Kinds and Amounts. Landlord shall at all times during the Term of this Lease keep in effect insurance on all Improvements against loss by fire and lightning, the risks covered by what is commonly known as extended coverage, malicious mischief and vandalism, and all other risks of direct physical loss in an amount equal to the full replacement value on the replacement form basis, of such Improvements. The policy or policies evidencing such insurance shall be written by a company or companies reasonably satisfactory to Landlord and to Landlord's mortgagee, if any, and authorized to do business in the state where the Premises are located, shall name Landlord as insured thereunder, and shall provide that losses shall be paid to Landlord or its mortgagee, if applicable. At the request of Landlord, a mortgage clause may be included in said policies covering Landlord's mortgagee, if any. Tenant further agrees that if and when obtainable, Landlord will procure and maintain so-called war risk and war damage insurance, earthquake and flood insurance on the Improvements for not less than one hundred percent (100%) of the full insurance value above foundation. Such insurance shall provide for payment of loss thereunder to Landlord and shall, at Landlord's request, contain a mortgage clause in favor of Landlord's mortgagee, if any. Landlord shall also obtain (i) boiler and machinery insurance in an amount equal to the full replacement value of the Improvements, (ii) insurance against loss of Rents due to the occurrence of any casualty or hazard in the amount of all Base Rent payments, taxes, assessments and insurance premiums required hereunder for a twelve (12)-month period, (iii) liability insurance, (iv) insurance against breakage of all plate glass in the Improvements and (v) such other insurance reasonably required by Landlord, all in amounts and under terms customarily carried by Landlord for similar buildings owned by it.
Appears in 1 contract
Samples: Industrial Building Lease (Eagle Test Systems, Inc.)
Kinds and Amounts. Landlord shall at all times during the Term of this Lease keep in effect insurance on all Improvements against loss by fire and lightning, the risks covered by what is commonly known as extended coverage, malicious mischief and vandalism, and all other risks of direct physical loss in an amount equal to the full replacement value on the replacement form basis, of such Improvements. The policy or policies evidencing such insurance shall be written by a company or companies reasonably satisfactory to Landlord and to Landlord's mortgagee, if any, and authorized to do business in the state where the Premises are located, shall name Landlord as insured thereunder, and shall provide that losses shall be paid to Landlord or its mortgagee, if applicable. At the request of Landlord, a mortgage clause may be included in said policies covering Landlord's mortgagee, if any. Tenant further agrees that if and when obtainable, Landlord will procure and maintain so-called war risk and war damage insurance, earthquake and flood insurance on the Improvements for not less than one hundred percent (100%) of the full insurance value above foundation. Such insurance shall provide for payment of loss thereunder to Landlord and shall, at Landlord's request, contain a mortgage clause in favor of Landlord's mortgagee, if any. Landlord shall also obtain (i) boiler and machinery insurance in an amount equal to the full replacement value of the Improvements, (ii) insurance against loss of Rents due to the occurrence of any casualty or hazard in the amount of all Base Rent payments, taxes, assessments and insurance premiums required hereunder for a twelve (12)-month period, (iii) liability insurance, (iv) insurance against breakage of all plate glass in the Improvements and (v) such other insurance reasonably required by Landlord, all in amounts and under terms customarily carried by Landlord for similar buildings owned by it. The cost of the insurance contemplated by this Article X shall be commercially reasonable.
Appears in 1 contract
Kinds and Amounts. Landlord As additional rent for the Leased Premises, Tenant shall procure and maintain policies of insurance, at all times during its own cost and expense, insuring:
(a) The improvements at any time situated upon the Term of this Lease keep in effect insurance on all Improvements Leased Premises against loss or damage by fire and fire, lightning, wind storm, hail storm, aircraft, vehicles, smoke, explosion, riot 37 or civil commotion as provided by the risks covered by what is commonly known as extended coverage, malicious mischief Standard Fire and vandalism, and all Extended Coverage Policy other risks of direct physical loss in an amount equal to the full replacement value on the replacement form basis, of such Improvementsas insured against and under Special Extended Coverage Endorsement. The policy or policies evidencing such insurance coverage shall be written by a company or companies reasonably satisfactory to Landlord and to Landlord's mortgagee, if any, and authorized to do business in the state where the Premises are located, shall name Landlord as insured thereunder, and shall provide that losses shall be paid to Landlord or its mortgagee, if applicable. At the request of Landlord, a mortgage clause may be included in said policies covering Landlord's mortgagee, if any. Tenant further agrees that if and when obtainable, Landlord will procure and maintain so-called war risk and war damage insurance, earthquake and flood insurance on the Improvements for not less than one hundred percent (100%) % of the full replacement cost of such improvements with all proceeds of insurance value above foundationpayable to Landlord. Such The full replacement cost of improvements shall be determined every three (3) years by an insurance shall provide for payment of loss thereunder to appraiser selected by Landlord and shallpaid for by Tenant. The insurance appraiser shall submit a written report of his appraisal and if said report shows that the improvements are not insured as herein required, at Landlord's requestTenant shall promptly obtain such additional insurance as is required.
(b) Landlord and Tenant from all claims, contain a mortgage clause in favor demands or actions for injury to or death of Landlord's mortgagee, if any. Landlord shall also obtain (i) boiler and machinery insurance any person in an amount equal of not less than $500,000.00, for injury to or death of more than one person in any one occurrence in an amount of not less than $1,000,000.00, and for damage to property in an amount of not less than $200,000.00 made by, or on behalf of, any person or persons, firm or corporation arising from, related to or connected with the Leased Premises. Said insurance shall comprehend full replacement value coverage of the Improvements, indemnity set forth in Section 13.0 hereof;
(iic) insurance against loss of Rents due to the occurrence of any casualty or hazard in the amount of Item omitted from lease
(d) Tenant from all Base Rent payments, taxes, assessments workmen's compensation claims; and
(e) Landlord and insurance premiums required hereunder for a twelve (12)-month period, (iii) liability insurance, (iv) insurance Tenant against breakage of all plate glass utilized in the Improvements and improvements on the Leased Premises.
(vf) Landlord from loss of rents during the period while the Leased Premises are unrentable due to a fire or other Casualty (for the maximum period for which such other insurance reasonably required by is available) but the purchase of such rent insurance shall not relieve Tenant from the primary obligation to pay rent during any such period of untenantability.
(g) Flood insurance whenever, in the judgment of Landlord, all in amounts such protection is necessary and under terms customarily carried by Landlord for similar buildings owned by itit is available.
Appears in 1 contract
Samples: Lease Amendment (Mfri Inc)
Kinds and Amounts. Landlord Tenant, at its sole cost and expense, shall at all times obtain and continuously maintain in full force and effect during the Term Lease Term:
(a) Policies of this Lease keep in effect insurance on all Improvements for the benefit of Landlord, as the named insured, insuring the Building against (i) loss or damage by fire or other casualty, on an “all risk” form, subject only to such exclusions as are approved by Landlord; (ii) loss or damage by flood, if the Premises are in a designated flood hazard area; (iii) loss from so-called explosion, collapse and lightningunderground hazards; (iv) if a sprinkler is in the Premises, the risks covered by what is commonly known as extended coverageloss from sprinkler leakage, malicious mischief and vandalism(v) rent loss insurance sufficient to pay all rent for a period of no less than twelve months after a casualty, and all (vi) loss or damage from such other risks or hazards of direct physical loss a similar or dissimilar nature which are now or may hereafter be customarily insured against with respect to improvements similar in construction, design, general location, use and occupancy to the Building. At all times, such insurance coverage shall be in an amount equal to the full replacement value on the replacement form basis, of such Improvements. The policy or policies evidencing such insurance shall be written by a company or companies reasonably satisfactory to Landlord and to Landlord's mortgagee, if any, and authorized to do business in the state where the Premises are located, shall name Landlord as insured thereunder, and shall provide that losses shall be paid to Landlord or its mortgagee, if applicable. At the request of Landlord, a mortgage clause may be included in said policies covering Landlord's mortgagee, if any. Tenant further agrees that if and when obtainable, Landlord will procure and maintain so-called war risk and war damage insurance, earthquake and flood insurance on the Improvements for not less than one hundred percent (100%) of the full insurance replacement cost of the Building and shall include a so-called “agreed value above foundationendorsement”. Such insurance “Full Replacement Cost” shall provide mean Landlord’s reasonable judgment, from time to time, of the cost of replacing the Building without deduction for payment depreciation or wear and tear, and including a reasonable sum for architectural, engineering, legal, administrative and supervisory fees connected with the restoration or replacement of loss thereunder the Building in the event of damage thereto or destruction thereof. If Tenant disputes Landlord’s judgment as to Landlord and shall, at Landlord's request, contain a mortgage clause in favor of Landlord's mortgagee, if any. Landlord shall also obtain (i) boiler and machinery insurance in an amount equal to the full replacement value cost, Tenant may at its expense, commission an appraisal of the Improvements, (ii) insurance against loss of Rents due property performed by an appraiser acceptable to the occurrence of any casualty or hazard in the amount of all Base Rent payments, taxes, assessments and insurance premiums required hereunder for a twelve (12)-month period, (iii) liability insurance, (iv) insurance against breakage of all plate glass in the Improvements and (v) such other insurance reasonably required by Landlord, all in amounts and under terms customarily carried by Landlord which appraisal shall then serve as the basis for similar buildings owned by itreplacement cost.
Appears in 1 contract
Samples: Single Tenant Net Lease (Childrens Place Retail Stores Inc)