Common use of Landlord’s Insurance Obligation Clause in Contracts

Landlord’s Insurance Obligation. Landlord shall obtain and keep in full force and effect insurance against loss or damage by fire and other casualty to the Buildings and the improvements and betterments in the Buildings, including all Music Hall Alterations and Landlord’s Music Hall Property as may be insurable under then available standard forms of “all-risk” insurance policies, in an amount equal to one hundred percent (100%) of the replacement value thereof (with customary deductibles) or in such lesser amount as will avoid co-insurance. Notwithstanding the foregoing, Landlord shall not be liable to Tenant for any failure to insure, replace or restore any Music Hall Alterations which Landlord would otherwise be obligated to restore hereunder unless, if Landlord has notified Tenant that Landlord’s insurer requires Tenant to do any of the following, Tenant shall have delivered to Landlord plans and specifications of such Alterations to the extent required pursuant to Article 5 hereof or otherwise notified Landlord in reasonable detail of such Alterations, and shall maintain adequate records with respect to such Alterations to facilitate the adjustment of any insurance claims with respect thereto. Tenant shall reasonably cooperate with Landlord and Landlord’s insurance companies in the adjustment of any claims for any damage to any of the Buildings or such Alterations. All insurance required to be maintained by Landlord hereunder may be effected pursuant to blanket policies covering other locations, provided that such blanket policies (i) provide the amounts set forth above and that such amounts will not be reduced by any loss at any other location, and (ii) shall comply with the provisions of this Section 13.2. Notwithstanding anything herein contained to the contrary, in no event shall Landlord carry separate or additional insurance, concurrent in form or contributing in the event of any loss or damage, with any insurance required to be maintained by Tenant with respect to Tenant’s Property.