not less than One Million Dollars ($1,000,000) for property damage per incident and not less than Two Million Dollars ($2,000,000) in the aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. Such environmental coverage shall include bodily injury, sickness, disease, or death sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant and Tenant’s use or occupancy of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). Should carrier be unwilling or unable to provide such notice, Tenant shall provide notice to Landlord in accordance with this Section. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Premises or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the ProjectPremises. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender Lender. 23.9. Any costs incurred by Landlord pursuant to this Article shall be included as Insurance Costs payable by Tenant pursuant to this Lease. During the first fifteen (15) months of the Term (and provided that Tenant is not then in default of any of its obligations under this Lease), Tenant shall only be responsible for fifty percent (50%) of Insurance Costs; provided, however, that to the extent any Insurance Costs arise out of or to bring coverage limits to levels are in connection with the negligence or willful misconduct of any Tenant Party, then being required Tenant is responsible for one hundred percent (100%) of new tenants within the Projectsuch Insurance Costs.

Appears in 2 contracts

Samples: Lease (Asterias Biotherapeutics, Inc.), Lease (Biotime Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance (excluding products liability) with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said Such insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 2 contracts

Samples: Lease (Ambit Biosciences Corp), Lease (Ambit Biosciences Corp)

Insurance; Waiver of Subrogation. 21.120.1. Landlord shall maintain insurance for the Building Property and the Project Building in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard but only to whether or not the extent such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.220.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesProperty. 21.320.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.420.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.520.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Leaseexcept to the extent caused by Landlord’s gross negligence or intentional misconduct. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.620.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Premises or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectPremises. 21.720.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.720.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 20.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.720.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.820.8. Any costs incurred by Landlord may require insurance policy limits required under pursuant to this Lease Section 20 shall be included as Insurance Costs payable by Tenant pursuant to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Projectthis Lease.

Appears in 2 contracts

Samples: Lease (Array Biopharma Inc), Lease (Array Biopharma Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord 21.1 Landlord, as part of Operating Expenses shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofand cost thereof and, as part of Operating Expenses (but not to be deemed as being required of Landlord) shall further insure, if FURTHER INSURE as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any tenant improvements whether or not installed by Tenant or that which are in addition to the standard improvements Standard Improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion . 21.2 Landlord, as part of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 21.3 Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term term of this Lease (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits a combined single limit of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Demised Premises. 21.4. 21.4 The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realtywithout liability for premiums, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsnamed insured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or cancellation or reduction or diminishment except after thirty (30) days' prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 21.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, all as more particularly set forth within subject to the other provisions of this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. 21.6 In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the Project. 21.7. 21.7 Notwithstanding anything to the contrary in this Lease, Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control that is caused by or results from a risk which is actually or required to the extent that such loss or damage is have been insured against under any fire and extended coverage insurance policy that either Landlord this Lease, without regard to the negligence or Tenant may have in force at willful misconduct of the time of such loss or damageentity so released. Such waivers shall continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, Tenant upon obtaining the policies of insurance required or permitted under this Lease, Lease shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in the Tenant’s 's case, in the proportion that which the area of the Demised Premises bears to the insured area). If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.7 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s other's insurer. 21.8. 21.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or 's lender and/or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 2 contracts

Samples: Expansion Lease (Senomyx Inc), Expansion Lease (Senomyx Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning begi1ming on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage dan1age with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 2 contracts

Samples: Sublease Agreement (Atara Biotherapeutics, Inc.), Sublease Agreement (Atara Biotherapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require commercially reasonable increases of insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within of similar projects in the Projectvicinity of the Building.

Appears in 2 contracts

Samples: Lease (Receptos, Inc.), Lease (Receptos, Inc.)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant’s first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, commercial general liability insurance, on an occurrence basis, insuring Tenant and Tenant’s agents, employees and independent contractors against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $2,000,000 and a general aggregate limit of $4,000,000. Such insurance shall: (i) name Landlord, and Landlord’s lenders if required by such lenders, and any management company retained to manage the Project if requested by Landlord, as additional insureds; (ii) include a broad form contractual liability endorsement insuring Tenant’s indemnity obligations under Section 20.1; (iii) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord’s lenders, which shall be excess insurance with respect only to losses arising out of Tenant’s negligence; and (iv) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for the Building maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), “all risk” insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering the Project in amounts equal to full replacement cost (exclusive of the costs of excavationexcavations, foundations and footings, and without reference including the Tenant Improvements), in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof. If any boilers or other pressure vessels or systems are installed on the Premises, Landlord shall maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), boiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, and Landlord’s lenders if required by such lenders, as their interests may appear; (ii) contain a Lender’s Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord’s lenders and name Landlord, or Landlord’s lender if required by such lender, as the loss payee; (iii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds; and (iv) provide that it is primary coverage and non-contributing with any insurance maintained by Landlord or Landlord’s lenders, which shall be excess insurance. The full replacement value of the Project, including the Tenant Improvements and other improvements and fixtures insured thereunder, shall, for the purpose of establishing insurance limits and premiums only, be determined by the company issuing the insurance policy and shall be redetermined by said company within six (6) months after completion of any material alterations or improvements to the Premises and otherwise at intervals of not more than three (3) years. Landlord shall promptly increase the amount of such the insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord carried pursuant to this Section 21.1 21.2 to the amount so redetermined. The proceeds of the insurance described in this Section shall constitute a portion be used for the repair, replacement and restoration of Operating Expensesthe Project, including the Tenant Improvements and other improvements and fixtures insured thereunder, as further provided in Article 22; provided, however, if this Lease is terminated after damage or deduction, the insurance policy or policies, all rights thereunder and all insurance proceeds shall be assigned to Landlord. 21.2. In addition21.3 At all times during this Lease, Landlord shall carry maintain, pursuant to requirements of its mortgage lender, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), commercial general liability insurance insurance, including coverage for death, bodily injury and broad form property damage, with a combined single limit in an amount of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate; umbrella excess liability coverage with a limit of not less than One Million Dollars $20,000,000 over primary insurance, which policy shall include coverage for water damage, assumed and contractual liability coverage, premises medical payment, and automobile liability; and rental and/or business interruption insurance to cover loss of income in an amount not less than eighteen ($1,000,00018) for death months’ projected receipts from the entire Project. 21.4 At all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, “all risk” insurance against all damage and loss to Tenant’s Removable Property, including but not limited to fixtures, goods, inventory, merchandise, equipment, records, research, experiments, animals and other living organisms, computer hardware and software, leasehold improvements, and other personal property of any nature whatsoever of Tenant or bodily injuryany subtenant of Tenant that may be occupying the Premises, or property damage with respect any portion thereof, from time to time, in an amount equal to the Projectfull replacement value thereof. Any costs incurred by Landlord Notwithstanding anything to the contrary contained here, Tenant shall be entitled to all proceeds from the insurance carried pursuant to this Section 21.2 shall constitute a portion of Operating Expenses21.4. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 21.5 At all times during the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease) commercial general , Tenant shall maintain workers’ compensation insurance in accordance with California law, and employers’ liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence typical for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect companies similar to the PremisesTenant. 21.4. The 21.6 All of the policies of insurance required referred to be purchased and maintained by Tenant pursuant to in this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article 21 shall be with written by companies authorized to do business in California and having a policyholder rating of not less than policyholder AA (or its equivalent), or a lesser rating of A- reasonably acceptable to Landlord, by a generally accepted insurance rating agency. Each insurer referred to in this Article 21 shall agree, by endorsement on the applicable policy or by independent instrument furnished to Landlord, that it will give Landlord, and financial category rating of Landlord’s lenders if required by such lenders, at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from ten (10) days’ prior written notice by registered mail before the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such applicable policy shall be subject to cancellation or reduction or diminishment except after canceled for non-payment of premium, and thirty (30) days’ prior written notice to Landlord from by registered mail before the insurer. All such policies applicable policy shall be written canceled or altered in coverage, scope, amount or other material term for any other reason (although any failure of an insurer to give notice as primary policies, provided herein shall not contributing with and not be a breach of this Lease by Tenant). No policy shall provide for a deductible amount in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance $100,000, unless approved in advance in writing by Landlord, which approval shall not be prejudiced unreasonably withheld or delayed. Tenant shall deliver to Landlord, and to Landlord’s lenders if required by other losses covered such lenders, copies of the insurance policies required to be carried by Tenant, certified by the policyinsurer, or certificates evidencing such insurance policies, issued by the insurer, together with evidence of payment of the required premiums, prior to the required date for commencement of such coverage. Tenant shall, at At least twenty thirty (2030) days prior to the expiration of any such policiespolicy, furnish Tenant shall deliver to Landlord, and Landlord’s lenders if required by such lenders, a certificate evidencing renewal, or a certified copy of a new policy or certificate evidencing the same, together with evidence of payment of the required premiums. If Tenant fails to provide to Landlord with renewals any such policy or binders. Tenant agrees that if Tenant does not take out and maintain such insurancecertificate by the required date for commencement of coverage, or within fifteen (15) days prior to expiration of any policy, or to pay the premiums therefor when required, Landlord may (shall have the right, but shall not be required to) the obligation, to procure said insurance on Tenant’s behalf and at its cost to be pay the premiums therefor. Any premiums so paid by Landlord shall be repaid by Tenant to Landlord with the next due installment of rent, and failure to repay the same shall have the same consequences as Additional failure to pay any installment of Rent. 21.5. Tenant assumes 21.7 Landlord may provide the risk property insurance required under this Article 21 pursuant to a so-called blanket policy or policies of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) property insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruptionmaintained by Landlord. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 21.8 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, members, managers, partners, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its such waiving party’s property or the property of others under such waiving party’s its control, in each case to the extent that such loss or damage is caused by or results from risks insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force which insures such waiving party’s property at the time of such loss or damage. Such waivers , which waiver shall continue so in effect as long as their the parties’ respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon Prior to obtaining the policies of insurance required or permitted under this Lease, Landlord and Tenant shall give notice to the insurance carrier or carriers insurers that the foregoing mutual waiver of subrogation is contained in this Lease, and each party shall use its best efforts to cause such insurer to approve such waiver in writing and to cause each insurance policy obtained by it to provide that the insurer waives all right of recovery by way of subrogation against the other party. If such policies shall written approval of such waiver of subrogation cannot be obtainable with such waiver obtained from any insurer or shall be so is obtainable only at a upon payment of an additional premium over that chargeable without such waiver, then which the party seeking to obtain the policy reasonably determines to be commercially unreasonable, the party seeking to obtain such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten twenty (1020) days thereafter to either either: (ai) procure such identify other insurance with companies reasonably satisfactory to the other party that will provide the written approval and waiver of subrogation; or (bii) agree to pay such additional premium premium. If neither (in Tenant’s casei) nor (ii) are done, in the proportion that mutual waiver set forth above shall not be operative, and the area party seeking to obtain the policy shall be relieved of the Premises bears obligation to obtain the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect insurer’s written approval and waiver of subrogation with respect to such policy during such time as such policies shall policy is not be obtainable or the party in whose favor is obtainable only upon payment of a waiver of subrogation is desired refuses to pay the commercially unreasonable additional premiumpremium as described above. If such policies shall at any subsequent time be unobtainableobtainable or obtainable upon payment of a commercially reasonable additional premium, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.721.8, shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other partyother’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 2 contracts

Samples: Lease (Genelux Corp), Lease (Genelux Corp)

Insurance; Waiver of Subrogation. 21.122.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.222.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.322.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Execution Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.422.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.522.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.622.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.722.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.822.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 22.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Halozyme Therapeutics Inc)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant's first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant's expense, commercial general liability insurance, on an occurrence basis, insuring Tenant and Tenant's agents, employees and independent contractors against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $1,000,000.00 and a general aggregate limit of $2,000,000.00. Such insurance shall: (i) name Landlord, and Landlord's lenders if required by such lenders, and any management company retained to manage the Premises if requested by Landlord, as additional insureds; (ii) include a broad form contractual liability endorsement insuring Tenant's indemnity obligations under Section 20.1; (iii) include a products liability coverage endorsement (with limits of $2,000,000.00 on a "claims made" basis); (iv) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord's lenders, which shall be excess insurance with respect only to losses arising out of Tenant's negligence; and (v) provide for severability of interests, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for the Building maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), "special form" insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering the Project in amounts equal to full replacement cost (exclusive of the costs of excavationexcavations, foundations and footings), the Tenant Improvements, and without reference all other improvements and fixtures that may be constructed or installed on the Premises, in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof. If any boilers or other pressure vessels or systems are installed on the amount of such insurance Landlord’s lenderPremises, mortgagee or beneficiary (eachLandlord shall maintain, a “Lender”subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), if anyboiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. At all times during the course of any major demolition or construction permitted hereunder, requires Landlord or any restoration pursuant to Articles 22 or 23, Tenant shall maintain, providing protection at Tenant's expense, "all risk" builder's risk insurance, including, but not limited to, coverage against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler loss or damage (if applicable)by fire, vandalism and malicious mischief, covering improvements in place and all material and equipment at the job site furnished under contract, in an amount equal to one hundred percent (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, subject to availability thereofand Landlord's lenders if required by such lenders, shall further insureas their interests may appear; (ii) contain a Lender's Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord's lenders and name Landlord, or Landlord's lender if Landlord deems it appropriaterequired by such lender, coverage against floodas the loss payee; (iii) provide for severability of interests, environmental hazard, earthquake, loss such that an act or failure omission of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but an insured shall not reduce or avoid coverage of other insureds; (iv) include an agreed amount endorsement and an inflation endorsement; and (v) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord's lenders, which shall be deemed required toexcess insurance. The full replacement value of the Project, provide the Tenant Improvements and other improvements and fixtures insured thereunder shall, for the purpose of establishing insurance for limits and premiums only, be determined by the company issuing the insurance policy and shall be redetermined by said company within six (6) months after completion of any material alterations or improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or Premises and otherwise at intervals of not such are made a part of or are affixed to the Buildingmore than three (3) years. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability promptly increase the amount of the insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord carried pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4amount so redetermined. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating proceeds of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth described in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiverused for the repair, then the party seeking such policy shall notify the other of such conditions, replacement and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area restoration of the Premises bears to and the Tenant Improvements and other improvements and fixtures insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenantthereunder, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.further provided in

Appears in 1 contract

Samples: Lease Agreement (Epoch Biosciences Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million 500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($1,000,000500,000). (e) for property damage [Intentionally omitted] (f) [Intentionally omitted] (g) During all construction by Tenant at the Premises, with respect to the Premises. 21.4tenant improvements being constructed (including any Alterations), insurance required in Exhibit X-x must be in place. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) ), following written notice to Tenant, procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.4. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.6. Tenant and its insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant agrees to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of Landlord Parties for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions. Landlord and its insurers hereby waive any and all rights of recovery or subrogation against Tenant with respect to any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Landlord agrees to endorse the party required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify Tenant for any loss or expense incurred as a result of a failure to obtain such waivers of subrogation from insurers. Such waivers shall continue so notified long as Landlord’s insurers so permit. Any termination of such a waiver shall have ten (10) days thereafter be by written notice to either (a) procure such Tenant, containing a description of the circumstances hereinafter set forth in this Section. Landlord, upon obtaining the policies of insurance with companies reasonably satisfactory required or permitted under this Lease, shall give notice to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion its insurance carriers that the area foregoing waiver of the Premises bears to the insured area)subrogation is contained in this Lease. If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable with such waiver or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainableso obtainable only at a premium over that chargeable without such waiver, then neither party Landlord shall be subsequently liable for a failure to obtain notify Tenant of such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurerconditions. 21.823.7. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of comparable new tenants within the Project. 23.8. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses to the extent permitted under Article 9. 23.9. The provisions of this Section shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (REGENXBIO Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, whichever is greater, providing protection against any peril generally included within the classification of Fire and Extended Coverage,All Riskstogether with insurance against sprinkler damage (if applicable), vandalism and malicious mischiefcoverage. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Five Million Dollars ($1,000,0005,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the State of Washington and having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or bindersa renewal certificate. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Landlord shall notify Tenant in writing no later than sixty (60) days after the Term Commencement Date of the total amount expended by Landlord to perform the work required by this Lease as part of preparing the Premises for occupancy by Tenant (except for items on the punch list) and Tenant shall have the right to inspect documentation of all such amounts expended. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such to the property of the waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice damage or is required to the other partycarry under this Lease, containing a description of the circumstances hereinafter set forth in this Section 21.7whichever is greater. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. [Intentionally omitted] 23.9. Any costs incurred by Landlord may require insurance policy limits required pursuant to this Article shall constitute a portion of Operating Expenses to the extent allowable under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the ProjectArticle 9.

Appears in 1 contract

Samples: Lease (Omeros Corp)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Cytrx Corp)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers who have a minimum A.M. Best’s rating of A-VII and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on an occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall not include permanent improvements in the Premises installed by Tenant or furnished by Landlord which shall be insured by Landlord pursuant to Section 23.1, but shall include Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, earthquake and such other risks Landlord may from time to time designate that are generally required by landlords of similar properties in accordance with prudent business practices, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million 500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($1,000,000500,000). (e) for Landlord shall have the right to require that Tenant procure Pollution Legal Liability insurance if there is any material change to the amounts or types of Hazardous Materials that Tenant stores, handles, generates or treats on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage with respect including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to commencement date of this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc.agreement, and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insuredscoverage is continuously maintained during all periods in which Tenant occupies the Premises. Said insurance Coverage shall be maintained with companies having a rating limits of not less than policyholder rating of A- $1,000,000 per incident with a $2,000,000 policy aggregate and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release period of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurertwo (2) years thereafter. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Silverback Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended CoverageSpecial Form,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. As of the earlier of the Term Commencement Date and the date of any early entry or occupancy by Tenant (if applicable), Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $5,000,000 for bodily injury and property damage per occurrence, $5,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Alterations or other work performed on the Term Commencement Date Premises by Xxxxxx (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Xxxxxx’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for death or bodily injury and Medical malpractice insurance at limits of not less than One Million Dollars ($1,000,000) for property damage with respect to 1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises. 21.4(f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; non-owned disposal site liability; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date (which shall not be later than the earlier of the date immediately preceding the Term Commencement Date and the date of any early entry or occupancy by Tenant, if applicable), is continuously maintained, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $3,000,000 policy aggregate and for a period of two (2) years thereafter. (g) Cyber Liability Insurance in the amount of $1,000,000. (h) During all construction by Tenant at the Premises, with respect to Tenant improvements being constructed (including any Alterations), insurance required in Exhibit H must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty ten (2010) business days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant Xxxxxx agrees that if Tenant Xxxxxx does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant Xxxxxx as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord and Jumbo Capital Incorporated, and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Tenant and its insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Xxxxxx agrees to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of Landlord Parties for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Xxxxxx’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article 23 shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Fractyl Health, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability with insurers financially acceptable and lawfully authorized to do business in the state where the Project is located Commercial General Liability insurance on a broad-based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)), and Two Million Dollars ($2,000,000) products and completed operations insurance on a claims made basis. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant and Tenant’s use or occupancy of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). Should carrier be unwilling or unable to provide such notice, Tenant shall provide notice to Landlord in accordance with this Section. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (CymaBay Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesPremises. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant SMRH:418641422.8 35 improvements in the Premises and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall include Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus sixty (60) days’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats hazardous materials, as determined by Landlord in its commercially reasonable discretion, on or about the Premises (other than office and janitorial supplies customarily used in commercial buildings). Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate. ($1,000,000f) for property damage During all construction by Tenant at the Premises, with respect to the Premisestenant improvements being constructed (including any Alterations), insurance required in Exhibit B-1 must be in place. 21.423.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies SMRH:418641422.8 36 companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or bindersrenewal certificates of insurance. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Affymetrix Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s employees. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for death or bodily injury and Medical malpractice insurance at limits of not less than One Million Dollars $1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises. For avoidance of doubt, Tenant shall not be required to carry the foregoing medical malpractice insurance so long as Tenant is not ($1,000,000i) for property damage with respect to treating patients at the Premises, (ii) conducting clinical trials on human beings at the Premises or (iii) otherwise engaging in the practice of medicine at the Premises. 21.4(f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two (2) years thereafter. (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including the Tenant Improvements and any Alterations, insurance required in Exhibit B-1 must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy Tenant shall be subject to cancellation or reduction or diminishment except after thirty give twenty (3020) days’ prior written notice to Landlord from if any such policy is to be cancelled or reduced below the insurercoverage requirements of this Article (except in the event of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and XXX Xxxxxx Parent L.P., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Tenant and its insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant agrees to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of Landlord Parties for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender Lender. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or to bring coverage limits to levels then being required earlier termination of new tenants within the Projectthis Lease.

Appears in 1 contract

Samples: Lease (Protagonist Therapeutics, Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project Property in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Two Million Dollars ($1,000,0002,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesProperty. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for death or bodily injury and Medical malpractice insurance at limits of not less than One Million Dollars ($1,000,000) for property damage with respect to 1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises. 21.4(f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two (2) years thereafter. (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including the Tenant Improvements and any Alterations, insurance required in Exhibit D-2 must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the ProjectProperty, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the ProjectProperty. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the ProjectProperty. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Section shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Alnylam Pharmaceuticals, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect), provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses.41 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on during the Term Commencement Date or the date following insurance for the benefit of occupancyTenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, whichever occurs firstwith coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general contractual liability insurance with limits of liability of not less than Two Million Dollars ($2,000,000) per occurrence 2,000,000 for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of provided that such coverage is at least Class VIII in “Best’s Insurance Guideas broad as the primary coverages required herein.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (La Jolla Pharmaceutical Co)

Insurance; Waiver of Subrogation. 21.1. Landlord Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and (including the Project Tenant Improvements), in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or or, if higher, the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant or that which are in addition to the standard improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionLandlord, Landlord as part of Operating Expenses, shall further carry commercial general public liability insurance with a single loss limit of not less than One Two Million Dollars ($1,000,0002,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesBuilding and all Tenant Improvements. 21.3. Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after the expiration or earlier termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000.00) for property damage with respect to the Demised Premises. 21.4. The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective its officers, employees, employees and agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s policy may be a “blanket policy” that which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or the ProjectLand, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the ProjectBuilding. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in the Tenant’s case, in the proportion that which the area of the Demised Premises bears to the insured area). If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.7 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other partyother’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with (a) the requirements of Landlord’s Lender or to bring lender and/or (b) the coverage limits to levels then being required of new tenants within the ProjectBuilding.

Appears in 1 contract

Samples: Lease (Emergent BioSolutions Inc.)

Insurance; Waiver of Subrogation. 21.1. 22.1 Landlord shall maintain maintain: (a) beginning on the Effective Date through the Term Commencement Date for each Phase, builder’s risk insurance for such Phase, as applicable (provided that Landlord may cause such builder’s risk insurance to be maintained by its general contractor); and (b) after the Building Term Commencement Date for such Phase, property insurance for such Phase, and (c) beginning on the Effective Date property insurance for other portions of the Project in amounts equal benefiting the Premises and not insured by Tenant or other tenants. Such property insurance shall cover (subject to full deductibles) one hundred percent (100%) of replacement cost (cost, exclusive of the costs of excavation, foundations and footings, footings and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such . Such insurance coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing provide protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding Tenant shall maintain: (y) during the foregoingconstruction of any Tenant Improvements or Alterations, Landlord may, but shall not be deemed required to, provide builder’s risk insurance for the Tenant Improvements or Alterations, as case may be, as more particularly described below, and (z) on and after the Substantial Completion of any Tenant Improvements for any Phase of the Premises, property insurance on (i) the Tenant Improvements in such Phase of the Premises or any other improvements now or in the future installed by Tenant in such Phase of the Premises and (ii) Tenant’s Personal Property within the Premises in amounts equal to one hundred percent (100%) of replacement cost without reference to depreciation taken by Tenant upon its books or that are in addition to tax returns, which Tenant’s casualty insurance coverage shall provide protection for and cover any peril generally included within the standard improvements customarily furnished by Landlord“broad form extended coverage endorsement”, without regard to whether or not such are made a part of or are affixed to the Buildingtogether with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Any costs incurred by Landlord pursuant to this Section 21.1 22.1 shall constitute a portion of Operating ExpensesExpenses (to be allocated in accordance with the CAM Pools), provided such costs cover insurance that is: (A) commercially reasonable; (B) required by any lender to Landlord; or (C) consistent with Landlord’s national portfolio insurance program, as equitably allocated and pro-rated to the Project among all the tenants (including Tenant) occupying the Project. Any costs incurred by Tenant pursuant to this Section 22.1 shall be paid for by Tenant. At all times during the period beginning with commencement of construction of the Tenant Improvements (or any Alterations) and ending with final completion of the same, Tenant shall maintain, or cause to be maintained, casualty insurance in Builder’s All-Risk Form, insuring Landlord and Tenant’s contractors, as their interests may appear. Such policy shall, on a completed values basis for the full insurable value at all times, insure against loss or damage by fire, vandalism and malicious mischief and other such risks as are customarily covered by the so-called “broad form extended coverage endorsement” upon all the Tenant Improvements (or Alterations) and the contractor’s and any subcontractors’ machinery, tools and equipment, all while each forms a part of, or is contained in, the Tenant Improvements (or Alterations) or any temporary structures on the Premises, or is adjacent thereto. 21.2. 22.2 In addition, Landlord shall carry commercial general public liability insurance with a minimum single limit of not less than One Ten Million Dollars ($1,000,00010,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 22.1 shall constitute a portion of Operating ExpensesExpenses and shall be equitably allocated and pro-rated among all the tenants (including Tenant) occupying the Project in accordance with the CAM Pools. 21.3. 22.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date for any Phase, or such earlier date on which Tenant enters the date of occupancy, whichever occurs firstPremises under Section 5.8 or any other provision hereof, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Ten Million Dollars ($2,000,00010,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the Premises. 21.4Premises (including $1,000,000 fire legal liability (each loss)). The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective lenders, officers, employees, agents, general partners, partners and members and Lenders (“Landlord Parties”) as additional insureds. Said insured parties. 22.4 All insurance carried by Tenant shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment cancelable except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the an amount of insurance that shall not be prejudiced by other losses covered by sufficient to provide the policycoverage set forth in this Article 22. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 22.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvementsall of the Tenant’s Improvements in the Premises, and all of Tenant’s Personal Property. Furthermore, Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 22.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Buildings or the ProjectProject (or any portion thereof), (b) the landlord Landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building Buildings is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectProject (or any portion thereof). 21.7. 22.7 Landlord and Tenant each (and in the case of Tenant, any subtenant) hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage with respect to the Project or any portion thereof. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.722.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 22.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.722.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 22.8 Landlord may require insurance policy limits required of Tenant under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required commercially reasonable levels. 22.9 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date for any Phase, or such earlier date on which Tenant enters the Premises under Section 5.8, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of new tenants within this Lease) pollution and environmental liability insurance (covering the Projectenvironmental risks of Tenant’s business) with limits of not less than Three Million Dollars ($3,000,000) per occurrence and not less than Five Million Dollars ($5,000,000) in aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. Tenant shall name all Landlord Parties as additional insured parties under Tenant’s environmental insurance policy. Tenant shall give Landlord certificates of the foregoing reasonably satisfactory to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Acorda Therapeutics Inc)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant's first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant's expense, commercial general liability insurance, on an occurrence basis, insuring Tenant and Tenant's agents, employees and independent contractors against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $2,000,000 and a general aggregate limit of $4,000,000. Such insurance shall: (i) name Landlord, and Landlord's lenders if required by such lenders, and any management company retained to manage the Project if requested by Landlord, as additional insureds; (ii) include a broad form contractual liability endorsement insuring Tenant's indemnity obligations under Section 20.1; (iii) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord's lenders, which shall be excess insurance with respect only to losses arising out of Tenant's negligence; and (iv) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for the Building maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), "all risk" insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering the Project in amounts equal to full replacement cost (exclusive of the costs of excavationexcavations, foundations and footings, and without reference including the Tenant Improvements), in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof. If any boilers or other pressure vessels or systems are installed on the Premises, Landlord shall maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), boiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, and Landlord's lenders if required by such lenders, as their interests may appear; (ii) contain a Lender's Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord's lenders and name Landlord, or Landlord's lender if required by such lender, as the loss payee; (iii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds; and (iv) provide that it is primary coverage and non-contributing with any insurance maintained by Landlord or Landlord's lenders, which shall be excess insurance. The full replacement value of the Project, including the Tenant Improvements and other improvements and fixtures insured thereunder, shall, for the purpose of establishing insurance limits and premiums only, be determined by the company issuing the insurance policy and shall be redetermined by said company within six (6) months after completion of any material alterations or improvements to the Premises and otherwise at intervals of not more than three (3) years. Landlord shall promptly increase the amount of such the insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord carried pursuant to this Section 21.1 21.2 to the amount so redetermined. The proceeds of the insurance described in this Section shall constitute a portion be used for the repair, replacement and restoration of Operating Expenses.the Project, including the Tenant Improvements and other improvements and fixtures insured thereunder, as further provided in Article 22; provided, however, if this Lease is terminated after damage or destruction, the insurance policy or policies, all rights thereunder and all insurance proceeds shall be assigned to Landlord 21.2. In addition21.3 At all times during this Lease, Landlord shall carry maintain, pursuant to requirements of its mortgage lender, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), commercial general liability insurance insurance, including coverage for death, bodily injury and broad form property damage, with a combined single limit in an amount of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate; umbrella excess liability coverage with a limit of not less than One Million Dollars $20,000,000 over primary insurance, which policy shall include coverage for water damage, assumed and contractual liability coverage, premises medical payment, and automobile liability; and rental and/or business interruption insurance to cover loss of income in an amount not less than eighteen ($1,000,00018) for death or bodily injury, or property damage with respect to months' projected receipts from the entire Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 21.4 At all times during the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shallmaintain, at least twenty (20) days prior Tenant's expense, "all risk" insurance against all damage and loss to the expiration of such policiesTenant's Removable Property, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does including but not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost limited to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, records, research, experiments, animals and other living organisms, computer hardware and software, leasehold improvements, and Landlord other personal property of any nature whatsoever of Tenant or any subtenant of Tenant that may be occupying the Premises, or any portion thereof, from time to time, in an amount equal to the full replacement value thereof. Notwithstanding anything to the contrary contained here, Tenant shall be entitled to all proceeds from the insurance carried pursuant to this Section 21.4. 21.5 At all times during the term of this Lease, Tenant shall maintain workers' compensation insurance in accordance with California law, and employers' liability insurance with limits typical for companies similar to Tenant. 21.6 All of the policies of insurance referred to in this Article 21 shall be written by companies authorized to do business in California and having a policyholder rating of not less than AA (or its equivalent), or a lesser rating reasonably acceptable to Landlord, by a generally accepted insurance rating agency. Each insurer referred to in this Article 21 shall agree, by endorsement on the applicable policy or by independent instrument furnished to Landlord, that it will give Landlord, and Landlord's lenders if required by such lenders, at least ten (10) days' prior written notice by registered mail before the applicable policy shall be canceled for non-payment of premium, and thirty (30) days' prior written notice by registered mail before the applicable policy shall be canceled or altered in coverage, scope, amount or other material term for any other reason (although any failure of an insurer to give notice as provided herein shall not be liable a breach of this Lease by Tenant). No policy shall provide for injury to Tenant’s business a deductible amount in excess of $100,000, unless approved in advance in writing by Landlord, which approval shall not be unreasonably withheld or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Leasedelayed. Tenant shallshall deliver to Landlord, at and to Landlord's lenders if required by such lenders, copies of the insurance policies required to be carried by Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage certified by the insurer, or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender insurance policies, issued by the insurer, together with evidence of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant payment of the real property upon which required premiums, prior to the Building is located required date for commencement of such coverage. At least thirty (30) days prior to expiration of any such policy, Tenant shall deliver to Landlord, and Landlord's lenders if the interest of Landlord is required by such lenders, a certificate evidencing renewal, or shall become that a certified copy of a tenant under a ground lease rather than that new policy or certificate evidencing the same, together with evidence of a fee ownerpayment of the required premiums. If Tenant fails to provide to Landlord any such policy or certificate by the required date for commencement of coverage, or within fifteen (15) days prior to expiration of any policy, or to pay the premiums therefor when required, Landlord shall have the right, but not the obligation, to procure said insurance and pay the premiums therefor. Any premiums so paid by Landlord shall be repaid by Tenant to Landlord with the next due installment of rent, and (c) failure to repay the same shall have the same consequences as failure to pay any management company retained by Landlord to manage the Projectinstallment of Rent. 21.7. 21.7 Landlord may provide the property insurance required under this Article 21 pursuant to a so-called blanket policy or policies of property insurance maintained by Landlord. 21.8 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, members, managers, partners, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its such waiving party's property or the property of others under such waiving party’s its control, in each case to the extent that such loss or damage is caused by or results from risks insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force which insures such waiving party's property at the time of such loss or damage. Such waivers , which waiver shall continue so in effect as long as their the parties' respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon Prior to obtaining the policies of insurance required or permitted under this Lease, Landlord and Tenant shall give notice to the insurance carrier or carriers insurers that the foregoing mutual waiver of subrogation is contained in this Lease. If , and each party shall use its best efforts to cause such policies shall not be obtainable with insurer to approve such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such in writing and to cause each insurance policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter obtained by it to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion provide that the area insurer waives all right of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver recovery by way of subrogation is desired refuses to pay against the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.other

Appears in 1 contract

Samples: Lease Agreement (Aethlon Medical Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform servicesservices for the Building or the Property. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses, subject to the limitations of Article 7. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Two Million Dollars ($1,000,0002,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial comprehensive general liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence and Five Million Dollars ($5,000,000) in the aggregate for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty ten (2010) days prior to the expiration of such policies, furnish Landlord with renewals or bindersrenewal certificates of insurance. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage or that would have been insured against had the waiving party carried the insurance required under this Lease. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Sonus Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant which become Landlord’s property upon Lease expiration or termination (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time reasonably designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for [intentionally omitted] (f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two ($1,000,0002) for property damage years thereafter. (g) During all construction by Tenant at the Premises, with respect to the Premisestenant improvements being constructed (including any Alterations, insurance required in Exhibit B-1 must be in place. 21.423.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals or bindersrenewal certificates of insurance. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc. and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Notwithstanding anything in this Lease to the contrary, Landlord and Tenant each and their insurers hereby waive any and all rights of recovery or subrogation against the other or against the party and their respective officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives lenders, with respect to any loss, damage, claims, suits or demands, howsoever caused, that are covered, or would have been covered by the insurance that each party is required to maintain under this Lease if such insurance had been obtained by such party, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other on account of party and its officers, directors, employees, agents, general partners, members, subsidiaries, affiliates and lenders, for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7same are available at commercially reasonable cost. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the their respective insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the such party seeking such policy shall notify the other party of such conditions, and in which event, if applicable, the notified party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree option to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Carbylan Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building Bent Building, the Bent Project and the Project Garage in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Bent Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesBent Project and Garage. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Phase 1 Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)); and pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits of not less than Three Million Dollars ($3,000,000) per occurrence and not less than Five Million Dollars ($5,000,000) in the aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease (excluding pollution and environmental liability insurance) shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and MBA-Xxxxxx Street and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said Such insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given); provided, however, that if the insurer is unwilling to provide such notice, Tenant shall provide such notice to Owner in accordance with the foregoing requirements. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. In the event that Tenant’s policy may be is a “blanket policy” that ”, such policy shall specifically provides provide that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in a Building(s), any portion of the Building Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage any portion of the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Bent Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Idenix Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability with insurers financially acceptable and lawfully authorized to do business in the state where the Project is located Commercial General Liability insurance on a broad-based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises (including $100,000 fire legal liability (each loss)) with a ($2,000,000) products and completed operations aggregate. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant and Tenant’s use or occupancy of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). Should carrier be unwilling or unable to provide such notice, Tenant shall provide notice to Landlord in accordance with this Section. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being reasonably required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Inovio Pharmaceuticals, Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintainmaintain (but Tenant shall not be required to pay the incremental costs of obtaining limits greater than the full replacement cost, as determined by Landlord in its reasonable discretion), providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements or Alterations installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlordhereunder, without regard to whether or not such improvements or Alterations are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating ExpensesBuildings. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesPremises. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs firstDate, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy The insurer shall be subject endeavor to cancellation or reduction or diminishment except after provide Landlord at least thirty (30) days’ prior written notice to Landlord from of any reduction of coverage, other modification or cancellation of such policy (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to on or before the expiration of such policies, furnish Landlord with renewals a copy of a certificate of insurance for Tenant from a duly licensed insurance company showing all premiums due on the renewal or binderssuccessor policy have been paid at the time such premiums are due and payable and showing the insurance provided by the renewal or successor policy to be in full force and effect. Tenant agrees that if Tenant does not take out and or does not maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Subject to Section 20.5, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Premises or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectPremises. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or Lender, if any, to bring coverage limits to levels then being required of new similarly situated tenants within under leases of premises that are comparable in size to the ProjectPremises, used for similar purposes as the Premises are used and located in buildings comparable in quality to, and in the general vicinity of, the Building. In addition, upon each tenth (10th) anniversary of the Term Commencement Date, Landlord may require insurance policy limits required under this Lease to be adjusted by the percentage change in the Consumer Price Index for All Urban Consumers for the San Diego metropolitan area, as published by the United States Department of Labor’s Bureau of Labor Statistics from the Term Commencement Date through such tenth (10th) anniversary of the Term Commencement Date. 21.9. Any costs incurred by Landlord pursuant to this Article 21 shall be included as Insurance Costs payable by Tenant pursuant to this Lease; provided, however, with respect to insurance coverage for environmental hazard and earthquake, if any, maintained by Landlord under Section 21.8, the costs included as Insurance Costs payable by Tenant pursuant to this Lease shall not exceed an amount equal to Tenant’s pro rata portion of the cost to Landlord of maintaining portfolio-wide policies with limits of up to $10,000,000 for environmental hazard and up to $20,000,000 for earthquake, in each case as may be adjusted by Landlord in its sole and absolute discretion on each anniversary of the Term Commencement Date of this Lease by the then most recent available 12-month percentage change in the Consumer Price Index for All Urban Consumers for the San Diego metropolitan area, as published by the United States Department of Labor’s Bureau of Labor Statistics.

Appears in 1 contract

Samples: Lease (Arena Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavationa) Tenant, foundations and footings, and without reference to depreciation taken by Landlord upon at its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofown expense, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss purchase and continuously maintain in effect during the period of repairs or rebuilding, workmen’s compensation Term an insurance and fidelity bonds for employees employed policy satisfactory to perform services. Notwithstanding Landlord with the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses.following minimum coverage: 21.2. In addition, Landlord shall carry commercial (i) Commercial general liability insurance with a combined single limit of not less than One Million Dollars $5,000,000 per person per occurrence and $5,000,000 annual aggregate for bodily injury and property damage; and ($1,000,000ii) for death Worker’s compensation coverage as required by the laws of the State of North Carolina. (b) Landlord agrees to continuously maintain in effect during the Term a property insurance policy covering the Parking Facility which policy covers all or bodily injury, or substantially all of the Landlord’s owned real property damage with limits and deductibles established by the Landlord from time to time with respect to all or substantially all of the ProjectLandlord’s real property; provided that the insurance policy shall contain, at a minimum, coverage for fire, vandalism, snow and ice damage, and loss or damage from lightning, windstorm, hail, explosion, riot, civil commotion, aircraft, vehicles, and smoke. Any costs incurred insurance required by Landlord pursuant to this Section 21.2 shall constitute a portion may be included as part of Operating Expensesany blanket or other policy of insurance covering other properties in which Landlord has an insurable interest and, in the case of other policies, may include additional named insureds. Required limits of coverage may be provided by umbrella policies if such policies in the aggregate provide the same coverage required by this Section. 21.3. (c) Notwithstanding any contrary provision in this Lease (including the indemnity in Section 9.1 hereof), Landlord and Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage agree that with respect to the Premises. 21.4. The any property loss which is covered by insurance then being carried or required to be purchased carried by them hereunder, the party carrying or required to carry such insurance releases waives and maintained by Tenant pursuant to this Lease shall name Landlorddischarges the other party of and from any and all claims, BioMed Realty, L.P., BioMed Realty Trust, Inc., defense costs and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating expenses arising out of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative related to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7loss. Landlord and Tenant further agree that each hereby waive any and all rights of recovery against their insurance policies (insuring the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s controlParking Facility, in each the case to of Landlord, and Tenant’s personal property, in the extent that such loss or damage is insured against under any fire case of Tenant) shall provide for an appropriate waiver of subrogation reflecting the release, waiver and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth discharge contained in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area9.2(c). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Parking Lease Agreement

Insurance; Waiver of Subrogation. 21.124.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, reasonably requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by LandlordLandlord that constitute Tenant’s property under this Lease, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred ; provided that Landlord shall provide insurance for any improvements installed by Landlord pursuant to Tenant that constitute Landlord’s property under this Section 21.1 shall constitute a portion of Operating ExpensesLease. 21.224.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of limits that will not be less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Such policy will include additional insureds and contractual indemnity provisions or endorsements. Prior to the Term Commencement Date, Landlord pursuant shall deliver certificates evidencing such coverage to this Section 21.2 shall constitute a portion Tenant and Landlord shall, at least twenty (20) days prior to the expiration of Operating Expensessuch policies, furnish Tenant with new certificates evidencing the renewal thereof. 21.324.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.424.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). Tenant shall provide Landlord with written notice of any reduction of coverage or other modification of Tenant’s insurance at least thirty (30) days’ prior to the date that such reduction or other modification becomes effective. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals certificates or bindersbinders evidencing renewals. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.524.5. Other than with respect to claims arising from the gross negligence, intentional misconduct or breach of this Lease by Landlord or its agents, employees, contractors or invitees, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.624.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.724.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage (or is required to have in place under this Lease). Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.724.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 24.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.724.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.824.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project; provided such levels shall not be increased more than once each year and in no event more than what is reasonably required by institutional lenders and owners in the same geographic area as the Project. 24.9. Any costs incurred by Landlord in obtaining the insurance it is required to carry under this Article 24 or in otherwise performing its obligations under this Article 24 shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Avi Biopharma Inc)

Insurance; Waiver of Subrogation. 21.1. 16.1 Landlord shall maintain insurance keep the Building (excluding any Tenant's Work or Tenant owned or installed property) and Landlord's property therein insured for the Building and the Project in amounts equal to full replacement cost value (without deducting depreciation) thereof (exclusive of the costs of excavationfoundations, foundations excavations and footings) against loss or damage by perils customarily included under standard "all-risk" (including boiler and machinery) policies and shall maintain liability insurance in amounts consistent with those of similar Class A Buildings. 16.2 Tenant shall maintain, and without reference to depreciation taken by Landlord upon shall cause any of its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord subtenants to maintain, providing protection against any peril generally included within for the classification “Fire benefit of, and Extended Coverage,” together with insurance against sprinkler damage (if applicable)name as an additional insured, vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure any mortgagee of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionBuilding management entity, Landlord shall carry and Tenant, as their interests may appear, (a) commercial general liability insurance, including contractual liability insurance or self-insurance covering Tenant's indemnity obligations hereunder, against claims for bodily injury or death, personal injury and property damage, occurring upon, in or about the Premises; with limits of liability with respect to bodily injury or death, personal injury, and property damage of $1,000,000 per occurrence and a $2,000,000 general aggregate; (b) business automobile coverage with limits of liability of $1,000,000 combined single limit per accident for bodily injury and property damage; (c) umbrella liability of not less than One Million Dollars $5,000,000 per occurrence and general aggregate; ($1,000,000d) for death insurance against loss or bodily injurydamage by such risks as are insurable under an "all risk" insurance policy, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shallTenant's Work, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy any Alterations installed by Tenant, if anyTenant's Furnishings and Tenant's other personal property, after termination of this Leasefor the full replacement cost thereof; (e) during such time as Tenant shall be constructing any Alterations, builder's risk insurance, completed value form, covering all physical loss and other costs and expenses (including, without limitation, architectural and engineering costs, general contractor overhead, project management expenses and legal fees) incurred in connection therewith, in an amount reasonably satisfactory to Landlord. If the aforesaid commercial general liability and/or umbrella policy is written for multiple locations, the policy must have an amendment that will ensure that the aggregate limit of insurance with limits will apply separately to each location. Certificates of insurance, showing that such insurance is in force and will not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after cancelled without thirty (30) days' prior written notice to Landlord from the insurer. All such policies shall be written as primary policiesfurnished to Landlord prior to Tenant's entering the Premises for the purpose of installing Tenant Work or Tenant's Furnishings. Thereafter, certificates showing renewal of, or substitution for, policies which expire shall be furnished not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty less than thirty (2030) days prior to the expiration of such policieseach policy. Tenant's coverage may be effected by blanket policies covering the Premises and other properties of Tenant, furnish or by self-insurance provided the requirements of Section 16.8 are satisfied. 16.3 All insurance required to be maintained by Tenant hereunder shall be written in form and substance satisfactory to Landlord by an insurance company with renewals or bindersan A.M. Best's rating of at least A licensed to do business in the State of New York, which shall be reasonably satisfactory to Landlord. Upon failure of Tenant to procure, maintain and pay all premiums therefor, Landlord may, at its option, do so, and Tenant agrees that if Tenant does not take out and maintain such insuranceto pay the cost thereof to Landlord, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry thirty (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (1030) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in after Tenant’s case, in the proportion that the area 's receipt of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insureran invoice therefor. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (Agency Com LTD)

Insurance; Waiver of Subrogation. 21.1. 21.1 Landlord shall maintain insurance for the Building and the Project Property in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. So long as Tenant leases the entire Property, Tenant shall have the right to request that Landlord secure additional earthquake coverage for the Property above Landlord’s then existing coverage, if any. As soon as practicable after receiving such request, which request shall include the coverage Tenant desires and the maximum premium Tenant is willing to pay, Landlord shall use commercially reasonable efforts to secure bids from at least two insurance companies for such insurance, which may be in the form of a separate policy for the Property, and provide the terms of the bids to Tenant; provided however, Landlord shall not be required to comply with such request if (a) it has previously received a request within the last calendar year or (b) Landlord reasonably determines that such additional coverage would adversely affect any other insurance coverage carried by Landlord. If Tenant confirms in writing within ten (10) days following the receipt of the bids its willingness to pay the premium for such insurance, Landlord shall as soon as practicable commence carrying such insurance at Tenant’s sole cost and expense. Upon Tenant’s request, but not more than once every six months, Landlord shall provide Tenant evidence of Landlord’s then existing earthquake coverage for the Property. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 21.2 In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesProperty. 21.3. 21.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancyoccupancy of any portion of the Premises or the date on which Tenant takes possession of the Premises in order to construct the Tenant Improvements, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or death, bodily injury and not less than One Million Dollars ($1,000,000) for or property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. 21.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII IX in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy.that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 21.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 21.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Property or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectProperty. 21.7. 21.7 Notwithstanding anything in this Lease to the contrary, Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage or is required to be insured against under this Lease. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. Such waivers shall continue so long as their respective insurers permit. If such waivers are no longer permitted by an insurer, the following provisions shall apply. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 21.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or Lender. 21.9 Any costs incurred by Landlord pursuant to bring coverage limits this Section 21 shall be included as Insurance Costs payable by Tenant pursuant to levels then being required this Lease, subject to the terms of new tenants within the ProjectSection 16.3.

Appears in 1 contract

Samples: Lease (Zosano Pharma Corp)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with reasonable requirements of Landlord’s Lender or Lender. 23.9. Any costs incurred by Landlord pursuant to bring coverage limits to levels then being required this Article shall constitute a portion of new tenants within the ProjectOperating Expenses.

Appears in 1 contract

Samples: Lease (BIND Therapeutics, Inc)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant's first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant's expense, commercial general liability insurance, on an occurrence basis, insuring Tenant and Tenant's agents, employees and independent contractors against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $1,000,000.00 and a general aggregate limit of $2,000,000.00. Such insurance shall: (i) name Landlord, and Landlord's lenders if required by such lenders, and any management company retained to manage the Project if requested by Landlord, as additional insureds; (ii) include a broad form contractual liability endorsement insuring Tenant's indemnity obligations under Section 20.1; and (iii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for the Building maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), "all risk" insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering the Project in amounts equal to full replacement cost (exclusive of the costs of excavationexcavations, foundations and footings, and without reference including the Tenant Improvements), in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof. If any boilers or other pressure vessels or systems are installed on the Premises, Landlord shall maintain, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), boiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, and Landlord's lenders if required by such lenders, as their interests may appear; (ii) contain a Lender's Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord's lenders and name Landlord, or Landlord's lender if required by such lender, as the loss payee; (iii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds; and (iv) provide that it is primary coverage and non-contributing with any insurance maintained by Landlord or Landlord's lenders, which shall be excess insurance. The full replacement value of the Project, including the Tenant Improvements and other improvements and fixtures insured thereunder, shall, for the purpose of establishing insurance limits and premiums only, be determined by the company issuing the insurance policy and shall be redetermined by said company within six (6) months after completion of any material alterations or improvements to the Premises and otherwise at intervals of not more than three (3) years. Landlord shall promptly increase the amount of such the insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord carried pursuant to this Section 21.1 21.2 to the amount so redetermined. The proceeds of the insurance described in this Section shall constitute a portion be used for the repair, replacement and restoration of Operating Expensesthe Project, including the Tenant Improvements and other improvements and fixtures insured thereunder, as further provided in Article 22; provided, however, if this Lease is terminated after damage or destruction, the insurance policy or policies, all rights thereunder and all insurance proceeds shall be assigned to Landlord. 21.2. In addition21.3 At all times during this Lease, Landlord shall carry maintain, pursuant to requirements of its mortgage lender, subject to reimbursement by Tenant as an Operating Expense under Section 7.1(b), commercial general liability insurance insurance, including coverage for death, bodily injury and broad form property damage, with a combined single limit in an amount of not less than $1,000,000 per occurrence and $2,000,000 in the aggregate; umbrella excess liability coverage with a limit of not less than One Million Dollars $20,000,000 over primary insurance, which policy shall include coverage for water damage, assumed and contractual liability coverage, premises medical payment, and automobile liability; and rental and/or business interruption insurance to cover loss of income in an amount not less than eighteen ($1,000,00018) for death or bodily injury, or property damage with respect to months' projected receipts from the entire Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 21.4 At all times during the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost maintain, subject to be paid reimbursement by Tenant as Additional Rentan Operating Expense under Section 7.1(b), such additional or different insurance as may be reasonably necessary for the Project or required by Landlord's mortgage lender. 21.5. 21.5 At all times during the term of this Lease, Tenant assumes the risk of shall maintain, at Tenant's expense, "all risk" insurance against all damage and loss to any Tenant's Removable Property, including but not limited to fixtures, goods, inventory, merchandise, equipment equipment, records, research, experiments, animals and other living organisms, computer hardware and software, leasehold improvements, and Landlord other personal property of any nature whatsoever of Tenant or any subtenant of Tenant that may be occupying the Premises, or any portion thereof, from time to time, in an amount equal to the full replacement value thereof. Notwithstanding anything to the contrary contained here, Tenant shall be entitled to all proceeds from the insurance carried pursuant to this Section 21.5. 21.6 At all times during the term of this Lease, Tenant shall maintain workers' compensation insurance in accordance with Washington law, and employers' liability insurance with limits typical for companies similar to Tenant. 21.7 All of the policies of insurance referred to in this Article 21 shall be written by companies authorized to do business in Washington and rate A+VII or better in Best's Insurance Guide. Each insurer referred to in this Article 21 shall agree, by endorsement on the applicable policy or by independent instrument furnished to Landlord, that it will give Landlord, and Landlord's lenders if required by such lenders, at least ten (10) days' prior written notice before the applicable policy shall be canceled for non-payment of premium, and thirty (30) days' prior written notice before the applicable policy shall be canceled or reduced in coverage, scope, amount or other material term for any other reason (although any failure of an insurer to give notice as provided herein shall not be liable a breach of this Lease by Tenant). No policy shall provide for injury to Tenant’s business or any loss a deductible amount in excess of income therefrom$100,000, relative to such damage, all as more particularly set forth within this Leaseunless approved in advance in writing by Landlord. Tenant shallshall deliver to Landlord, at and to Landlord's lenders if required by such lenders, copies of the insurance policies required to be carried by Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage certified by the insurer, or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender insurance policies, issued by the insurer, together with evidence of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant payment of the real property upon which required premiums, prior to the Building is located required date for commencement of such coverage. At least fifteen (15) days prior to expiration of any such policy, Tenant shall deliver to Landlord, and Landlord's lenders if the interest of Landlord is required by such lenders, a certificate evidencing renewal, or shall become that a certified copy of a tenant under a ground lease rather than that new policy or certificate evidencing the same, together with evidence of a fee ownerpayment of the required premiums. If Tenant fails to provide to Landlord any such policy or certificate by the required date for commencement of coverage, or within fifteen (15) days prior to expiration of any policy, or to pay the premiums therefor when required, Landlord shall have the right, but not the obligation, to procure said insurance and pay the premiums therefor. Any premiums so paid by Landlord shall be repaid by Tenant to Landlord with the next due installment of rent, and (c) failure to repay the same shall have the same consequences as failure to pay any management company retained by Landlord to manage the Projectinstallment of Rent. 21.7. 21.8 Landlord may provide the property insurance required under this Article 21 pursuant to a so-called blanket policy or policies of property insurance maintained by Landlord. 21.9 Notwithstanding anything to the contrary herein, Landlord and Tenant each hereby waive waives any and all rights of recovery against the other or against the officers, directors, members, managers, partners, employees, agents subtenants, agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its such waiving party's property or the property of others under such waiving party’s its control, in each case which is actually insured against or which is required to the extent that such loss or damage is be insured against under any fire this Lease. All of Landlord's and extended coverage insurance policy that either Landlord or Tenant may have in force at Tenant's repair and indemnity obligations under the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver Lease shall be by written notice subject to the other party, containing a description of the circumstances hereinafter set forth waiver contained in this Section 21.7paragraph. Landlord and Tenant, upon Prior to obtaining the policies of insurance required or permitted under this Lease, Landlord and Tenant shall give notice to the insurance carrier or carriers insurers that the foregoing mutual waiver of subrogation is contained in this Lease, and each party shall use its best efforts to cause such insurer to approve such waiver in writing and to cause each insurance policy obtained by it to provide that the insurer waives all right of recovery by way of subrogation against the other party. If such policies shall written approval of such waiver of subrogation cannot be obtainable with such waiver obtained from any insurer or shall be so is obtainable only at a upon payment of an additional premium over that chargeable without such waiver, then which the party seeking to obtain the policy reasonably determines to be commercially unreasonable, the party seeking to obtain such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten twenty (1020) days thereafter to either either: (ai) procure such identify other insurance with companies reasonably satisfactory to the other party that will provide the written approval and waiver of subrogation; or (bii) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Nastech Pharmaceutical Co Inc)

Insurance; Waiver of Subrogation. 21.1. 23.1 Except as otherwise provided in Section 23.10 below, Landlord shall maintain insurance for the Unit (including the portion of the Tenant Improvements that are made a part of or affixed to the Building and the Project after completion of construction thereof) in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, in addition to insuring the Tenant Improvements to the extent set forth above, Landlord may, but shall not be deemed required to, provide insurance for any other improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Five Million Dollars ($1,000,0005,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 23.3 Prior to entering into the Term Commencement Date or the date of occupancy, whichever occurs firstPremises for any purpose, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability with insurers lawfully authorized to do business in the state where the Project is located, Tenant shall, at its own cost and expense, procure and maintain in effect the following insurance policies: a. Commercial General Liability insurance on a broad-based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and for property damage with respect to the Premises (including $100,000 fire legal liability (each loss)) with a Two Million Dollar ($2,000,000) products and completed operations aggregate; and pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits of not less than One Million Dollars ($1,000,000) for property damage per incident and not less than Two Million Dollars ($2,000,000) in the aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. Such environmental coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. 21.4b. Commercial property insurance with special causes of loss coverage, including earthquakes and flood insurance, insuring Tenant’s interest in any and all furniture, equipment, supplies, contents and other property owned, leased, held or possessed by it and contained therein (collectively, “Tenant’s Property”), such insurance coverage to be equal to the full insurable value of Tenant’s Property. c. Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance coverage shall be on a broad-based occurrence form with companies having a rating combined single limits of not less than policyholder rating of A- $1,000,000 per accident for bodily injury and financial category rating of at least Class VIII in “Best’s Insurance Guideproperty damage.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Spark Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.1. 22.1 Landlord shall maintain maintain: (a) through the Rent Commencement Date, builder’s risk insurance for the New Whole Tenant Building and New Multiple Tenant Building (provided that Landlord may cause such builder’s risk insurance to be maintained by its general contractor); and (b) after the Rent Commencement Date, property insurance (i) for the New Whole Tenant Building, New Multiple Tenant Building and the Linde Building and (ii) other portions of the Entire Project in amounts equal to full benefiting the Premises and not insured by Tenant or other tenants. Such property insurance shall cover one hundred percent (100%) of replacement cost (cost, exclusive of the costs of excavation, foundations and footings, footings and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such . Such insurance coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing provide protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding Tenant shall maintain: (a) during the foregoingconstruction of Tenant Improvements through the Rent Commencement Date, Landlord may, but shall not be deemed required to, provide insurance for the Tenant Improvements, and (b) on and after the Rent Commencement Date, property insurance on (i) the Tenant Improvements in the Premises or any other improvements now or in the future installed by Tenant in the Premises and (ii) Tenant’s Personal Property identified in the attached Exhibit C within the Premises in amounts equal to one hundred percent (100%) of replacement cost without reference to depreciation taken by Tenant upon its books or that are in addition to tax returns, which Tenant’s casualty insurance coverage shall provide protection for and cover any peril generally included within the standard improvements customarily furnished by Landlordclassification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), without regard to whether or not such are made a part of or are affixed to the Buildingvandalism and malicious mischief. Any costs incurred by Landlord pursuant to this Section 21.1 22.1 shall constitute a portion of Operating ExpensesExpenses (to be allocated in accordance with the CAM Pools), provided such costs cover insurance that is either: (a) commercially reasonable; (b) required by any lender to Landlord; or (c) consistent with Landlord’s national portfolio insurance program, as equitably allocated and pro-rated to the New Buildings, the Linde Building and the balance of the Entire Project among all the tenants (including Tenant) occupying the Entire Project. Any costs incurred by Tenant pursuant to this Section 22.1 shall be paid for by Tenant. 21.2. 22.2 In addition, Landlord shall carry commercial general public liability insurance with a minimum single limit of not less than One Ten Million Dollars ($1,000,00010,000,000) for death or bodily injury, or property damage with respect to the Entire Project. Any costs incurred by Landlord pursuant to this Section 21.2 22.1 shall constitute a portion of Operating ExpensesExpenses and shall be equitably allocated and pro-rated among all the tenants (including Tenant) occupying the Project in accordance with the CAM Pools. 21.3. 22.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date Date, or such earlier date on which Tenant enters the date of occupancy, whichever occurs firstPremises under Section 5.8, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Ten Million Dollars ($2,000,00010,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the Premises. 21.4Premises (including $1,000,000 fire legal liability (each loss)). The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective lenders, officers, employees, agents, general partners, partners and members and Lenders (“Landlord Parties”) as additional insureds. Said insured parties. 22.4 All insurance carried by Tenant shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other material modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the an amount of insurance that shall not be prejudiced by other losses covered by sufficient to provide the policycoverage set forth in this Article 22. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 22.5 Tenant assumes the risk of damage to any fixturesall of Tenant’s improvements in the New Buildings, goodsthe Tenants’ leasehold improvements in the Linde Building and all of Tenant’s personal property, inventoryincluding Tenant’s Personal Property set forth in the attached Exhibit C. Furthermore, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 22.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Buildings or the ProjectEntire Project (or any portion thereof), (b) the landlord Landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building Buildings is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectEntire Project (or any portion thereof). 21.7. 22.7 Landlord and Tenant each (and in the case of Tenant, any subtenant) hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.722.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 22.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.722.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 22.8 Landlord may require insurance policy limits required of Tenant under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required commercially reasonable levels. 22.9 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date, or such earlier date on which Tenant enters the Premises under Section 5.8, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of new tenants within this Lease) pollution and environmental liability insurance (covering the Projectenvironmental risks of Tenant’s business) with limits of not less than Three Million Dollars ($3,000,000) per occurrence and not less than Five Million Dollars ($5,000,000) in aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. Tenant shall name all Landlord Parties as additional insured parties under Tenant’s environmental insurance policy. Tenant shall give Landlord certificates of the foregoing reasonably satisfactory to Landlord.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may reasonably elect, provided that such coverage shall not be less than ninety ninety-five percent (9095%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “'s Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage," together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general comprehensive public liability insurance with a single limit limits of not less than One Five Million Dollars ($1,000,0005,000,000) per occurrence for death or bodily injury, injury or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders ("Landlord Parties") as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A minus and financial category rating of at least Class VIII X in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to cancellation or reduction or diminishment except after thirty (30) days' prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days' written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s 's policy may be a "blanket policy" that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvementsimprovements owned by Tenant, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s 's sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s 's written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s 's control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage or is required to be carried under this Lease. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease, to the extent required by the applicable insurance policy. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s 's case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s 's insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised from time to conform with requirements time, provided, that, such increases shall not exceed the coverage amounts required by landlords in other Comparable Buildings. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the ProjectOperating Expenses.

Appears in 1 contract

Samples: Lease (Macrogenics Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Two Million Dollars ($1,000,0002,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)); and pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits of not less than Three Million Dollars ($3,000,000) per occurrence and not less than Five Million Dollars ($5,000,000) in the aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Alnylam Pharmaceuticals, Inc.)

Insurance; Waiver of Subrogation. 21.120.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the BuildingBuildings. Any costs incurred by Landlord pursuant to this Section 21.1 20.1 shall constitute a portion of Operating ExpensesInsurance Costs. 21.220.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Ten Million Dollars ($1,000,00010,000,000) for death or bodily injury, or property damage with respect to the ProjectPremises. Any costs incurred by Landlord pursuant to this Section 21.2 20.2 shall constitute a portion of Operating ExpensesInsurance Costs. 21.320.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the Premises. 21.420.4. Tenant shall, at its sole cost and expense, procure and maintain in effect, beginning on the Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term all insurance required to be maintained by the Parcels 1&2 Owner (as defined in the REA) in connection with the Property (as defined in the REA) pursuant to Section 6 of the REA. 20.5. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name show, as an additional insured in respect of the Premises, Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Tenant, any management company retained by Landlord to manage the Premises, any ground lessor and their respective officersany mortgagee of Landlord required to be named pursuant to its mortgage documents. All public liability and property damage policies shall contain a provision that Landlord, employeesalthough named as an insured, agentsnevertheless shall be entitled to recovery under said policies for any loss occasioned to it, general partnersits servants, members agents and Lenders (“Landlord Parties”) as additional insuredsemployees by reason of the negligence of Tenant. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.520.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Lease unless caused by Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building gross negligence or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.willful

Appears in 1 contract

Samples: Lease Agreement (Illumina Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintainmaintain (but Tenant shall not be required to pay the incremental costs of obtaining limits greater than the full replacement cost, as determined by Landlord in its reasonable discretion), providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements or Alterations installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlordhereunder, without regard to whether or not such improvements or Alterations are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Buildings; provided, however, upon payment of the Building E Additional Purchase Price, the Premises hereunder shall include the Tenant Improvements constructed in accordance with Section 21.1 shall constitute a portion of Operating Expenses16. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesPremises. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs firstDate, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy The insurer shall be subject endeavor to cancellation or reduction or diminishment except after provide Landlord at least thirty (30) days’ prior written notice to Landlord from of any reduction of coverage, other modification or cancellation of such policy (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to on or before the expiration of such policies, furnish Landlord with renewals a copy of a certificate of insurance for Tenant from a duly licensed insurance company showing all premiums due on the renewal or binderssuccessor policy have been paid at the time such premiums are due and payable and showing the insurance provided by the renewal or successor policy to be in full force and effect. Tenant agrees that if Tenant does not take out and or does not maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Subject to Section 20.5, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Premises or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is Buildings are located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectPremises. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or Lender, if any, to bring coverage limits to levels then being required of new similarly situated tenants within under leases of premises that are comparable in size to the ProjectPremises, used for similar purposes as the Premises are used and located in buildings comparable in quality to, and in the general vicinity of, the Buildings. In addition, upon each tenth (10th) anniversary of the Term Commencement Date, Landlord may require insurance policy limits required under this Lease to be adjusted by the percentage change in the Consumer Price Index for All Urban Consumers for the San Diego metropolitan area, as published by the United States Department of Labor’s Bureau of Labor Statistics from the Term Commencement Date through such tenth (10th) anniversary of the Term Commencement Date. 21.9. Any costs incurred by Landlord pursuant to this Article 21 shall be included as Insurance Costs payable by Tenant pursuant to this Lease; provided, however, with respect to insurance coverage for environmental hazard and earthquake, if any, maintained by Landlord under Section 21.8, the costs included as Insurance Costs payable by Tenant pursuant to this Lease shall not exceed an amount equal to Tenant’s pro rata portion of the cost to Landlord of maintaining portfolio-wide policies with limits of up to $10,000,000 for environmental hazard and up to $20,000,000 for earthquake, in each case as may be adjusted by Landlord in its sole and absolute discretion on each anniversary of the Term Commencement Date of this Lease by the then most recent available 12-month percentage change in the Consumer Price Index for All Urban Consumers for the San Diego metropolitan area, as published by the United States Department of Labor’s Bureau of Labor Statistics.

Appears in 1 contract

Samples: Lease (Arena Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.1. 21.1 Landlord shall maintain maintain: (a) through the Building 8 Rent Commencement Date and the Building 9 Rent Commencement Date, respectively, builder’s risk insurance for Building 8 and Building 9, as the case may be (provided that Landlord may cause such builder’s risk insurance to be maintained by its general contractor); and (b) NY\5747656.2 after the Building 8 Rent Commencement Date and the Building 9 Rent Commencement Date, respectively, property insurance (i) for Building 8 and Building 9, as the case may be, and (ii) other portions of the Entire Project in amounts equal benefiting the Premises and not required to full be insured by Tenant under this Lease or by other tenants. Such property insurance shall cover one hundred percent (100%) of replacement cost (cost, exclusive of the costs of excavation, foundations and footings, footings and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such . Such insurance coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing provide protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding Tenant shall maintain: (j) during the foregoingconstruction of Tenant Improvements through the Building 8 Rent Commencement Date and the Building 9 Rent Commencement Date, Landlord mayrespectively, but shall not be deemed required to, provide insurance for the Tenant Improvements, and (k) on and after the Building 8 Rent Commencement Date and the Building 9 Rent Commencement Date, respectively, property insurance on (i) the Tenant Improvements in the Premises or any other improvements now or in the future installed by Tenant in the Premises and (ii) Tenant’s Personal Property identified in the attached Exhibit C within the Premises in amounts equal to one hundred percent (100%) of replacement cost without reference to depreciation taken by Tenant upon its books or that are in addition to tax returns, which Tenant’s casualty insurance coverage shall provide protection for and cover any peril generally included within the standard improvements customarily furnished by Landlordclassification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), without regard to whether or not such are made a part of or are affixed to the Buildingvandalism and malicious mischief. Any costs incurred by Landlord pursuant to this Section 21.1 shall (q) prior to the Building 8 Operating Expense Commencement Date and the Building 9 Operating Expense Commencement date, as applicable, constitute a Project Cost and (r) after the Building 8 Operating Expense Commencement Date and the Building 9 Operating Expense Commencement date, as applicable, constitute a portion of Operating ExpensesExpenses (to be allocated in accordance with the CAM Pools), provided such costs cover insurance that is either: (x) commercially reasonable; (y) required by any lender to Landlord or (z) consistent with Landlord’s national portfolio insurance program, as equitably allocated and pro‑rated among all the tenants (including Tenant) occupying the Entire Project. Any costs incurred by Tenant pursuant to this Section 21.1 shall be paid for by Tenant. 21.2. 21.2 In addition, Landlord shall carry commercial general public liability insurance with a minimum single limit of not less than One Ten Million Dollars ($1,000,00010,000,000) for death or bodily injury, or property damage with respect to the Entire Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesExpenses and shall be equitably allocated and pro‑rated among all the tenants (including Tenant) occupying the Entire Project in accordance with the CAM Pools. 21.3. 21.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Ten Million Dollars ($2,000,00010,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the Premises. 21.4Premises (including $1,000,000 fire legal liability (each loss)). The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective lenders, officers, employees, agents, general partners, partners and members and Lenders (“Landlord Parties”) as additional insureds. Said insured parties. 21.4 All insurance carried by Tenant shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other material modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days’ prior written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the an amount of insurance that shall not be prejudiced by other losses covered by sufficient to provide the policycoverage set forth in this Article. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent.. NY\5747656.2 21.5. 21.5 Tenant assumes the risk of damage to any fixturesall of Tenant’s improvements in the Premises and all of Tenant’s personal property, goodsincluding Tenant’s Personal Property set forth in the attached Exhibit C. Furthermore, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 21.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Buildings or the ProjectEntire Project (or any portion thereof), (b) the landlord Landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building Buildings is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectEntire Project (or any portion thereof). 21.7. 21.7 Landlord and Tenant each (and in the case of Tenant, any subtenant) hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 21.8 Landlord may require insurance policy limits required of Tenant under this Lease to be raised to conform with to requirements of Landlord’s Lender or to bring coverage limits to levels then being required commercially reasonable levels. 21.9 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date and continuing throughout the Term (and occupancy by Tenant, if any, after termination of new tenants within this Lease) pollution and environmental liability insurance (covering the Projectenvironmental risks of Tenant’s business) with limits of not less than Three Million Dollars ($3,000,000) per occurrence and not less than Five Million Dollars ($5,000,000) in aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant. Tenant shall name all Landlord Parties as additional insured parties under Tenant’s environmental insurance policy. Tenant shall give Landlord certificates of the foregoing reasonably satisfactory to Landlord.

Appears in 1 contract

Samples: Lease Agreement (Regeneron Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. mischief Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (bh) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Organovo Holdings, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect), provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “'s Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage," together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers' Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant's Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant's agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, "Tenant Work"), shall name Landlord and Landlord's current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an "all risk" of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant's lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months' extended period of indemnity. (d) Workers' Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers' Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for [Intentionally Omitted]. (f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two ($1,000,0002) for property damage years thereafter. (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including the PremisesTenant Improvements and any Alterations), insurance required in Exhibit B-1 must be in place. 21.423.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in "A.M. Best’s 's Insurance Guide.” " current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days' prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days' written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount 's required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders ("Landlord Parties") as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant's use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.500.0. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In Xx each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s 's written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant's business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant's sole cost and expense, carry such insurance as Tenant desires for Tenant's protection with respect to personal property of Tenant or business interruption. 23.7. Landlord and Tenant each and their insurers hereby waive any and all rights of recovery or subrogation against the other or against the party and their respective officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives lenders, with respect to any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other on account of party and its officers, directors, employees, agents, general partners, members, subsidiaries, affiliates and lenders, for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers such party's insurer's so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the their respective insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the such party seeking such policy shall notify the other party of such conditions, and in which event, if applicable, the notified party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree option to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s 's Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Natera, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain property insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended CoverageSpecial Form,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord reasonably deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord; provided that Landlord shall provide insurance for the Tenant Improvements to the extent the same constitute fixtures of the Building that are owned by Landlord pursuant to this Lease, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a combined single limit limits of not less than One Five Million Dollars ($1,000,0005,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant , to this Section 21.2 shall constitute a portion of Operating Expensesbe written on an occurrence basis. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on during the Term Commencement Date or the date following insurance for the benefit of occupancyTenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, whichever occurs firstwith coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and continuing throughout contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the Term primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and occupancy property damage. (c) Property insurance covering property damage to the full replacement cost value. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, if anyor Tenant’s agents, after termination employees or subcontractors. Such insurance shall be written on an “all risk” of this Leasephysical loss or damage basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. (d) commercial general liability Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises and for a period of two (2) years thereafter. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate. The provisions of this Section shall survive the expiration or earlier termination of this Lease. ($1,000,000f) for property damage During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including the Premises. 21.4Tenant Improvements and any Alterations, insurance required in Exhibit B-1 must be in place. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non- payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty no later than five (205) business days prior to the expiration after replacement or renewal of such policiesany policy required hereunder, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, and such failure continues for five (5) days after written notice to Tenant, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.4. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. No such additional insured coverage shall protect or insure against loss arising from the gross negligence of an additional insured. 21.723.5. Subject to Section 23.6, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements (except to the extent caused by Landlord’s gross negligence or willful misconduct). Further, Tenant assumes the risk of and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.6. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned sustained by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against (or required under this Lease to be insured) under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage or is obligated to carry pursuant to this Lease. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be generally obtainable from reputable insurers with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainablegenerally unobtainable from reputable insurers, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the liability of the other party’s insurer. 21.823.7. Any costs incurred by Landlord may require insurance policy limits required under pursuant to this Lease to be raised to conform with requirements Article shall constitute a portion of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the ProjectOperating Expenses.

Appears in 1 contract

Samples: Sublease (Momenta Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Phase 1 Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $ 100,000 fire legal liability (each loss)). 21.4. 23.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancelled or suffer a reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 23.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 23.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.7. 23.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall , or would be by written notice insured against under any fire and extended coverage insurance policy that either Landlord or Tenant is required to the other party, containing a description of the circumstances hereinafter set forth in obtain under this Section 21.7Lease. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 23.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with reasonable requirements of Landlord’s Lender or to bring coverage limits to levels then being reasonably required of new tenants within the Project. 23.9 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses (but only to the extent includable in the definition of Operating Expenses).

Appears in 1 contract

Samples: Lease (aTYR PHARMA INC)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Five Million Dollars ($1,000,0005,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on a “special form” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for death or bodily injury and Medical malpractice insurance at limits of not less than One Million Dollars ($1,000,000) for property damage with respect to 1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises. 21.4(f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two (2) years thereafter. (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including any Alterations), insurance required in Exhibit B-1 must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty five (205) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Landlord, Tenant and their respective insurers hereby waive any and all rights of recovery or subrogation against the other party with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Landlord and Tenant agree to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7subrogation from insurers. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Ignyta, Inc.)

Insurance; Waiver of Subrogation. 21.1. 24.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, terrorism, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, if any, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 24.1 shall constitute a portion of Operating Expenses. 21.2. 24.2 In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Ten Million Dollars ($1,000,00010,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 24.2 shall constitute a portion of Operating Expenses. 21.3. 24.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Ten Million Dollars ($2,000,00010,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the Premises. 21.4. 24.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 24.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvementsimprovements that are Tenant’s property under this Lease, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 24.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 24.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.724.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 24.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.724.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 24.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (Epicept Corp)

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Insurance; Waiver of Subrogation. 21.1. Landlord Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety one hundred percent (90100%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, 's mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if Landlord deems it appropriate, coverage insure against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding All insurance procured by Landlord shall be maintained with an insurance company authorized to do business in the foregoingState of Maryland with a then current Xxxxxx X. Best Company, Inc. (or if it no longer exists, a comparable rating service) general policy maker's rating of A or better and financial size category of Class XII or higher. Landlord mayshall promptly deliver to Tenant written notice of (i) any substitution of such company or companies, but and (ii) any change in their Xxxxxx X. Best Company, Inc. general policy maker's rating of any such company or substituted company. Landlord shall also maintain boiler and machinery coverage in a type and amount normally maintained by prudent owners of buildings managed and operated in a first class manner. The deductible on Landlord's All Risk Coverage Insurance shall not exceed One Hundred Thousand Dollars ($100,000.00) or such greater amount as shall be deemed required to, provide insurance for any improvements installed commercially reasonable and as may customarily be accepted from time to time by Tenant or that are prudent owners of buildings managed in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Buildingfirst class manner. Any costs incurred insurance required to be carried by Landlord pursuant to under this Lease shall be noncontributory and primary over any policy that might be carried by Tenant. Landlord shall provide certificates of insurance on XXXXX form 27 evidencing all insurance required under this Section 21.1 shall constitute a portion of Operating Expenses21.1. 21.2. In additionLandlord, Landlord as part of Operating Expenses, shall further carry commercial general liability insurance with a single loss limit of not less than One Ten Million Dollars ($1,000,00010,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred Landlord's commercial general liability insurance policy shall name Tenant as an additional insured. No insurance policy required under this Lease to be obtained by Landlord pursuant shall be cancelable or subject to this Section 21.2 shall constitute a portion reduction of Operating Expensescoverage or other modification or cancellation except after thirty (30) days prior written notice to Tenant from the insurer. 21.3. Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after the expiration or earlier termination of this Lease) commercial general liability insurance with limits of not less than Two Ten Million Dollars ($2,000,00010,000,000.00) per occurrence for combined single limit for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Demised Premises. 21.4. Tenant shall have the right, upon sixty (60) days' prior written notice to Landlord, to obtain any insurance policy required under this Lease to be obtained by Landlord, provided that Tenant names Landlord as an additional insured with respect to such insurance policy or policies. In the event Tenant obtains insurance pursuant to this Section 21.4, Landlord shall reimburse Tenant for the cost of the premiums for such insurance within thirty (30) days after delivery by Tenant of evidence of payment therefor, and Landlord shall then be permitted to pass through the costs of such insurance premiums to tenants of the Building or the Project as Operating Expenses. 21.5. The insurance required to be purchased and maintained by of Tenant pursuant to this Lease in Section 21.3 shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective its officers, employees, employees and agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its require Tenant to pay for the additional cost to be paid by Tenant of such insurance as Additional Rent. 21.521.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.621.7. In each instance where insurance is to name Landlord Parties as an additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as an additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the Building or the Project. 21.721.8. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, Tenant upon obtaining the policies of insurance required or permitted under this Lease, Lease shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in the Tenant’s 's case, in the proportion that which the area of the Demised Premises bears to the insured area). If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 21.8 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.8 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s other's insurer. 21.821.9. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or 's lender and/or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (North American Vaccine Inc)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for death or bodily injury and Medical malpractice insurance at limits of not less than One Million Dollars ($1,000,000) for property damage with respect to 1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises. 21.4(f) Intentionally omitted. (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including any Alterations, insurance required in Exhibit B-1 must be in place. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, and Umbrella Liability as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 23.4 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Landlord Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.6 Tenant and its insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant agrees to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of Landlord Parties for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 23.7 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.8 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.9 The provisions of this Section shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Gritstone Oncology, Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and Property (including the Project Diversified Space) in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the BuildingBuildings. Any costs incurred by Landlord pursuant to this Section 21.1 23.1 shall constitute a portion of Operating ExpensesInsurance Costs. 21.223.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Ten Million Dollars ($1,000,00010,000,000) for death or bodily injury, or property damage with respect to the ProjectProperty (including the Diversified Space). Any costs incurred by Landlord pursuant to this Section 21.2 23.2 shall constitute a portion of Operating ExpensesInsurance Costs. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesProperty (including the Diversified Space). 21.423.4. Tenant shall, at its sole cost and expense, procure and maintain in effect, beginning on the Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term all insurance required to be maintained by the Parcel 3 Owner (as defined in the REA) in connection with the Parcel 3 Land (as defined in the REA) pursuant to Section 6 of the REA. 23.5. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name show, as an additional insured in respect of the Property, Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Tenant, any management company retained by Landlord to manage the Property, any ground lessor and their respective officersany mortgagee of Landlord required to be named pursuant to its mortgage documents. All public liability and property damage policies shall contain a provision that Landlord, employeesalthough named as an insured, agentsnevertheless shall be entitled to recovery under said policies for any loss occasioned to it, general partnersits servants, members agents and Lenders (“Landlord Parties”) as additional insuredsemployees by reason of the negligence of Tenant. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this LeaseLease unless caused by Landlord’s gross negligence or willful misconduct. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.7. In each instance where Tenant’s insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds the same to (a) any Lender of Landlord holding a security interest in the Building Property or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is Buildings are located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectProperty. 21.723.8. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.723.8. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 23.8 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.723.8, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Illumina Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall include Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus sixty (60) days’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats hazardous materials, as determined by Landlord in its commercially reasonable discretion, on or about the Premises (other than office and janitorial supplies customarily used in commercial buildings). Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate. ($1,000,000f) for property damage During all construction by Tenant at the Premises, with respect to the Premises.tenant improvements being constructed (including any Alterations, insurance required in Exhibit B-1 must be in place. SMRH:418641349.9 36 21.423.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or bindersrenewal certificates of insurance. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Affymetrix Inc)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant’s first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, commercial general liability insurance, on an “occurrence” basis (or on a “claims made” basis if “occurrence” basis insurance is not available on commercially reasonable terms), insuring Tenant and Tenant’s agents, employees and independent contractors against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $2,000,000.00 and a general aggregate limit of $4,000,000.00. Such insurance shall: (i) name Landlord, and Landlord’s lenders if required by such lenders, and any management company retained to manage the Premises if requested by Landlord, as additional insureds; (ii) include a broad form contractual liability endorsement insuring Tenant’s indemnity obligations under Section 20.1; (iii) include a products liability coverage endorsement (with limits of $2,000,000.00 on a “claims made” basis), a boiler and machinery liability endorsement, and a products completed operations coverage endorsement; (iv) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord’s lenders, which shall be excess insurance with respect only to losses arising out of Tenant’s negligence; (v) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds; and (vi) provide for a deductible of not more than $100,000.00 per claim. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for maintain, subject to reimbursement by Tenant as Operating Expenses under Section 7.1, “all risk” insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavationexcavations, foundations and footings), the Tenant Improvements, and without reference all other improvements and fixtures that may be constructed or installed on the Premises by Landlord, in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof. If any boilers or other pressure vessels or systems are installed on the amount of such insurance Landlord’s lenderPremises, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to shall maintain, providing protection subject to reimbursement by Tenant as an Operating Expense, boiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. After the Term Commencement Date, at all times during the course of any major demolition or construction permitted hereunder, or any restoration pursuant to Articles 22 or 23, Landlord shall maintain, subject to reimbursement by Tenant as Operating Expenses, “all risk” builder’s risk insurance, including, but not limited to, coverage against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler loss or damage (if applicable)by fire, vandalism and malicious mischief, covering improvements in place and all material and equipment at the job site furnished under contract, in an amount equal to one hundred percent (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, subject to availability thereofand Landlord’s lenders if required by such lenders, shall further insureas their interests may appear; (ii) contain a Lender’s Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord’s lenders and name Landlord, or Landlord’s lender if Landlord deems it appropriaterequired by such lender, coverage against floodas the loss payee; (iii) provide for severability of interests or include a cross-liability endorsement, environmental hazard, earthquake, loss such that an act or failure omission of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but an insured shall not reduce or avoid coverage of other insureds; (iv) include a building ordinance endorsement, an agreed amount endorsement and an inflation endorsement; (v) provide that it is primary coverage and noncontributing with any other insurance maintained by Landlord or Landlord’s lenders, which shall be deemed required toexcess insurance; and (vi) provide for deductibles of not more than $100,000.00 per claim. The full replacement value of the Building, provide the Tenant Improvements and other improvements and fixtures insured thereunder shall, for the purpose of establishing insurance for limits and premiums only, be determined by the company issuing the insurance policy and shall be redetermined by said company within six (6) months after completion of any material alterations or improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or Premises and otherwise at intervals of not such are made a part of or are affixed to the Buildingmore than three (3) years. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability promptly increase the amount of the insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord carried pursuant to this Section 21.2 to the amount so redetermined. Landlord warrants that the proceeds of the insurance described in this Section shall constitute a portion be used for the repair, replacement and restoration of Operating Expensesthe Premises and the Tenant Improvements and other improvements and fixtures insured thereunder, as further provided in Article 22; provided, however, if this Lease is terminated after damage or destruction, the insurance policy or policies, all rights thereunder and all insurance proceeds shall be assigned to Landlord. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 21.3 At all times during the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease, Tenant shall maintain, at Tenant’s expense, business interruption insurance in order to insure that the Basic Annual Rent and Operating Expenses provided for hereunder will be paid for a period of up to one (1) commercial general year after any casualty insured against by all risk policy of insurance described in Section 21.2 above or any restriction of access to the Premises as a result of such casualty. 21.4 At all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, “all risk” insurance against all other personal property, including trade fixtures, equipment and merchandise, of Tenant in an amount equal to the full replacement value thereof. Any subtenant of Tenant that may be occupying the Premises, or any portion thereof, from time to time, shall be required to maintain similar insurance in an amount equal to the full replacement value thereof. 21.5 At all times during the term of this Lease, Tenant shall maintain workers’ compensation insurance in accordance with California law, and employers’ liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence typical for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect companies similar to the PremisesTenant. 21.4. The 21.6 All of the policies of insurance required referred to be purchased and maintained by Tenant pursuant to in this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article 21 shall be with written by companies having a rating of not less than policyholder rating of A- authorized to do business in California and financial category rating of at least Class VIII rated A or better in Best’s Insurance Guide.” Tenant . Each insurer referred to in this Article 21 shall obtain for Landlord from agree, by endorsement on the insurance companies applicable policy or cause the insurance companies to furnish certificates of coverage by independent instrument furnished to Landlord. No , that it will give Landlord, and Landlord’s lenders if required by such lenders, at least ten (10) days’ prior written notice by registered mail before the applicable policy shall be subject to cancellation or reduction or diminishment except after canceled for non-payment of premium, and thirty (30) days’ prior written notice to Landlord from by registered mail before the insurer. All such policies applicable policy shall be written as primary policiescanceled or altered in coverage, not contributing with scope, amount or other material term for any other reason. 21.7 Landlord and not in excess Tenant may provide the insurance required under this Article 21 pursuant to a so-called blanket policy or policies of the coverage that property insurance maintained by Landlord may carry. or Tenant’s policy may be a “blanket policy” that specifically provides ; provided, however, that the amount and type of insurance coverage shall not be prejudiced reduced or adversely affected from that which would exist under a separate policy or policies meeting all of the requirements of this Lease by other losses covered by reason of the policy. Tenant shall, at least twenty (20) days prior to the expiration use of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such a blanket policy of property insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rentprovided further that the requirements of this Article 21 are otherwise satisfied. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 21.8 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, partners, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its party’s property or the property of others under such waiving party’s its control, in each case to the extent that such loss or damage is caused by or results from risks insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force which insures such waiving party’s property at the time of such loss or damage. Such waivers , which waiver shall continue so in effect as long as the parties’ respective insurers permit such waiver under the terms of their respective insurers so permitinsurance policies or otherwise in writing. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon Prior to obtaining the policies of insurance required or permitted under this Lease, Landlord and Tenant shall give notice to the insurance carrier or carriers insurers that the foregoing mutual waiver of subrogation is contained in this Lease, and each party shall use its best efforts to cause such insurer to approve such waiver in writing and to cause each insurance policy obtained by it to provide that the insurer waives all right of recovery by way of subrogation against the other party. If such policies shall written approval of such waiver of subrogation cannot be obtainable with such waiver obtained from any insurer or shall be so is obtainable only at a upon payment of an additional premium over that chargeable without such waiver, then which the party seeking to obtain the policy reasonably determines to be commercially unreasonable, the party seeking to obtain such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten twenty (1020) days thereafter to either either: (ai) procure such identify other insurance with companies reasonably satisfactory to the other party that will provide the written approval and waiver of subrogation; or (bii) agree to pay such additional premium premium. If neither (in Tenant’s casei) nor (ii) are done, in the proportion that mutual waiver set forth above shall not be operative, and the area party seeking to obtain the policy shall be relieved of the Premises bears obligation to obtain the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect insurer’s written approval and waiver of subrogation with respect to such policy during such time as such policies shall policy is not be obtainable or the party in whose favor is obtainable only upon payment of a waiver of subrogation is desired refuses to pay the commercially unreasonable additional premiumpremium as described above. If such policies shall at any subsequent time be unobtainableobtainable or obtainable upon payment of a commercially reasonable additional premium, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.721.8, shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other partyother’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Sublease (Salmedix Inc)

Insurance; Waiver of Subrogation. 21.1. 17.1 Landlord shall maintain insurance keep the Building (excluding any Tenant’s Work and/or Tenant installed Alterations above the Building standard for same and Tenant’s Furnishings and Tenant’s other personal property) and Landlord’s property therein insured for the Building and the Project in amounts equal to full replacement cost value (without deducting depreciation) thereof (exclusive of the costs of excavationfoundations, foundations excavations and footings) against loss or damage by perils customarily included under standard “all-risk” policies. 17.2 Tenant shall maintain as named insured, and without reference to depreciation taken by Landlord upon shall cause any of its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord subtenants to maintain, providing protection against any peril generally included within for the classification “Fire benefit of, and Extended Coverage,” together with insurance against sprinkler damage (if applicable)name as an additional insured, vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Master Landlord, without regard to whether any mortgagees of either Landlord or not such are made a part of or are affixed to Master Landlord, the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionBuilding management entity, Landlord shall carry commercial general and Tenant, as their interests may appear, (a) public liability insurance with a single broad form commercial liability endorsement, including contractual liability insurance covering Tenant’s indemnity obligations hereunder, against claims for death, personal injury and property damage, occurring upon, in or about the Premises; such insurance shall be carried in a minimum amount of not less than Five Million ($5,000,000) Dollars for bodily injury or death to any one person or any number of persons or property damage in any one occurrence; (b) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard tenant forms of fire insurance policies with “all risk“ extended coverage, to any Tenant’s Work and/or any Tenant installed Alterations above the Building standard for same and Tenant’s Furnishings and Tenant’s other personal property, for the full replacement cost thereof; (c) during such time as Tenant shall be constructing any Alterations (other than those for which Landlord’s consent shall not be required pursuant to Section 12.1), builder’s risk insurance, completed value form, covering all physical loss and other costs and expenses (including, without limitation, architectural and engineering costs, general contractor overhead, project management expenses and legal fees) to such Alterations, in an amount reasonably satisfactory to Landlord; (d) worker’s compensation insurance covering Tenant’s employees, including employer liability with a limit of not less than One Million Dollars $1,000,000 per occurrence or such higher amount as is required by applicable Legal Requirements and Insurance Requirements; and ($1,000,000e) for death or bodily injurybusiness interruption insurance in twelve (12) month intervals in an amount sufficient to pay Base Rent, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion Tenant’s Proportionate Share of Operating Expenses. 21.3. Tenant shall, at its own cost Expense and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date such other Additional Rent which is of occupancy, whichever occurs first, and a continuing throughout the Term (and occupancy by Tenant, if any, after termination of nature under this Lease) commercial general liability . Certificates of insurance, showing that such insurance with limits of is in force and will not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after cancelled without thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that furnished to Landlord may carry. prior to Tenant’s policy may entering the Premises for the purpose of installing Tenant’s Work or Tenant’s Furnishings. Thereafter, certificates showing renewal of, or substitution for, policies which expire shall be a “blanket policy” that specifically provides that the amount of insurance shall furnished not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty less than thirty (2030) days prior to the expiration of such policieseach policy. Tenant’s coverage may be effected by blanket policies covering the Premises and other properties of Tenant. 17.3 All insurance required to be maintained by Tenant hereunder shall be written in form and substance reasonably satisfactory to Landlord by an insurance company with an A.M. Best’s rating of at least A licensed to do business in the State of New Jersey, furnish which shall be reasonably satisfactory to Landlord. Upon failure of Tenant to procure, maintain and pay all premiums therefor, Landlord with renewals or binders. may, at its option after five (5) days Notice to Tenant, do so, and Tenant agrees to pay the cost thereof to Landlord, as Additional Rent, within ten (10) business days after Tenant’s receipt of a bxxx therefor. 17.4 Neither Landlord nor Tenant shall be liable to the other or to any insurance company (by way of subrogation or otherwise) insuring the other party for any loss or damage to the Building, the Premises or any tangible property of either party, or any resulting loss of income, even though such loss or damage might have been occasioned by the negligence of such party, its employees or agents, if any such loss or damage is covered by insurance benefiting the party suffering such loss or damage or was required to be covered by insurance pursuant to this Lease. Throughout the Term, each party agrees to use its best efforts to include in each of its insurance policies required under this Article 17 a waiver of the insurer’s right of subrogation against the other party; or if such waiver should be unobtainable or unenforceable, an express agreement that if Tenant does not take out and maintain such insurance, Landlord may (but policy shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid invalidated if the insured waives or has waived before the casualty the right of recovery against any party responsible for a casualty covered by Tenant as Additional Rent. 21.5the policy. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord If such waiver or agreement shall not be liable for injury to Tenantobtainable without additional charge, the insured party shall so notify the other party promptly and, if the other party shall pay the insurer’s business additional charge therefor, such waiver or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruptionagreement shall be included in the policy. 21.6. In each instance where insurance is to name Landlord Parties 17.5 So long as additional insureds, Tenant shall, upon Landlord’s written requestfire insurance policies include the waiver of subrogation or agreement to release liability referred to in Section 17.4, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the ProjectLandlord, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such insurance is in force and is collectible, hereby waives for itself and any other parties insured thereby any right of recovery against Tenant, any of its subtenants, or any of its employees, agents, contractors, occupants, licensees or invitees, for any loss occasioned by fire or damage other casualty. In the event that at any time Landlord’s fire insurance carriers shall not include such or similar provisions in Landlord’s policies, the waiver set forth in the foregoing sentence, upon prior Notice given by Landlord to Tenant, shall be of no further force or effect from and after the giving of such Notice. Landlord’s failure to give such Notice shall not result in any liability of Landlord to Tenant. During any period that the foregoing waiver of the right of recovery is in effect, Landlord shall look solely to the proceeds of such policies to compensate Landlord for any loss occasioned by any insured casualty. 17.6 So long as Tenant’s fire insurance policies include the waiver of subrogation or agreement to release liability referred to in Section 17.4, Tenant, to the extent that such insurance is in force and collectible, hereby waives (on behalf of itself and persons or entities insured thereby), and agrees to cause all other occupants of the Premises to execute and deliver to Landlord instruments waiving, any right of recovery against under Landlord, Master Landlord and any fire and extended coverage insurance policy that mortgagees of either Landlord or Master Landlord, the Building management entity and any of their respective employees, agents or contractors, for any loss occasioned by fire or other insured casualty. Tenant may have represents that its current fire insurance policy contains such a waiver. In the event that at any time Tenant’s fire insurance carriers shall not include such waiver or similar provisions in Tenant’s policies, the waiver set forth in the foregoing sentence, upon prior Notice given by Tenant to Landlord, Master Landlord and any mortgagees of either Landlord or Master Landlord and the Building management entity, shall be of no further force at or effect with respect to any insured risks under such policy from and after the time giving of such loss Notice, or damage. Such waivers in the case such insurer shall continue so long as their respective insurers so permit. Any termination not be willing to grant such waiver for all of the required parties, such a waiver shall be by written notice of no force or effect with respect only to the other party, containing a description of the circumstances hereinafter set forth required parties not included in this Section 21.7such waiver. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers During any period that the foregoing mutual waiver of subrogation right of recovery is in effect, Tenant, or any other occupant of the Premises, shall look solely to the proceeds of such policies to compensate Tenant or such other occupant for any loss occasioned by an insured casualty. 17.7 Except to the extent expressly provided in Sections 17.5 and 17.6, nothing contained in this Lease. If such policies Lease shall not be obtainable with such waiver relieve Landlord or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other Tenant of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory any liability to the other party or (b) agree to pay such additional premium (in Tenant’s caseits insurance carriers or any other party which it may have under law or pursuant to the provisions of this Lease, in the proportion that the area by reason of any damage to the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof Building by the fire or other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurercasualty. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Franklin Credit Management Corp)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Intentionally Omitted. (f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage of others including physical injury to or destruction of tangible property of others including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property of others that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two ($1,000,0002) for property damage years thereafter. (g) During all construction by Tenant at the Premises, with respect to the Premises. 21.4tenant improvements being constructed (including any Alterations, insurance required in Exhibit B-1 must be in place. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from Tenant (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such general liability policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required general liability policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.4. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.6. Each of Tenant and Landlord and Tenant each their respective insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties and Tenant Parties, as applicable, with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant and Landlord agree to endorse the officersrequired insurance policies to permit waivers of subrogation as required hereunder and hold harmless, directorsindemnify and compensate the Landlord Parties and Tenant Parties, employeesas applicable, agents and representatives of the other on account of for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s and Landlord’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord or Tenant, as applicable, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.7. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.8. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.9. The provisions of this Section shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Intellia Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintainmaintain (but Tenant shall not be required to pay the incremental costs of obtaining limits greater than the full replacement cost, as determined by Landlord in its reasonable discretion), providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements or Alterations installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlordhereunder, without regard to whether or not such improvements or Alterations are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating ExpensesBuildings. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesPremises. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs firstDate, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy The insurer shall be subject endeavor to cancellation or reduction or diminishment except after provide Landlord at least thirty (30) days’ prior written notice to Landlord from of any reduction of coverage, other modification or cancellation of such policy (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to on or before the expiration of such policies, furnish Landlord with renewals a copy of a certificate of insurance for Tenant from a duly licensed insurance company showing all premiums due on the renewal or binderssuccessor policy have been paid at the time such premiums are due and payable and showing the insurance provided by the renewal or successor policy to be in full force and effect. Tenant agrees that if Tenant does not take out and or does not maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Subject to Section 20.5, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Premises or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectPremises. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or Lender, if any, to bring coverage limits to levels then being required of new similarly situated tenants within under leases of premises that are comparable in size to the ProjectPremises, used for similar purposes as the Premises are used and located in buildings comparable in quality to, and in the general vicinity of, the Building. In addition, upon each tenth (10th) anniversary of the Execution Date, Landlord may require insurance policy limits required under this Lease to be adjusted by the percentage change in the Consumer Price Index for All Urban Consumers for the San Diego metropolitan area, as published by the United States Department of Labor’s Bureau of Labor Statistics from the Execution Date through such tenth (10th) anniversary of the Term Commencement Date. 21.9. Any costs incurred by Landlord pursuant to this Article 21 shall be included as Insurance Costs payable by Tenant pursuant to this Lease; provided, however, with respect to insurance coverage for environmental hazard and earthquake, if any, maintained by Landlord under Section 21.8, the costs included as Insurance Costs payable by Tenant pursuant to this Lease shall not exceed an amount equal to Tenant’s pro rata portion of the cost to Landlord of maintaining portfolio-wide policies with limits of up to $10,000,000 for environmental hazard and up to $20,000,000 for earthquake, in each case as may be adjusted by Landlord in its sole and absolute discretion on each anniversary of the Term Commencement Date of this Lease by the then most recent available 12-month percentage change in the Consumer Price Index for All Urban Consumers for the San Diego metropolitan area, as published by the United States Department of Labor’s Bureau of Labor Statistics.

Appears in 1 contract

Samples: Lease (Arena Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.1. 19.1 Landlord shall maintain carry insurance for upon the Building and its Improvements to the Project extent such is insurable as part of the Building, in amounts an amount equal to (i) full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns), or (ii) or such lesser coverage as AS Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, mortgage lender requires Landlord to maintain, providing . Such insurance shall provide protection against any peril generally included within the classification Fire and Extended Coverage,All-Risk, Broad Form 1020together with form of property insurance policy, which includes insurance against sprinkler damage (if applicable)damage, vandalism and malicious mischief. Landlord, subject Subject to availability thereof, shall Landlord may further insure, if as Landlord or its lender deems it appropriate, coverage against flood, environmental hazard, earthquakeflood and/or earthquake (but Tenant is not obligated to pay for earthquake coverage), loss or failure of building equipment, hazardous materials risks, rental loss during the period of repairs to repair or rebuildingrebuild, workmenand worker’s compensation insurance. Additionally, at Tenant’s request and cost, such additional riders, endorsements and coverage shall be added as Tenant may desire, if available. The deductible limits of the insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but policy shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million exceed Five Thousand Dollars ($1,000,0005,000). The cost of all said insurance (except for the cost of earthquake coverage) shall be an Operating Expense which shall be paid or reimbursed by Tenant as Additional Rent. Landlord shall furnish to Tenant a copy of said property insurance policy. To the extent available and applicable, Tenant shall be named as an additional insured on Landlord’s property insurance policy; and all of the specifications and provisions in Sections 19.3 and 19.5 applicable to Tenant’s liability insurance policy shall also be applicable to Landlord’s property insurance policy, on a reciprocal basis for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion benefit of Operating ExpensesTenant. 21.3. Tenant shall19.2 Tenant, at its own cost and expensecost, shall procure and maintain continue in effect, beginning on from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease) Lease and thereafter until Tenant has fully and finally surrendered the Demised Premises to Landlord, commercial general liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or death, bodily injury and not less than One Million Dollars ($1,000,000) for or property damage with respect to the Demised Premises. The deductible amounts of such policy of insurance shall not exceed Five Thousand Dollars ($5,000). In the event an additional building is constructed and occupied by a tenant other than Tenant, then Landlord shall maintain a similar policy for the common areas. 21.4. 19.3 The aforesaid Tenant’s liability insurance required to be purchased and maintained by Tenant pursuant to this Lease policy shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insuredsinsureds Landlord and Landlord’s property manager, construction manager, agents and representatives for the Demised Premises. Said insurance shall be with companies having a Policyholder rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII VII in “Best’s Insurance Guide.,unless otherwise materially approved in writing by both Landlord and Tenant. Tenant shall obtain for Landlord from the cause any insurance companies or cause the insurance companies issuing Policies to Tenant to furnish certificates of evidencing such coverage to Landlord. No such policy policies shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Any of Tenant’s policy policies may be in the nature of a “blanket policy” that which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of any such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out fails to procure and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by charge Tenant as Additional Rentthe premiums for any such policies, together with a reasonable handling charge, payable upon demand. 21.5. 19.4 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvementsequipment, personal property of any kind, and Tenant’s Work. Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, therefore relative to damage to such damageitems, all as more particularly set forth within this Leaseherein. Tenant shallTenant, at Tenant’s sole cost and expensecost, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property such items, business interruption or loss of Tenant or business interruptionincome. 21.6. In each instance where 19.5 If any policy of insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, upon written request of Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as an additional insureds insured to (ai) any Lender of lender to Landlord holding a security interest in the Building or the Projector, and/or (bii) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of wherein Landlord is or shall become that of a tenant under a ground lease for the Land rather than that of a fee owner, and/or (iii) Landlord’s property manager, construction manager, agents and (c) any management company retained by Landlord to manage the Projectrepresentatives. 21.7. 19.6 Landlord and Tenant each hereby waive any and all rights of recovery against the other other, or against the officers, directors, employees, agents and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its Control to the extent that such loss or damage is insured against under any all risk or fire and extended coverage insurance policy that which either Landlord or Tenant party may have in force at the time of such loss or damage. Such , such waivers shall to continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable are unobtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with in companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 19.6 shall have no effect during such time as such policies shall not be obtainable are unobtainable or the party in whose favor factor a waiver of subrogation is desired refuses shall refuse to pay the additional premium. If such policies shall at any time be unobtainable, but subsequently shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other partyother’s insurer. 21.8. 19.7 Not more frequently than once each three (3) years, Landlord may require insurance policy limits required under this Lease to be raised to conform with reasonable requirements of Landlord’s Lender lender or to bring coverage limits to levels the level then being required of new similar tenants within the Projectof similar properties.

Appears in 1 contract

Samples: Fourth Lease Amendment and Assignment Agreement (Tanox Inc)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Pollution Legal Liability insurance is not currently required based on the Hazardous Materials Documents that Tenant delivered to Landlord as of the Execution Date. If the Hazardous Materials Documents change during the Term and Tenant continues to store, handle, generate or treat Hazardous Materials on or about the Premises or other circumstances change related to Tenant’s use of Hazardous Materials on or about the Premises, Landlord reserves the right, in Landlord’s sole discretion, to require Tenant to obtain Pollution Legal Liability insurance. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two ($1,000,0002) for property damage years thereafter. (f) During all construction by Tenant at the Premises, with respect to the Premisestenant improvements being constructed (including any Alterations, insurance required in Exhibit B-1) must be in place. 21.4. 23.4 The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability, and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and XXX Xxxxxx Parent L.P., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 23.5 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Landlord Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7 Tenant and its insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant agrees to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of Landlord Parties for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 23.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10 The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease Agreement (CM Life Sciences III Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord 20.1 Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, 's mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant tenant or that which are in addition to the standard improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion . 20.2 Landlord, as part of Operating Expenses. 21.2. In addition, Landlord shall further carry commercial general public liability insurance with a single loss limit of not less than One Million Dollars ($1,000,0001,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 20.3 Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises.continuing 21.4. 20.4 The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 20.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. 20.6 In each instance where insurance is to name Landlord Parties as an additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as an additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and /or (bii) the landlord Landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the ProjectBuilding or Project as long as the names and addresses of such entities set forth in (i), (ii) and (iii) have been provided by Landlord to Tenant. 21.7. 20.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, Tenant upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer.of 21.8. 20.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or 's lender and/or to bring coverage limits to levels then being required of new comparable tenants within the Projectin comparable buildings.

Appears in 1 contract

Samples: Lease Agreement (Trega Biosciences Inc)

Insurance; Waiver of Subrogation. 21.1Landlord is not an insurer of Tenant, its agents, servants, employees, customers, invitees or property and will not carry insurance thereon. Landlord Tenant shall maintain insurance for carry and maintain, during the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footingsentire Term, and without reference to depreciation taken by Landlord upon its books any extension or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability renewal thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own Tenant's sole cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial comprehensive general public liability insurance covering the Leased Premises and the conduct and operation of Tenant's business therein, insuring against the risks of death, personal injury, bodily injury and property damage, liability, with limits of not less than Two Million Dollars $1,000,000.00 for the death of or injury to one (1) person, $2,000,0003,000,000.00 for the deaths of or injury to more than one (1) per occurrence for death person arising out of a single accident or bodily injury occurrence, and not less than One Million Dollars ($1,000,000) 500,000.00 for property damage with respect arising out of a single accident or occurrence, as well as insurance covering Tenant's property located within the Leased Premises against loss by fire, extended coverage risks, theft, malicious mischief and vandalism in an amount equal to the Premises. 21.4full insurance value thereof. The Such liability insurance required shall contain an endorsement by which the insurer extends the coverage thereunder to be purchased include the contractual liability of Tenant arising by virtue of the hold harmless and maintained by Tenant pursuant to indemnity provisions of this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc.Lease, and their respective officers, employees, agents, general partners, members shall include both Tenant and Lenders (“Landlord Parties”) as additional insuredsnamed insured. Said insurance shall be primary and non-contributory with companies having any insurance maintained by Landlord. All insurance required and licensed to do business in the state in which the Leased Premises are located. Tenant shall deliver to Landlord, a rating policy or policies of said insurance or a certificate thereof, with evidence of premium payment attached thereto, prior to the commencement of the Term, and thereafter not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty ten (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (2010) days prior to the expiration of such said policy or policies. Said policy or policies shall provide that the same cannot be canceled, furnish Landlord with renewals terminated, modified or bindersamended without at least ten (10) days' prior written notice to Landlord. Tenant agrees that if Tenant does not take out and maintain such insuranceshall promptly notify Landlord of any injury, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixturesdeath, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) occurring on or about the Leased Premises, whether or not covered by any of such insurance as Tenant desires for Tenant’s protection with respect insurance. Anything in this Lease to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insuredsthe contrary notwithstanding, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive and release each other of and from any and all rights of recovery recovery, claim(s), action(s) or causes of action against the other or against the officerseach other, directorstheir agents, officers and employees, agents and representatives of the other on account of for any loss or damage occasioned that may occur to the Leased Premises, the Building, or personal property within the Building (Building contents), by such waiving party or its property reason of fire, casualty or the property elements, regardless of others under such waiving party’s controlcause or origin, in including negligence of Landlord or Tenant and their agents, officers and employees. Each party to this Lease agrees immediately to give each case insurance company which has issued to the extent that such loss or damage is insured against under any its policies of fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth terms of the mutual waiver as contained in this Section 21.7Paragraph, and to have said insurance policies properly endorsed, if necessary, to prevent the invalidation of the insurance coverage by reason of the mutual waivers contained in this Paragraph. Landlord and Tenant, upon obtaining To the policies extent the provisions of insurance required or permitted under this Paragraph 18 are inconsistent with any other provision of this Lease, this Paragraph l8 shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Leasecontrol. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiverany increase in the fire and extended coverage premiums paid by Landlord for the Building is caused by Tenants use and occupancy of the Lease Premises, then Tenant shall pay as additional rent the party seeking such policy shall notify the other amount of such conditions, and the party so notified shall have ten (10) days thereafter increase to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurerLandlord. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (Snapshot Inc)

Insurance; Waiver of Subrogation. 21.118.1. Landlord shall maintain a policy or policies of insurance for protecting Landlord against the Building and the Project in amounts equal to full replacement cost following (exclusive all of the costs which shall be payable by Tenant as Operating Expenses): 18.1.1. Property insurance insuring all risk of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books physical loss or tax returns) or such lesser coverage damage (commonly known as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a Lenderall risk”), if any, requires Landlord including coverage (to maintain, providing protection against any peril generally the extent available) for fire and other perils normally included within the classification “Fire of fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable)extended coverage, and vandalism and malicious mischief, electrical injury, mechanical breakdown, windstorm, sprinkler leakage, and back-up sewers or drains, to the extent of the full replacement cost of the Premises, including, at Landlord's option, earthquake and flood coverage, exclusive of trade fixtures, equipment and improvements insured by Tenant, and any other endorsements which Landlord may elect to maintain. 18.1.2. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure Twenty-four (24) months of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part extent of or are affixed to 100% of the Buildinggross rentals from the Premises; 18.1.3. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial Comprehensive general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) 2,000,000 for bodily injury or death or bodily injury, or and property damage with respect to the ProjectPremises, a general aggregate not less than $2,000,000 for bodily injury or death and property damage with respect to the Premises, and not less than $4,000,000 of excess umbrella liability insurance; and 18.1.4. Any costs incurred by At Landlord's sole option, environmental liability or environmental clean-up/remediation insurance in such amounts and with such deductibles and other provisions as Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expensesmay determine in its sole and absolute discretion. 21.318.1.5. Landlord shall exercise commercially reasonable efforts to procure the insurance required by Section 18.1.1 above with commercially reasonable deductibles, to the extent available and taking into account all relevant factors, including the current ratings of insurance providers offering such insurance. Upon Tenant’s request, Landlord shall provide certificates of insurance evidencing all coverages required herein or if requested, complete, certified copies of all required insurance policies including endorsements. 18.2. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on during the Term Commencement Date or the date following insurance for the benefit of occupancyTenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the Premises are located: 18.2.1. Commercial General Liability insurance on a broad-based occurrence coverage form, whichever occurs firstwith coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and continuing throughout the Term (contractual liability with limits of liability of not less than $2,000,000 for bodily injury and occupancy property damage per occurrence, $5,000,000 general aggregate, which limits may be met by Tenant, if any, after termination use of this Lease) commercial general excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. 18.2.2. Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than Two Million Dollars ($2,000,000) 1,000,000 per occurrence accident for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage. 18.2.3. Commercial Property insurance covering property damage with respect to the Premises. 21.4full replacement cost value and business interruption. The insurance Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord) and Tenant's property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be purchased and maintained insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant's agents, employees or subcontractors. Such insurance, with respect only to all Alterations, Tenant Improvements or other work performed on the Premises by Tenant pursuant to this Lease (collectively, "Tenant Work"), shall name Landlord and Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., 's current and future mortgagees as loss payees as their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insuredsinterests may appear. Said Such insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, an "all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks risk" of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains and such waiving party or its property or other risks Landlord may from time to time reasonably designate, for the property full replacement cost value of others the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant's lost profits and necessary continuing expenses, including rents due Landlord under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended Lease. The minimum period of indemnity for business interruption coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description twelve (12) months plus twelve (12) months' extended period of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurerindemnity. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (Innovative Industrial Properties Inc)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may reasonably elect, . provided that such coverage shall not be less than ninety [***] percent (90[***]%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general comprehensive public liability insurance with a single limit limits of not less than One Million [***] Dollars ($1,000,000[***]) per occurrence for death or bodily injury, injury or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million [***] Dollars ($2,000,000$ [***]) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $ [***] fire legal liability (each loss)). 21.4. 23.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A minus and financial category rating of at least Class VIII X in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to cancellation or reduction or diminishment except after thirty (30) [***] days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case [***] days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) [***] days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant Xxxxxx agrees that if Tenant Xxxxxx does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant Xxxxxx as Additional Rent. 21.5. 23.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvementsimprovements owned by Tenant, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 23.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon LandlordXxxxxxxx’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.7. 23.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagedamage or is required to be carried under this Lease. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in in. this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease, to the extent required by the applicable insurance policy. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) [***] days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 23.8 Landlord may require insurance policy limits required under this Lease to be raised from time to conform with requirements time, provided, that, such increases shall not exceed the coverage amounts required by landlords in other Comparable Buildings. 23.9 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the ProjectOperating Expenses.

Appears in 1 contract

Samples: Lease (Macrogenics Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord 21.1 Commencing on the Term Commencement Date, and continuing at all times during the Term of this Lease, Tenant shall maintain insurance for maintain, at Tenant’s expense, commercial general liability insurance, on an occurrence basis, insuring Tenant and Tenant’s Agents against all bodily injury, property damage, personal injury and other covered loss arising out of the Building use, occupancy, improvement and maintenance of the Premises and the Project in amounts equal to full replacement cost business operated by Tenant on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $5,000,000.00 and a general aggregate limit of $5,000,000.00. Such insurance shall: (exclusive of the costs of excavation, foundations and footingsi) name Landlord, and without reference Landlord’s lenders if required by such lenders, and any management company retained to depreciation taken manage the Premises, as additional insureds; (ii) include a broad form contractual liability endorsement insuring Tenant’s indemnity obligations under Section 20.1; (iii) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord upon its books or tax returnsLandlord’s lenders; and (iv) provide for severability of interests or include a cross-liability endorsement, such lesser coverage as Landlord may elect, provided that such coverage an act or omission of an insured shall not be less than ninety percent reduce or avoid coverage of other insureds. 21.2 At all times during the Term of this Lease, Tenant shall maintain, at Tenant’s expense, “all risk” insurance, including, but not limited to, coverage against loss or damage by fire, vandalism, and malicious mischief covering Tenant’s improvements in the Premises (90%being those owned by Tenant only) of such full replacement cost or (the amount of such insurance Landlord“Tenant’s lender, mortgagee or beneficiary (each, a “LenderImprovements”), in an amount equal to the full replacement value thereof. The aforementioned “all risk” insurance policy shall include an agreed amount endorsement, and an inflation endorsement (if anyavailable for a commercially reasonable cost) and shall cover all acts of terrorism. At all times during the course of any major demolition or construction permitted hereunder by Tenant, requires Landlord or any restoration pursuant to Articles 22 or 23, Tenant shall maintain, providing protection at Tenant’s expense, “all risk” builder’s risk insurance, including, but not limited to, coverage against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler loss of damage (if applicable)by fire, vandalism and malicious mischief, covering improvements in place and all material and equipment at the job site furnished under contract, in an amount equal to the full replacement value thereof The insurance described in this Section 21.2 shall: (i) insure Landlord’s interest in Tenant’s Improvements, if any (ii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall not reduce or avoid coverage of other insureds; and (iii) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord’s lenders, which shall be excess insurance. The proceeds of the insurance described in this Section shall be used for the repair, replacement and restoration of the Premises and Tenant’s Improvements, as further provided in Article 22. 21.3 At all times during the term of this Lease, Tenant shall maintain, at Tenant’s expense, business interruption insurance in order to insure that the Basic Annual Rent and Additional Rent provided for hereunder will be paid for a period of not less than six (6) months after any casualty insured against by all risk policy of insurance described in Section 21.2 above or any restriction of access to the Premises as a result of such casualty and shall also insure the 365 days extended period of indemnity. The insurance described in this Section 21.3 shall: (i) to the extent of Basic Annual Rent and Additional Rent only, insure Landlord, subject to availability thereofand Landlord’s lenders if required by such lenders, as their interests may appear; (ii) provide for severability of interests or include a cross-liability endorsement, such that an act or omission of an insured shall further insurenot reduce or avoid coverage of other insureds; and (iv) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord or Landlord’s lenders, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss which shall be excess insurance. 21.4 At all times during the period term of repairs or rebuildingthis Lease, workmenTenant shall maintain, at Tenant’s expense, “all risk” insurance against all other personal property, including trade fixtures, equipment and merchandise of Tenant in an amount equal to the full replacement value thereof. 21.5 At all times during the term of this Lease, Tenant shall maintain workers’ compensation insurance in accordance with California law with a waiver of subrogation in favor of Landlord and fidelity bonds for employees employed any management company retained to perform services. Notwithstanding manage the foregoingProject. 21.6 At all times during the term of this Lease, Landlord mayTenant shall maintain seismic insurance, but shall not be deemed required to, provide insurance for any covering Tenant’s improvements installed in the Premises (being those owned by Tenant or that are only) and any of Tenant’s personal property, with coverage and in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred amounts as reasonably determined by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2and commercially reasonable. In addition, Landlord agrees to make available to Tenant information on inclusion of the Premises in Landlord’s portfolio seismic insurance program, including expected cost. 21.7 All of the policies of insurance referred to in this Article 21 shall carry commercial general liability insurance with a single limit of not less than One Million Dollars be written by companies authorized to do business in California and rated A – ($1,000,000) for death or bodily injuryminus), IX, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain better in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant . Each insurer referred to in this Article 21 shall obtain for Landlord from agree, by endorsement on the insurance companies applicable policy or cause the insurance companies to furnish certificates of coverage by independent instrument furnished to Landlord. No , that it will endeavor to give Landlord, and Landlord’s lenders if required by such lenders, at least ten (10) days’ prior written notice before the applicable policy shall be subject to cancellation or reduction or diminishment except after cancelled for non-payment of premium, and thirty (30) days’ prior written notice to Landlord from before the insurer. All such policies applicable policy shall be written cancelled or altered in coverage, scope, amount or other material term for any other reason (although any failure of an insurer to give notice as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance provided herein shall not be prejudiced a breach of this Lease by other losses covered Tenant). Tenant shall deliver to Landlord, and to Landlord’s lenders if required by such lenders, copies of the insurance policies, certified by the policyinsurer, or certificates of liability and evidence of property (Form 27 or 28) evidencing such insurance policies, issued by the broker, together with evidence of payment of the required premiums, prior to the required date for commencement of such coverage. Tenant shall, at At least twenty fifteen (2015) days prior to the expiration of any such policiespolicy, furnish Tenant shall deliver to Landlord, and Landlord’s lenders if required by such lenders, a certificate evidencing renewal, or a certified copy of a new policy or certificate of liability and evidence of property (Form 27 or 28) evidencing the same, together with evidence of payment of the required premiums. If Tenant fails to provide to Landlord with renewals any such policy or binders. Tenant agrees that if Tenant does not take out and maintain such insurancecertificate by the required date for commencement of coverage, or within five (5) days prior to expiration of any policy, or to pay the premiums therefor when required, Landlord may (shall have the right, but shall not be required to) the obligation, to procure said insurance on Tenantand pay the premiums therefor. Landlord reserves the right to change the coverages or increase the minimum limits required hereunder from time to time in a commercially reasonable manner, consistent with market and region where the Premises are located, and Tenant agrees to comply with any reasonable notice from Landlord to change the coverages or increase its policy limits within sixty (60) days of the date of Landlord’s behalf and at its cost to be paid by Tenant as Additional Rentnotice. 21.5. 21.8 Tenant assumes may provide the risk property insurance required under this Article 21 pursuant to a so-called blanket policy or policies of damage property insurance maintained by Tenant; provided, however, that the amount and type of coverage afforded to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and the Landlord shall not be liable for injury to Tenant’s business reduced or any loss adversely affected from that which would exist under a separate policy or policies meeting all of income therefromthe requirements of this Lease by reason of the use of a blanket policy of property insurance, relative to such damage, all as more particularly set forth within and provided further that the requirements of this Lease. Tenant shall, at Tenant’s sole cost and expense, Article 21 are otherwise satisfied. 21.9 Landlord shall carry (a) commercial general liability insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property the Building and Project during the Lease Term, and shall further insure the Building and improvements in the Premises owned by Landlord during the Lease Term against loss or damage due to fire and other casualties covered within the classification of Tenant fire and extended coverage, vandalism coverage and malicious mischief, sprinkler leakage, water damage and special extended coverage. Such coverage shall be in such amounts, from such companies, and on such other terms and conditions, as Landlord may from time to time reasonably determine. Additionally, at the option of Landlord, such insurance coverage may include the risks of earthquakes and/or flood damage and additional hazards, a rental loss endorsement and one or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) more loss payee endorsements in favor of the holders of any Lender mortgages or deeds of trust encumbering the interest of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant ground or underlying lessors of the real property upon which Building, or any portion thereof. Notwithstanding the foregoing provisions of this Section 21.9, the coverage and amounts of insurance carried by Landlord in connection with the Building is located if shall, at a minimum, be comparable to the interest coverage and amounts of Landlord is or shall become that insurance which are carried by reasonably prudent landlords of a tenant under a ground lease rather than that comparable buildings in the vicinity of a fee ownerthe Building, and (c) any management company retained Worker’s Compensation and Employer’s Liability coverage as required by Landlord to manage the Projectapplicable law. 21.7. 21.10 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, partners, employees, agents agents, and representatives of the other other, on account of loss or damage (including any claims for bodily injury to persons and/or damage to property) occasioned by to such waiving party or its property or the property of others under such waiving party’s its control, in each case to the extent that such loss or damage is caused by or results from risks insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force which insures such waiving party at the time of such loss or damage. Such waivers , which waiver shall continue so in effect as long as the parties’ respective insurers permit such waiver under the terms of their respective insurers so permitinsurance policies or otherwise in writing. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon Prior to obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual If such waiver of subrogation is contained in this Lease. If such policies shall cannot be obtainable with such waiver obtained from any insurer or shall be so is obtainable only at a upon payment of an additional premium over that chargeable without such waiver, then which the party seeking to obtain the policy reasonably determines to be commercially unreasonable, the party seeking to obtain such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten twenty (1020) days thereafter to either either: (ai) procure such identify other insurance with companies reasonably satisfactory to the other party that will provide the written approval and waiver of subrogation; or (bii) agree to pay such additional premium premium. If neither (in Tenant’s casei) nor (ii) are done, in the proportion that mutual waiver set forth above shall not be operative, and the area party seeking to obtain the policy shall be relieved of the Premises bears obligation to obtain the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect insurer’s written approval and waiver of subrogation with respect to such policy during such time as such policies shall policy is not be obtainable or the party in whose favor is obtainable only upon payment of a waiver of subrogation is desired refuses to pay the commercially unreasonable additional premiumpremium as described above. If such policies shall at any subsequent time be unobtainableobtainable or obtainable upon payment of a commercially reasonable additional premium, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.721.10, shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other partyother’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Ligand Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.1. 17.1 Landlord shall maintain insurance keep the Building (excluding any Tenant's Work and/or Tenant installed Alterations above the Building standard for same and Tenant's Furnishings and Tenant's other personal property) and Landlord's property therein insured for the Building and the Project in amounts equal to full replacement cost value (without deducting depreciation) thereof (exclusive of the costs of excavationfoundations, foundations excavations and footings) against loss or damage by perils customarily included under standard "all-risk" policies. 17.2 Tenant shall maintain as named insured, and without reference to depreciation taken by Landlord upon shall cause any of its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord subtenants to maintain, providing protection against any peril generally included within for the classification “Fire benefit of, and Extended Coverage,” together with insurance against sprinkler damage (if applicable)name as an additional insured, vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Master Landlord, without regard to whether any mortgagees of either Landlord or not such are made a part of or are affixed to Master Landlord, the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionBuilding management entity, Landlord shall carry commercial general and Tenant, as their interests may appear, (a) public liability insurance with a single broad form commercial liability endorsement, including contractual liability insurance covering Tenant's indemnity obligations hereunder, against claims for death, personal injury and property damage, occurring upon, in or about the Premises; such insurance shall be carried in a minimum amount of not less than Five Million ($5,000,000) Dollars for bodily injury or death to any one person or any number of persons or property damage in any one occurrence; (b) insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard tenant forms of fire insurance policies with "all risk" extended coverage, to any Tenant's Work and/or any Tenant installed Alterations above the Building standard for same and Tenant's Furnishings and Tenant's other personal property, for the full replacement cost thereof; (c) during such time as Tenant shall be constructing any Alterations (other than those for which Landlord's consent shall not be required pursuant to Section 12.1), builder's risk insurance, completed value form, covering all physical loss and other costs and expenses (including, without limitation, architectural and engineering costs, general contractor overhead, project management expenses and legal fees) to such Alterations, in an amount reasonably satisfactory to Landlord; (d) worker's compensation insurance covering Tenant's employees, including employer liability with a limit of not less than One Million Dollars $1,000,000 per occurrence or such higher amount as is required by applicable Legal Requirements and Insurance Requirements; and ($1,000,000e) for death or bodily injurybusiness interruption insurance in twelve (12) month intervals in an amount sufficient to pay Base Rent, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion Tenant's Proportionate Share of Operating Expenses. 21.3. Tenant shall, at its own cost Expense and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date such other Additional Rent which is of occupancy, whichever occurs first, and a continuing throughout the Term (and occupancy by Tenant, if any, after termination of nature under this Lease) commercial general liability . Certificates of insurance, showing that such insurance with limits of is in force and will not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after cancelled without thirty (30) days' prior written notice to Landlord from the insurer. All such policies shall be written as primary policiesfurnished to Landlord prior to Tenant's entering the Premises for the purpose of installing Tenant's Work or Tenant's Furnishings. Thereafter, certificates showing renewal of, or substitution for, policies which expire shall be furnished not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty less than thirty (2030) days prior to the expiration of such policieseach policy. Tenant's coverage may be effected by blanket policies covering the Premises and other properties of Tenant. 17.3 All insurance required to be maintained by Tenant hereunder shall be written in form and substance reasonably satisfactory to Landlord by an insurance company with an A.M. Best's rating of at least A licensed to do business in the State of New Jersey, furnish which shall be reasonably satisfactory to Landlord. Upon failure of Tenant to procure, maintain and pay all premiums therefor, Landlord with renewals or binders. may, at its option after five (5) days Notice to Tenant, do so, and Tenant agrees to pay the cost thereof to Landlord, as Additional Rent, within ten (10) business days after Tenant's receipt of a bill therefor. 17.4 Neither Landlord nor Tenant shall be liaxxx to the other or to any insurance company (by way of subrogation or otherwise) insuring the other party for any loss or damage to the Building, the Premises or any tangible property of either party, or any resulting loss of income, even though such loss or damage might have been occasioned by the negligence of such party, its employees or agents, if any such loss or damage is covered by insurance benefiting the party suffering such loss or damage or was required to be covered by insurance pursuant to this Lease. Throughout the Term, each party agrees to use its best efforts to include in each of its insurance policies required under this Article 17 a waiver of the insurer's right of subrogation against the other party; or if such waiver should be unobtainable or unenforceable, an express agreement that if Tenant does not take out and maintain such insurance, Landlord may (but policy shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid invalidated if the insured waives or has waived before the casualty the right of recovery against any party responsible for a casualty covered by Tenant as Additional Rent. 21.5the policy. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord If such waiver or agreement shall not be liable for injury to Tenant’s business obtainable without additional charge, the insured party shall so notify the other party promptly and, if the other party shall pay the insurer's additional charge therefor, such waiver or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruptionagreement shall be included in the policy. 21.6. In each instance where 17.5 So long as Landlord's fire insurance is policies include the waiver of subrogation or agreement to name Landlord Parties as additional insuredsrelease liability referred to in Section 17.4, Tenant shallLandlord, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such insurance is in force and is collectible, hereby waives for itself and any other parties insured thereby any right of recovery against Tenant, any of its subtenants, or any of its employees, agents, contractors, occupants, licensees or invitees, for any loss occasioned by fire or damage other casualty. In the event that at any time Landlord's fire insurance carriers shall not include such or similar provisions in Landlord's policies, the waiver set forth in the foregoing sentence, upon prior Notice given by Landlord to Tenant, shall be of no further force or effect from and after the giving of such Notice. Landlord's failure to give such Notice shall not result in any liability of Landlord to Tenant. During any period that the foregoing waiver of the right of recovery is in effect, Landlord shall look solely to the proceeds of such policies to compensate Landlord for any loss occasioned by any insured casualty. 17.6 So long as Tenant's fire insurance policies include the waiver of subrogation or agreement to release liability referred to in Section 17.4, Tenant, to the extent that such insurance is in force and collectible, hereby waives (on behalf of itself and persons or entities insured thereby), and agrees to cause all other occupants of the Premises to execute and deliver to Landlord instruments waiving, any right of recovery against under Landlord, Master Landlord and any fire and extended coverage insurance policy that mortgagees of either Landlord or Master Landlord, the Building management entity and any of their respective employees, agents or contractors, for any loss occasioned by fire or other insured casualty. Tenant may have represents that its current fire insurance policy contains such a waiver. In the event that at any time Tenant's fire insurance carriers shall not include such waiver or similar provisions in Tenant's policies, the waiver set forth in the foregoing sentence, upon prior Notice given by Tenant to Landlord, Master Landlord and any mortgagees of either Landlord or Master Landlord and the Building management entity, shall be of no further force at or effect with respect to any insured risks under such policy from and after the time giving of such loss Notice, or damage. Such waivers in the case such insurer shall continue so long as their respective insurers so permit. Any termination not be willing to grant such waiver for all of the required parties, such a waiver shall be by written notice of no force or effect with respect only to the other party, containing a description of the circumstances hereinafter set forth required parties not included in this Section 21.7such waiver. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers During any period that the foregoing mutual waiver of subrogation right of recovery is in effect, Tenant, or any other occupant of the Premises, shall look solely to the proceeds of such policies to compensate Tenant or such other occupant for any loss occasioned by an insured casualty. 17.7 Except to the extent expressly provided in Sections 17.5 and 17.6, nothing contained in this Lease. If such policies Lease shall not be obtainable with such waiver relieve Landlord or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other Tenant of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory any liability to the other party or (b) agree to pay such additional premium (in Tenant’s caseits insurance carriers or any other party which it may have under law or pursuant to the provisions of this Lease, in the proportion that the area by reason of any damage to the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof Building by the fire or other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurercasualty. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Franklin Credit Management Corp/De/)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Commercial General Liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence occurrence/general aggregate for death or bodily injury and not less than One Million Dollars ($1,000,000) for including death), or property damage with respect to the PremisesProject. 21.423.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance; provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for (except for such flood and earthquake coverage) the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing expenses, including rents due Landlord under the Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months. (d) Workers’ Compensation insurance in compliance with Applicable Laws, or as may be available on a voluntary basis, and Employer’s Liability must be at least in the amount of $1,000,000 for bodily injury by accident for each employee, $1,000,000 for bodily injury by disease for each employee, and $1,000,000 bodily injury by disease for policy limit. (e) Medical malpractice insurance at limits of not less than $1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine or clinical trials involving human beings at the Premises (f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials (excluding customary office and cleaning supplies), as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two (2) years thereafter. (g) During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including the Tenant Improvements and any Alterations, insurance required in Exhibit B-1 must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty (20) days prior to on or before the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name the Landlord Parties as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.523.5. In each instance where insurance is to name the Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project of whom Tenant has notice, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner and (c) any management company retained by Landlord to manage the Project. 23.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.7. In each instance where insurance is to name Landlord Parties as additional insureds, Each of Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each their respective insurers hereby waive any and all rights of recovery or subrogation against the other Landlord Parties and Tenant Parties and Tenant’s subtenants and assignees, as applicable, with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Tenant and Landlord agree to endorse the officersrequired insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the Landlord Parties and Tenant Parties, directorsas applicable, employees, agents and representatives of the other on account of for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective Tenant’s and Landlord’s insurers so permit. Any termination of such a waiver shall be by written notice to the other partyLandlord or Tenant, as applicable, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Tenant shall notify the other Landlord of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. In addition to other insurance required by this Lease to be carried by Tenant, if Tenant sells, merchandises, transfers, gives away or exchanges so-called “alcoholic liquors” in, upon or from any part of the Premises, then Tenant shall, at Tenant’s sole cost and expense, purchase and maintain in full force and effect during the Term dram shop insurance in form and substance satisfactory to Landlord, with total limits of liability for bodily injury, loss of means of support and property damage for each occurrence in an amount and with a carrier reasonably acceptable to Landlord, and otherwise in compliance with the general provisions of this Article governing the provision of insurance by Tenant. Such policy shall name the Landlord Parties as additional insureds against any liability by virtue of Applicable Laws concerning the use, sale or giving away of alcoholic liquors. If at any time such insurance is for any reason not in force, then during all and any such times no selling, merchandising, transferring, giving away or exchanging of so-called “alcoholic liquors” shall be conducted by Tenant in, upon or from any part of the Premises. 23.10. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.11. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Epizyme, Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord 21.1 Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety ninety-five percent (9095%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintaincost, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoingLandlord's deductible may be as Landlord shall determine, Landlord mayprovided, but however, that in no event shall not be deemed required tosuch deductible exceed $50,000.00. Landlord's insurance obligation includes any alterations, provide insurance for any additions or improvements installed made by Tenant or that are in addition to the standard improvements customarily furnished by Demised Premises and which, pursuant to the terms of this Lease, become the property of Landlord. 21.2 Landlord, without regard to whether or not such are made a as part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall further carry commercial general public liability insurance with a combined single limit of not less than One Two Million Dollars ($1,000,0002,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 21.3 Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term term of this Lease (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.per

Appears in 1 contract

Samples: Lease (Gene Logic Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, 's mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant or that which are in addition to the standard improvements customarily furnished by Landlord, Landlord without regard to whether 21 or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionLandlord, Landlord as part of Operating Expenses, shall further carry commercial general public liability insurance insurance, from carriers satisfying the requirements set forth in Section 21.4 hereof, with a single loss limit of not less than One Five Million Dollars ($1,000,0005,000,000.00) for death or bodily injury, or property damage with respect to the ProjectDemised Premises. Any costs incurred by Landlord pursuant shall obtain for Tenant from the insurance companies or cause the insurance companies to this Section 21.2 furnish certificates of coverage to Tenant within fifteen (15) days of receiving written request therefore from Tenant; provided, that, Tenant shall constitute a portion of Operating Expensesnot be named as an additional insured under any such policy. 21.3. Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after the expiration or earlier termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000.00) per occurrence for death or bodily injury and not less than One Five Million Dollars ($1,000,000) 5,000,000.00), or such lesser amount as shall represent the replacement value of Tenant's Property, for property damage with respect to the Demised Premises. 21.4. The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective its officers, employees, employees and agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its require Tenant to pay for the additional cost to be paid by Tenant of such insurance as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as an additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as an additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (Cell Pathways Holdings Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Five Million Dollars ($1,000,0005,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants leasing premises of a size similar to the size of the Premises within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease Agreement (Bionovo Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord 21.1 Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety ninety-five percent (9095%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintaincost, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoingLandlord’s deductible may be as Landlord shall determine, Landlord mayprovided, but however, that in no event shall not be deemed required tosuch deductible exceed $50,000.00. Landlord’s insurance obligation includes any alterations, provide insurance for any additions or improvements installed made by Tenant or that are in addition to the standard improvements customarily furnished by Demised Premises and which, pursuant to the terms of this Lease, become the property of Landlord. 21.2 Landlord, without regard to whether or not such are made a as part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall further carry commercial general liability insurance with a combined single limit of not less than One Two Million Dollars ($1,000,0002,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 21.3 Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term term of this Lease (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,0001,000,000.00) for property damage with respect to the PremisesDemised Property. 21.4. 21.4 The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (or ten (10) days’ prior notice for nonpayment of premiums). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s policy may be a “blanket policy” that which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days shall prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 21.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 21.6 In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to any of the following persons of whose identity Landlord has given Tenant written notice: (ai) any Lender lender of Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the Project. 21.7. 21.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of damage or which such a waiver shall be by written notice party was required to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurermaintain hereunder. 21.8. 21.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or lender and/or to bring coverage limits to levels then being required of new tenants within the Project. 21.9 Landlord agrees that in addition to the insurance specified above for Landlord and Tenant to maintain, Tenant may elect to maintain property insurance with respect to the replacement cost of alterations, improvements and/or additions made and paid for by Tenant and, in such event, Landlord shall cooperate with Tenant in securing any endorsements to Landlord’s insurance policies confirming that such Tenant maintained insurance is secondary, not primary, to the insurance maintained by Landlord for Landlord and may be used for the construction of replacement alterations, improvements and/or additions at locations other than the Demised Premises.

Appears in 1 contract

Samples: Lease Agreement (Gene Logic Inc)

Insurance; Waiver of Subrogation. 21.124.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.224.2. In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Three Million Dollars ($1,000,000) 3,000,000), which, at Landlord’s discretion, may be provided through a combination of primary and umbrella coverage, for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.324.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Three Million Dollars ($2,000,0003,000,000) per occurrence (which, at Tenant’s discretion, may be provided through a combination of primary and umbrella coverage) for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss). 21.424.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord Tenant from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given) and Tenant shall prompt provide Landlord with a copy of any such notification. In addition, the insurer shall endeavor to provide thirty (30) days’ prior written notice to Landlord of any reduction of coverage or other modification or cancellation of any such policy. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.524.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.624.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.724.7. Notwithstanding anything to the contrary set forth in this Lease, Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.724.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 24.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.724.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.824.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with reasonable requirements of any Lenders of Landlord’s Lender or . 24.9. Any costs incurred by Landlord pursuant to bring coverage limits to levels then being required this Article 24 (other than costs and claims waived under Section 24.7 above) shall constitute a portion of new tenants within the ProjectOperating Expenses.

Appears in 1 contract

Samples: Lease (Revance Therapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may electelect so long as Landlord maintains Ordinance or Law Coverage for the Building, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Three Million Dollars ($1,000,0003,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood and such other risks Landlord may from time to time reasonably designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity if available at commercially reasonable rates. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Intentionally Omitted. (f) Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate. ($1,000,000g) for property damage During all construction by Tenant at the Premises, with respect to the Premisestenant improvements being constructed (including any Alterations), insurance required in Exhibit B-1 must be in place. 21.4. 23.4 The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty thirty (2030) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 23.5 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Landlord Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7 Landlord, Tenant and each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents and representatives of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder even if such deductible is required to be paid by the party suffering the loss. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.723.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 23.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.723.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 23.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Glycomimetics Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord 21.1 Landlord, as part of Operating Expenses shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofand cost thereof and, as part of Operating Expenses (but not to be deemed as being required of Landlord) shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any tenant improvements whether or not installed by Tenant or that which are in addition to the standard improvements Standard Improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion . 21.2 Landlord, as part of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,0001,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 21.3 Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term of this Lease (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits a combined single limit of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Demised Premises. 21.4. 21.4 The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realtywithout liability for premiums, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsnamed insured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancellable or subject to reduction of coverage or cancellation or reduction or diminishment except after thirty (30) days' prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 21.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, all as more particularly set forth within subject to the other provisions of this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. 21.6 In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to (ai) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.lender of

Appears in 1 contract

Samples: Lease (Axys Pharmecueticals Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, 's mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild (for a period not exceeding 18 months), workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant after the Effective Date or that which are in addition to the standard improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred The insurance maintained by Landlord pursuant on the Project shall include reasonable deductibles as are maintained by prudent owners of similar projects in the San Diego metropolitan area (which, except with respect to this Section 21.1 earthquake coverages, shall constitute a portion not exceed 10% of Operating Expensesthe replacement value of the Building). 21.2. In additionLandlord, Landlord as part of Operating Expenses, shall further carry commercial general public and excess liability insurance with a single loss limit of not less than One Five Million Dollars ($1,000,0005,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Leasethe Term Expiration Date) commercial general comprehensive public and excess liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Five Million Dollars ($1,000,0005,000,000) for property damage with respect to the PremisesDemised Property. 21.4. The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Landlord and their respective officers, employees, agents, general partners, members and Lenders (“any mortgage lender of Landlord Parties”) who so requests as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancellable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policiespolicies with respect to the Demised Premises, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to), upon not less than five (5) days notice to Tenant, procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the Building or the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so as long as their respective insurers so permitpermit or such waivers are generally permitted by insurance carriers in the California market (provided that neither party shall be required to pay any material amount to their respective insurers in order to maintain such waivers). Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, Tenant upon obtaining the policies of insurance required or permitted under this Lease, Lease shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area)premium. If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.7 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s other's insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with any reasonable requirements of Landlord’s Lender or 's lender and/or to bring coverage limits to levels then generally being required of new tenants within the Projectby institutional landlords for comparable projects.

Appears in 1 contract

Samples: Lease Agreement (Matrix Pharmaceutical Inc/De)

Insurance; Waiver of Subrogation. 21.1. 21.1 Landlord shall maintain carry insurance for upon the Building and the Project Building, in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, 's mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall may further insure, if insure as Landlord deems it appropriate, coverage appropriate coverages against flood, environmental hazard, earthquakeflood and/or earthquake (but the cost of flood and earthquake insurance shall not be chargeable to Tenant as Operating Expenses), loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant or that which are in addition to the standard improvements Standard Improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, 21.2 Landlord shall further carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,0001,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion Project and unrented, uninsured or insured for less than loss claim, areas of Operating Expensesthe Building and walks, drives, parking areas, landscaped areas, and other appurtenances thereto. 21.3. 21.3 Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs firstfirst occurs, and continuing throughout the Term term of this Lease (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,0001,000,000.00) for property damage with respect to the Premises. 21.4. 21.4 The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name the Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., its agents and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with written by companies having a rating of not less than policyholder rating of A- authorized to do business in California and financial category rating of at least Class VIII rated AVII or better in Best’s 's Insurance Guide.” Tenant . Each party shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlordthe other party. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days' prior written notice to Landlord the other party from the insurer. All such Tenant's policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s Any policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant Each party shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord the other party with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by charge Tenant as Additional Rentthe premiums for such policies together with a five percent (5%) handling charge, payable upon demand. 21.5. 21.5 Subject to Section 20 hereof, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. 21.6 In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to (ai) any Lender of lender to Landlord holding a security interest in the Building or real property upon which the ProjectBuilding is situated, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the Project. 21.7. 21.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against against, or required to be insured against, under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall to continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, Tenant upon obtaining the policies of insurance required or permitted under this Lease, Lease shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten twenty (1020) days thereafter to either (ai) procure such insurance with in companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in the Tenant’s 's case, in the proportion that which the area of the Premises bears to the insured area). If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses shall refuse to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.7 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s other's insurer. 21.8. 21.8 Not more frequently than once each three (3) years, Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or 's lender and/or to bring coverage limits to levels level then being required of new tenants tenant of space within the Project.

Appears in 1 contract

Samples: Lease (Genetronics Biomedical LTD)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification an Fire and Extended Coverage,all riskproperty insurance policy, together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, insure coverage against flood, environmental hazard, and earthquake, and if Landlord deems it appropriate, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability insurance with a single limit of not less than One Three Million Dollars ($1,000,0003,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Three Million Dollars ($2,000,0003,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). The foregoing liability coverage may be carried under a single policy or by a combination of underlying policies and excess or umbrella coverage. 21.4. 23.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, and Lenders subsidiaries (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty five (205) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease Agreement (Depomed Inc)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value and business interruption. Covered property shall include all tenant improvements in the Premises (to the extent not insured by Landlord pursuant to Section 23.1) and Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant or Landlord and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such other risks Landlord may from time to time designate, for the full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. Business interruption coverage shall have limits sufficient to cover Tenant’s lost profits and necessary continuing throughout expenses, including rents due Landlord under the Term Lease. The minimum period of indemnity for business interruption coverage shall be twelve (12) months plus twelve (12) months’ extended period of indemnity. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($500,000). (e) per occurrence for Pollution Legal Liability insurance is required if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or bodily mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than One Million Dollars $1,000,000 per incident with a $2,000,000 policy aggregate and for a period of two ($1,000,0002) for property damage with respect to the Premisesyears thereafter. 21.4(f) During all construction by Tenant at the Premises (including any Alterations), insurance required in Exhibit B-1 must be in place. 23.4. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days’ written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interests clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., and BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.5. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.6. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.7. Landlord and Tenant each and their insurers hereby waive any and all rights of recovery or subrogation against the other or against the party (and their respective officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives lenders) with respect to any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other on account of party (and such party’s officers, directors, employees, agents, general partners, members, subsidiaries, affiliates and lenders) for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective such party’s insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the their respective insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy Landlord or Tenant (as applicable) shall notify the other party of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses. 23.10. The provisions of this Article shall survive the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease (Unity Biotechnology, Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain property insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) ). Such insurance shall be written on an “all risk” of physical loss or damage basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm (including named storms), vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism and such lesser coverage as other risks Landlord may electfrom time to time designate, provided that such coverage shall not be less than ninety percent (90%) of such for the full replacement cost or value of the covered items with an agreed amount endorsement with no co-insurance. Landlord shall provide Workers’ Compensation on all employees performing services at the Premises and Employers’ Liability insurance with limits of such insurance Landlord’s lendernot less than the following: each accident, mortgagee or beneficiary Five Hundred Thousand Dollars (each$500,000); disease, a “Lender”($500,000); disease (each employee), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage Five Hundred Thousand Dollars (if applicable$500,000), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any Tenant Improvements or improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on during the Term Commencement Date or the date following insurance for the benefit of occupancyTenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in the state where the Premises are located: Commercial General Liability insurance on a broad-based occurrence coverage form, whichever occurs firstwith coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general contractual liability insurance with limits of liability of not less than Two Million Dollars ($2,000,000) per occurrence 2,000,000 for death or bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. Commercial Property insurance covering property damage to the full replacement cost value. Covered property shall include all Tenant Improvements, Alterations or other work performed on the Premises by Tenant (collectively, “Tenant Work”). Such insurance shall be written on an “all risk” of physical loss or damage basis including the perils of fire, extended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, flood, earthquake, terrorism, for the full replacement cost value of the covered items with an agreed amount endorsement with no co- insurance. The perils of flood and earthquake may be subject to sublimits which shall not be less than $10,000,000. Additionally, prior to commencing the Tenant’s Work and during the performance of any Tenant’s Work, Tenant shall maintain builder’s risk insurance in an amount not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess full cost of the coverage that Landlord may carrywork being performed. Tenant’s policy Such property insurance may be provided on a blanket policy” that specifically provides that the amount of property insurance shall not be prejudiced by policy which insures other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance that is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender not the subject of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease

Insurance; Waiver of Subrogation. 21.1. Landlord Landlord, as part of Operating Expenses, shall maintain carry insurance for upon the Building and (including the Project Tenant Improvements), in amounts an amount equal to full replacement cost (exclusive of the costs of excavation, foundations foundations, and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, elect provided that such coverage shall is not be less than ninety percent (90%) of such full replacement cost or or, if higher, the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, 's mortgage lender requires Landlord to maintain, providing protection against any peril generally included within the classification "Fire and Extended Coverage,” " together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereofthereof and, as part of Operating Expenses, shall further insure, if insure as Landlord deems it appropriate, appropriate coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs repair or rebuildingrebuild, workmen’s 's compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for as to any improvements installed by Tenant or that which are in addition to the standard improvements customarily furnished by Landlord, Landlord without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In additionLandlord, Landlord as part of Operating Expenses, shall further carry commercial general public liability insurance with a single loss limit of not less than One Two Million Dollars ($1,000,0002,000,000.00) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesBuilding and all Tenant Improvements. 21.3. Tenant shall, at its own cost and expense, shall procure and maintain continue in effect, beginning on effect from the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after the expiration or earlier termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,0002,000,000.00) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000.00) for property damage with respect to the Demised Premises. 21.4. The aforesaid insurance required to be purchased and maintained by of Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective its officers, employees, employees and agents, general partners, members and Lenders (“Landlord Parties”) as an additional insuredsinsured. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in "Best’s 's Insurance Guide." Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ days prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that which Landlord may carry. Tenant’s 's policy may be a "blanket policy” that " which specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s 's behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment equipment, and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s 's business or any loss of income therefrom, therefrom relative to such damage, damage all as more particularly heretofore set forth within this Lease. Tenant shall, at Tenant’s sole 's cost and expense, shall carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s 's protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insuredsinsured, Tenant shall, shall upon Landlord’s written request, request of Landlord also designate and furnish certificates so evidencing such Landlord Parties as additional insureds insured to (ai) any Lender lender of Landlord holding a security interest in the Building or the ProjectLand, and/or (bii) the landlord under any lease whereunder wherein Landlord is a tenant of the real property upon which whereupon the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and and/or (ciii) any management company retained by Landlord to manage the ProjectBuilding. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its property or the property of others under such waiving party’s control, in each case its control to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that which either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so as long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten (10) days thereafter to either (ai) procure such insurance with companies reasonably satisfactory to the other party or (bii) agree to pay such additional premium (in the Tenant’s 's case, in the proportion that which the area of the Demised Premises bears to the insured area). If the parties do not accomplish either neither (ai) or nor (b)ii) are done, then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, 21.7 shall contravene Applicable Lawsany law with respect to exculpatory agreements, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s other's insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with (a) the requirements of Landlord’s Lender or to bring 's lender and/or (b) the coverage limits to levels then being required of new tenants within the ProjectBuilding.

Appears in 1 contract

Samples: Lease Agreement (Antex Biologics Inc)

Insurance; Waiver of Subrogation. 21.122.1. Landlord shall maintain insurance for the Building Buildings and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating ExpensesBuildings. 21.222.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.322.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Five Million Dollars ($2,000,0005,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.422.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., Inc. and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.522.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.622.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Buildings, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.722.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.822.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 22.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Halozyme Therapeutics Inc)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project Premises in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintainmaintain (but Tenant shall not be required to pay the incremental costs of obtaining limits greater than the full replacement cost, as determined by Landlord in its reasonable discretion), providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, hazard and earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements or Alterations installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlordhereunder, without regard to whether or not such improvements or Alterations are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Buildings; provided, however, upon payment of the Building G Additional Purchase Price, the Premises hereunder shall include the Tenant Improvements constructed in accordance with Section 21.1 shall constitute a portion of Operating Expenses16. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating ExpensesPremises. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs firstDate, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Two Million Dollars ($1,000,0002,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy The insurer shall be subject endeavor to cancellation or reduction or diminishment except after provide Landlord at least thirty (30) days’ prior written notice to Landlord from of any reduction of coverage, other modification or cancellation of such policy (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to on or before the expiration of such policies, furnish Landlord with renewals a copy of a certificate of insurance for Tenant from a duly licensed insurance company showing all premiums due on the renewal or binderssuccessor policy have been paid at the time such premiums are due and payable and showing the insurance provided by the renewal or successor policy to be in full force and effect. Tenant agrees that if Tenant does not take out and or does not maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Subject to Section 20.5, Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Premises or the Projectany portion thereof, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the ProjectPremises. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.this

Appears in 1 contract

Samples: Lease (Arena Pharmaceuticals Inc)

Insurance; Waiver of Subrogation. 21.121.1 Commencing prior to Tenant's first entry onto the Premises for purposes of installing any improvements, fixtures or personal property, but no later than the Term Commencement Date, and continuing at all times during the term of this Lease, Tenant shall maintain, at Tenant's expense, commercial general liability insurance insuring Tenant and Tenant's agents and employees against all bodily injury, property damage, personal injury and other covered loss arising out of the use, occupancy, improvement and maintenance of the Premises and the business operated by Tenant, or any other occupant, on the Premises. Such insurance shall have a minimum combined single limit of liability per occurrence of not less than $1,000,000 and a general aggregate limit of $2,000,000. Such insurance shall: (i) name Landlord, Landlord's lenders (if required by such lenders), Ground Lessor, Ground Tenant, the District, and any management company retained to manage the Premises (if requested by Landlord), as additional insureds; (ii) provide that it is primary coverage and noncontributing with any insurance maintained by Landlord, Landlord's lenders, Ground Lessor, Ground Tenant, or the District, which shall be excess insurance with respect only to losses arising out of Tenant's negligence; (iv) not include a cross-liability exclusion, so that an act or omission of an insured shall not reduce or avoid coverage of other insureds; and (v) provide for a deductible of not more than $25,000 per claim. 21.2 At all times during the term of this Lease, Landlord shall maintain insurance for maintain, subject to reimbursement by Tenant as Operating Expenses under Section 7.1, "all risk" insurance, including, but not limited to, coverage against loss or damage by earthquake, flood, fire, vandalism, and malicious mischief covering the Site Improvements, Building and the Project in amounts equal to full replacement cost Shell (exclusive of the costs of excavationexcavations, foundations and footings), and without reference Tenant Improvements (other than Tenant's Removable Property) in an amount equal to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety one hundred percent (90100%) of such the full replacement cost value thereof, and including rental income insurance for a period of not less than twelve (12) months in an amount not less than Basic Annual Rent payable by Tenant at the time of the loss. Landlord shall also maintain in full force and effect during the term of this Lease demolition and debris removal insurance. If any boilers or other pressure vessels or systems are installed on the amount of such insurance Landlord’s lenderPremises, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to shall maintain, providing protection subject to reimbursement by Tenant as an Operating Expense, boiler and machinery insurance in an amount equal to one hundred percent (100%) of the full replacement value thereof. After Substantial Completion, at all times during the course of any major demolition or construction permitted hereunder, or any restoration pursuant to Articles 22 or 23, Landlord shall maintain, subject to reimbursement by Tenant as Operating Expenses, "all risk" builder's risk insurance, including, but not limited to, coverage against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler loss or damage (if applicable)by fire, vandalism and malicious mischief, covering improvements in place and all material and equipment at the job site furnished under contract, in an amount equal to one hundred percent 24 (100%) of the full replacement value thereof. The insurance described in this Section 21.2 shall: (i) insure Landlord, subject to availability thereofLandlord's lenders (if required by such lenders), shall further insureGround Lessor, Ground Tenant, the District, and Tenant as their interests may appear; (ii) contain a Lender's Loss Payable Form (Form 438 BFU or equivalent) in favor of Landlord's lenders and name Landlord, or Landlord's lender if Landlord deems it appropriaterequired by such lender, coverage against floodas the loss payee; (iii) not include a cross-liability exclusion, environmental hazard, earthquake, loss so that an act or failure omission of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but an insured shall not be deemed required to, reduce or avoid coverage of other insureds; (iv) include a building ordinance endorsement; (v) provide that it is primary coverage and noncontributing with any other insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished maintained by Landlord, Landlord's lenders, Ground Lessor, Ground Tenant, or the District, which shall be excess insurance; (vi) provide for deductibles of not more than $25,000 per claim without regard to whether or not such are made a part of or are affixed Tenant's consent (except for earthquake and flood insurance, the deductibles for which may be higher than $25,000); and (vii) provide that all insurance proceeds attributable to the BuildingSite Improvements and Building Shell shall be adjusted by Ground Lessor and Ground Tenant. Any costs incurred The full replacement value of the Premises and any other improvements and fixtures insured thereunder shall, for the purpose of establishing insurance limits and premiums only, be reasonably determined by Landlord pursuant the company issuing the insurance policy and shall be reasonably redetermined by said company within six (6) months after completion of any material alterations or improvements to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general liability insurance with a single limit the Premises and otherwise at intervals of not less more than One Million Dollars three ($1,000,0003) for death or bodily injury, or property damage with respect to the Projectyears. Any costs incurred by Landlord The amount of insurance carried pursuant to this Section 21.2 shall constitute a be promptly increased to the amount so redetermined. Landlord warrants that the proceeds of the insurance described in this Section shall be used for the repair, replacement and restoration of the Premises, including the Site Improvements, Building Shell, Tenant Improvements and other improvements and fixtures insured thereunder, as further provided in Article 22; provided, however, if this Lease is terminated after damage or destruction, the insurance policy or policies, all rights thereunder and all insurance proceeds shall be assigned to Landlord, except for that portion of Operating Expensesattributable to Tenant's Removable Property, which shall be assigned to Tenant. Landlord and Tenant agree to cooperate with one another to insure full insurance coverage hereunder without duplicating coverage or otherwise incurring avoidable premium costs. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on 21.3 At all times during the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination term of this Lease) commercial general , Tenant shall maintain, at Tenant's expense, "all risk" insurance against Tenant's Removable Property and all other personal property, including trade fixtures, equipment and merchandise, of Tenant in an amount equal to the full replacement value thereof. Any subtenant of Tenant that may be occupying the Premises, or any portion thereof, from time to time, shall be required to maintain similar insurance in an amount equal to the full replacement value thereof. 21.4 At all times during the term of this Lease, Tenant shall maintain workers' compensation insurance in accordance with California law, and employers' liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence typical for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect companies similar to the PremisesTenant. 21.421.5 All of the policies of insurance referred to in this Article 21 shall be written by companies rated A, VIII or better in Best's Insurance Guide. The Each insurer referred to in this Article 21 shall agree, by endorsement on the applicable policy or by independent instrument furnished to Landlord, that it will give Landlord, and Landlord's lenders if required 25 by such lenders, at least ten (10) days' prior written notice by registered mail before the applicable policy shall be cancelled for non-payment of premium. 21.6 Landlord and Tenant may provide the property insurance required to be purchased and maintained carried by Tenant each of them under this Article 21 pursuant to this Lease shall name Landlorda so-called blanket policy or policies of property insurance; provided, BioMed Realtyhowever, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be subject to cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount and type of insurance coverage shall not be prejudiced reduced or adversely affected from that which would exist under a separate policy or policies meeting all of the requirements of this Lease by other losses covered by reason of the policy. Tenant shall, at least twenty (20) days prior to the expiration use of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such a blanket policy of property insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rentprovided further that the requirements of this Article 21 are otherwise satisfied. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. 21.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, partners, employees, agents agents, subtenants and representatives of the other other, on account of loss or damage occasioned by to such waiving party or its party's property or the property of others under such waiving party’s its control, in each case to the extent that such loss or damage is caused by or results from risks insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force which insures such waiving party's property at the time of such loss or damage. Such waivers , which waiver shall continue so in effect as long as the parties' respective insurers permit such waiver under the terms of their respective insurers so permitinsurance policies or otherwise in writing. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances as hereinafter set forth in this Section 21.7forth. Landlord and Tenant, upon Prior to obtaining the policies of insurance required or permitted under this Lease, Landlord and Tenant shall give notice to the insurance carrier or carriers insurers that the foregoing mutual waiver of subrogation is contained in this Lease, and each party shall use its best efforts to cause such insurer to approve such waiver in writing and to cause each insurance policy obtained by it to provide that the insurer waives all right of recovery by way of subrogation against the other party. If such policies shall written approval of such waiver of subrogation cannot be obtainable with such waiver obtained from any insurer or shall be so is obtainable only at a upon payment of an additional premium over that chargeable without such waiver, then which the party seeking to obtain the policy reasonably determines to be commercially unreasonable, the party seeking to obtain such policy shall notify the other of such conditionsthereof, and the party so notified latter shall have ten twenty (1020) days thereafter to either either: (ai) procure such identify other insurance with companies reasonably satisfactory to the other party that will provide the written approval and waiver of subrogation; or (bii) agree to pay such additional premium premium. If neither (in Tenant’s casei) nor (ii) are done, in the proportion that mutual waiver set forth above shall not be operative as to any policy for which the area insurer's waiver cannot be obtained, and the party seeking to obtain the policy shall be relieved of the Premises bears obligation to obtain the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect insurer's written approval and waiver of subrogation with respect to such policy during such time as such policies shall policy is not be obtainable or the party in whose favor is obtainable only upon payment of a waiver of subrogation is desired refuses to pay the commercially unreasonable additional premiumpremium as described above. If such policies shall at any subsequent time be unobtainableobtainable or obtainable upon payment of a commercially reasonable additional premium, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (Globix Corp)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall , or would be by written notice insured against under any fire and extended coverage insurance policy that either Landlord or Tenant is required to the other party, containing a description of the circumstances hereinafter set forth in obtain under this Section 21.7Lease. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project; provided that any such increase does not occur during the first three (3) years of the Term (unless required by Landlord’s Lender). 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Regulus Therapeutics Inc.)

Insurance; Waiver of Subrogation. 21.123.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs that would not be incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.223.2. In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence / general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.323.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general liability with insurers financially acceptable and lawfully authorized to do business in the state where the Project is located Commercial General Liability insurance on a broad based occurrence coverage form, with limits of not less than Two Million Dollars ($2,000,000) per occurrence and in the aggregate for death or bodily injury (including death) and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises (including $100,000 fire legal liability (each loss)) with a $2,000,000 products and completed operations aggregate. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the commencement date of this agreement, and coverage is continuously maintained during all periods in which Tenant occupies the Premises. 21.423.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insuredsinsureds as respects liability arising from work or operations performed by or on behalf of Tenant and Tenant’s use or occupancy of the Premises. Said insurance shall be with companies authorized to do business in the state in which the Project is located and at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. Landlord reserves the right to require complete, certified copies of all required insurance policies including any endorsements. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty twenty (3020) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). Should carrier be unwilling or unable to provide such notice, Tenant shall provide notice to Landlord in accordance with this Section. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides required policies shall contain severability of interests clauses stating that, except with respect to limits of insurance, coverage shall apply separately to each insured or additional insured. Tenant’s policies shall contain dedicated or per location limits endorsements so that the amount amounts of insurance required herein shall not be prejudiced by losses at other losses covered by the policylocations. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.523.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.623.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.7. Landlord Landlord, Tenant and Tenant each of their respective insurers hereby waive any and all rights of recovery or subrogation against the other one another or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account as respects any loss, damage, claims, suits or demands, howsoever caused, that are covered, or should have been covered, by valid and collectible insurance, including any deductibles or self-insurance maintained thereunder. If necessary, each party agrees to endorse the required insurance policies to permit waivers of subrogation as required hereunder and hold harmless and indemnify the other party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damagesubrogation from insurers. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.823.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.9. Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Infinity Oil & Gas Co)

Insurance; Waiver of Subrogation. 21.1. 24.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 24.2 In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 24.3 Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Phase 1 Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.4. 24.4 The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, directors, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies authorized to do business in the state in which the Project is located and having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of nonpayment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. 24.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 24.6 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building Building, the Property or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located Property if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.7. 24.7 Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents agents, general partners, members, subsidiaries, affiliates and representatives Lenders of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7Section. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7Section, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 24.8 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 24.9 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Epizyme, Inc.)

Insurance; Waiver of Subrogation. 21.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Million Dollars ($1,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general comprehensive public liability insurance with limits of not less than Two Million Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the Premises. 21.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- A and financial category rating of at least Class VIII XII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurer. All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty (20) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project.

Appears in 1 contract

Samples: Lease (CardioVascular BioTherapeutics, Inc.)

Insurance; Waiver of Subrogation. 21.1. 23.1 Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, engineering costs or such other costs to the extent the same are not incurred in the event of a rebuild and without reference to depreciation taken by Landlord upon its books or tax returns) ), or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) the coverages landlords of similar properties in the Seattle area would customarily carry and deductible amounts shall be commercially reasonable, as determined by Landlord in its reasonable discretion, or such full replacement cost or the amount of such insurance greater coverages as Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation Workers’ Compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.2. 23.2 In addition, Landlord shall carry commercial general liability Commercial General Liability insurance with a single limit limits of not less than One Million Dollars ($1,000,000) per occurrence/general aggregate for death or bodily injuryinjury (including death), or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.3. 23.3 Tenant shall, at its own cost and expense, procure and maintain during the Term the following insurance for the benefit of Tenant and Landlord (as their interests may appear) with insurers financially acceptable and lawfully authorized to do business in effectthe state where the Premises are located: (a) Commercial General Liability insurance on a broad-based occurrence coverage form, beginning with coverages including but not limited to bodily injury (including death), property damage (including loss of use resulting therefrom), premises/operations, personal & advertising injury, and contractual liability with limits of liability of not less than $2,000,000 for bodily injury and property damage per occurrence, $2,000,000 general aggregate, which limits may be met by use of excess and/or umbrella liability insurance provided that such coverage is at least as broad as the primary coverages required herein. (b) Commercial Automobile Liability insurance covering liability arising from the use or operation of any auto, including those owned, hired or otherwise operated or used by or on behalf of the Tenant. The coverage shall be on a broad-based occurrence form with combined single limits of not less than $1,000,000 per accident for bodily injury and property damage. (c) Commercial Property insurance covering property damage to the full replacement cost value. Covered property shall not include permanent improvements in the Premises installed by Tenant or furnished by Landlord which shall be insured by Landlord pursuant to Section 23.1, but shall include Tenant’s Property including personal property, furniture, fixtures, machinery, equipment, stock, inventory and improvements and betterments, which may be owned by Tenant and required to be insured hereunder, or which may be leased, rented, borrowed or in the care custody or control of Tenant, or Tenant’s agents, employees or subcontractors. Such insurance, with respect only to all Tenant Improvements, Alterations or other work performed on the Term Commencement Date Premises by Tenant (collectively, “Tenant Work”), shall name Landlord and Landlord’s current and future mortgagees as loss payees as their interests may appear. Such insurance shall be written on an “all risk” of physical loss or damage basis including the date perils of occupancyfire, whichever occurs firstextended coverage, electrical injury, mechanical breakdown, windstorm, vandalism, malicious mischief, sprinkler leakage, back-up of sewers or drains, earthquake, terrorism and continuing throughout such other additional risks Landlord may from time to time designate that are generally required by landlords of similar properties in accordance with prudent business practices, for the Term full replacement cost value of the covered items with an agreed amount endorsement with no co-insurance. (d) Workers’ Compensation insurance as is required by statute or law, or as may be available on a voluntary basis and occupancy by Tenant, if any, after termination of this Lease) commercial general liability Employers’ Liability insurance with limits of not less than Two Million the following: each accident, Five Hundred Thousand Dollars ($2,000,000) per occurrence for death or bodily injury and not less than One Million 500,000); disease ($500,000); disease (each employee), Five Hundred Thousand Dollars ($1,000,000500,000). (e) for property damage During all construction by Tenant at the Premises, with respect to tenant improvements being constructed (including the Premises. 21.4Tenant Improvements and any Alterations, insurance required in Exhibit B-1 must be in place. The insurance required to be purchased and maintained of Tenant by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members and Lenders (“Landlord Parties”) as additional insureds. Said insurance Article shall be with companies at all times having a current rating of not less than policyholder rating of A- and financial category rating of at least Class VIII VII in “A.M. Best’s Insurance Guide.current edition. Tenant shall obtain for Landlord from the insurance companies companies/broker or cause the insurance companies companies/broker to furnish certificates of coverage insurance evidencing all coverages required herein to Landlord. No such policy shall be subject to cancellation cancelled or reduction or diminishment reduced in coverage except after thirty twenty (3020) days’ prior written notice to Landlord from Tenant or its insurers (except in the insurerevent of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount required policies shall contain severability of insurance interest clauses stating that, except with respect to limits of insurance, coverage shall not be prejudiced by other losses covered by the policyapply separately to each insured or additional insured. Tenant shall, at least twenty twenty-five (2025) days prior to the expiration of such policies, furnish Landlord with renewals renewal certificates of insurance or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said such insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. Commercial General Liability, Commercial Automobile Liability, Umbrella Liability and Pollution Legal Liability insurance as required above shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and Nelchina Point Limited Partnership, and each of their respective officers, employees, agents, general partners, members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds as respects liability arising from work or operations performed by or on behalf of Tenant, Tenant’s use or occupancy of Premises, and ownership, maintenance or use of vehicles by or on behalf of Tenant. 21.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.6. 23.4 In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, owner and (c) any management company retained by Landlord to manage the Project. 21.723.5 Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Landlord Tenant shall, at Tenant’s sole cost and expense, carry such insurance as Tenant each desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 23.6 Landlord, Tenant and their respective insurers hereby waive any and all rights of recovery or subrogation against the other party with respect to any loss, damage, claims, suits or against demands, howsoever caused, that are covered, or should have been covered, by valid and collectible property insurance, including any deductibles or self-insurance maintained thereunder. If necessary, Landlord and Tenant agree to endorse the officers, directors, employees, agents required insurance policies to permit waivers of subrogation as required hereunder and representatives of hold harmless and indemnify the other on account of party for any loss or damage occasioned by expense incurred as a result of a failure to obtain such waiving party or its property or the property waivers of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.7subrogation from insurers. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the its insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.8. 23.7 Landlord may require insurance policy limits required under this Lease to be raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants within the Project. 23.8 Any costs incurred by Landlord pursuant to this Article shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (NanoString Technologies Inc)

Insurance; Waiver of Subrogation. 21.124.1. Landlord shall maintain insurance for the Building and the Project in amounts equal to full replacement cost (exclusive of the costs of excavation, foundations and footings, and without reference to depreciation taken by Landlord upon its books or tax returns) or such lesser coverage as Landlord may elect, provided that such coverage shall not be less than ninety percent (90%) of such full replacement cost or the amount of such insurance Landlord’s lender, mortgagee or beneficiary (each, a “Lender”), if any, requires Landlord to maintain, providing protection against any peril generally included within the classification “Fire and Extended Coverage,” together with insurance against sprinkler damage (if applicable), vandalism and malicious mischief. Landlord, subject to availability thereof, shall further insure, if Landlord deems it appropriate, coverage against flood, environmental hazard, earthquake, loss or failure of building equipment, rental loss during the period of repairs or rebuilding, workmen’s compensation insurance and fidelity bonds for employees employed to perform services. Notwithstanding the foregoing, Landlord may, but shall not be deemed required to, provide insurance for any improvements installed by Tenant or that are in addition to the standard improvements customarily furnished by Landlord, without regard to whether or not such are made a part of or are affixed to the Building. Any costs incurred by Landlord pursuant to this Section 21.1 shall constitute a portion of Operating Expenses. 21.224.2. In addition, Landlord shall carry commercial general public liability insurance with a single limit of not less than One Three Million Dollars ($1,000,0003,000,000) for death or bodily injury, or property damage with respect to the Project. Any costs incurred by Landlord pursuant to this Section 21.2 shall constitute a portion of Operating Expenses. 21.324.3. Tenant shall, at its own cost and expense, procure and maintain in effect, beginning on the Term Commencement Date or the date of occupancy, whichever occurs first, and continuing throughout the Term (and occupancy by Tenant, if any, after termination of this Lease) commercial general ), comprehensive public liability insurance with limits of not less than Two Three Million Dollars ($2,000,0003,000,000) per occurrence for death or bodily injury and not less than One Million Dollars ($1,000,000) for property damage with respect to the PremisesPremises (including $100,000 fire legal liability (each loss)). 21.424.4. The insurance required to be purchased and maintained by Tenant pursuant to this Lease shall name Landlord, BioMed Realty, L.P., BioMed Realty Trust, Inc., and their respective officers, employees, agents, general partners, members members, subsidiaries, affiliates and Lenders (“Landlord Parties”) as additional insureds. Said insurance shall be with companies having a rating of not less than policyholder rating of A- and financial category rating of at least Class VIII in “Best’s Insurance Guide.” Tenant shall obtain for Landlord from the insurance companies or cause the insurance companies to furnish certificates of coverage to Landlord. No such policy shall be cancelable or subject to reduction of coverage or other modification or cancellation or reduction or diminishment except after thirty (30) days’ prior written notice to Landlord from the insurerinsurer (except in the event of non-payment of premium, in which case ten (10) days written notice shall be given). All such policies shall be written as primary policies, not contributing with and not in excess of the coverage that Landlord may carry. Tenant’s policy may be a “blanket policy” that specifically provides that the amount of insurance shall not be prejudiced by other losses covered by the policy. Tenant shall, at least twenty ten (2010) days prior to the expiration of such policies, furnish Landlord with renewals or binders. Tenant agrees that if Tenant does not take out and maintain such insurance, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and at its cost to be paid by Tenant as Additional Rent. 21.524.5. Tenant assumes the risk of damage to any fixtures, goods, inventory, merchandise, equipment and leasehold improvements, and Landlord shall not be liable for injury to Tenant’s business or any loss of income therefrom, relative to such damage, all as more particularly set forth within this Lease. Tenant shall, at Tenant’s sole cost and expense, carry (a) insurance on Tenant’s leasehold improvements providing protection against all risks of physical damage or loss and (b) such insurance as Tenant desires for Tenant’s protection with respect to personal property of Tenant or business interruption. 21.624.6. In each instance where insurance is to name Landlord Parties as additional insureds, Tenant shall, upon Landlord’s written request, also designate and furnish certificates evidencing such Landlord Parties as additional insureds to (a) any Lender of Landlord holding a security interest in the Building or the Project, (b) the landlord under any lease whereunder Landlord is a tenant of the real property upon which the Building is located if the interest of Landlord is or shall become that of a tenant under a ground lease rather than that of a fee owner, and (c) any management company retained by Landlord to manage the Project. 21.724.7. Landlord and Tenant each hereby waive any and all rights of recovery against the other or against the officers, directors, employees, agents and representatives of the other on account of loss or damage occasioned by such waiving party or its property or the property of others under such waiving party’s control, in each case to the extent that such loss or damage is insured against under any fire and extended coverage insurance policy that either Landlord or Tenant may have in force at the time of such loss or damage. Such waivers shall continue so long as their respective insurers so permit. Any termination of such a waiver shall be by written notice to the other party, containing a description of the circumstances hereinafter set forth in this Section 21.724.7. Landlord and Tenant, upon obtaining the policies of insurance required or permitted under this Lease, shall give notice to the insurance carrier or carriers that the foregoing mutual waiver of subrogation is contained in this Lease. If such policies shall not be obtainable with such waiver or shall be so obtainable only at a premium over that chargeable without such waiver, then the party seeking such policy shall notify the other of such conditions, and the party so notified shall have ten (10) days thereafter to either (a) procure such insurance with companies reasonably satisfactory to the other party or (b) agree to pay such additional premium (in Tenant’s case, in the proportion that the area of the Premises bears to the insured area). If the parties do not accomplish either (a) or (b), then this Section 21.7 24.7 shall have no effect during such time as such policies shall not be obtainable or the party in whose favor a waiver of subrogation is desired refuses to pay the additional premium. If such policies shall at any time be unobtainable, but shall be subsequently obtainable, then neither party shall be subsequently liable for a failure to obtain such insurance until a reasonable time after notification thereof by the other party. If the release of either Landlord or Tenant, as set forth in the first sentence of this Section 21.724.7, shall contravene Applicable Laws, then the liability of the party in question shall be deemed not released but shall be secondary to the other party’s insurer. 21.824.8. Landlord may require insurance policy limits required under this Lease to be reasonably raised to conform with requirements of Landlord’s Lender or to bring coverage limits to levels then being required of new tenants with the same size premises or less within the Project. 24.9. Any costs incurred by Landlord pursuant to this Article 24 shall constitute a portion of Operating Expenses.

Appears in 1 contract

Samples: Lease (Daystar Technologies Inc)

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