Lessee Insurance. (a) At all times commencing on and after the earlier of the Commencement Date and the date Lessee or its agents, employees or contractors enters the Leased Premises for any purpose, Lessee shall carry and maintain, at its sole cost and expense: (i) Commercial General Liability Insurance applicable to the Leased Premises and its appurtenances providing, on an occurrence basis, a minimum combined single limit of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease; (ii) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises; (iii) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage of One Million Dollars ($1,000,000.00) per occurrence; (iv) Whenever good business practice, in Lessor’s reasonable judgment, indicates the need of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof. (b) Before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (or any successor thereto), and its respective members, principals, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”, and other designees of Lessor as the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”). (c) Any company writing any insurance which Lessee is required to maintain or cause to be maintained pursuant to the terms of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises or the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form of such insurance, are at all times subject to Lessor’s reasonable approval, and each such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written notice of any change, cancellation, termination or lapse of said insurance. Lessee shall be solely responsible for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The limits of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Lease. (d) Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event of the occurrence of any of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of the amount of any increase in any such insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor in connection with a default by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lessee, and Lessee shall pay, as additional rent, the cost of all premiums thereon and all of Lessor’s costs associated therewith.
Appears in 2 contracts
Samples: Commercial Lease (Xtera Communications, Inc.), Commercial Lease (Xtera Communications, Inc.)
Lessee Insurance. Lessee, at its sole expense, will maintain throughout the Term and any period when it is in possession of the leased premises, insurance (athe “Insurance”) At all times commencing issued by and binding upon some solvent insurance company with a rating of A VIII or better, as set forth in the most recent issue of Best’s Insurance Reports, comprehensive general liability insurance with respect to the leased premises and the conduct or operation of Lessee’s business therein, naming Lessor and such other parties designated by Lessor, as an additional insured, in an amount not less than one million dollars ($1,000,000.00) combined single limit. Lessee shall deliver a certificate of such insurance to Lessor on and after the earlier of or before the Commencement Date and thereafter on an annual basis or from time to time upon request. Such policy shall expressly provide that the date policy shall not be canceled or altered without thirty (30) days prior written notice to Lessor and shall remain in effect until such notice shall have been given to Lessor and such period of thirty (30) days shall have expired. Lessee will cause each such insurance policy to:
A. be primary, non-contributing with, and not in excess of, any other insurance available to Lessor or its agentsthe Management Company;
B. contain a prohibition against cancellation or material change that reduces or restricts the Insurance (except on thirty (30) days prior notice to Lessor and the Management Company by registered mail); and
C. be in a form and with insurers satisfactory to Lessor and the Management Company. Upon request from Lessor or upon the placement, employees renewal, amendment or contractors enters extension of all or any part of the Leased Premises for any purposeInsurance, Lessee shall carry and maintainwill immediately deliver to Lessor certificates of insurance (on Lessor’s standard form, at its sole cost and expense:
(iif applicable) Commercial General Liability Insurance applicable to the Leased Premises and its appurtenances providing, on an occurrence basis, a minimum combined single limit of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering signed by Lessee’s indemnity obligations under this Lease;
(ii) All Risks of Physical Loss insurers evidencing the required Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements or, if required by Lessor or the Management Company, evidence in the Leased Premises;
form of certified copies of the policies (iii) Workers’ Compensation Insurance as required and no review or approval of any such insurance, certificate, or policy by Lessor or the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage of One Million Dollars ($1,000,000.00) per occurrence;
(iv) Whenever good business practice, in Management Company shall derogate from or diminish Lessor’s reasonable judgment, indicates or the need of additional insurance coverage or different types of insurance in connection with the Leased Premises Management Company’s rights or Lessee’s use obligations contained in this Lease, including, without limitation, those contained in this Article). The Insurance is as follows:
A. all risks property insurance on all objects owned or operated by Lessee or by others (other than Lessor) on behalf of Lessee in the Premises or relating to or serving the Premises, with reasonable deductibles of up to three percent (3%) of the replacement cost of property insured. This insurance will:
1. name Lessor and occupancy thereofManagement Company as insureds;
2. contain a waiver of any subrogation rights that the insurers may have against Lessor and against those for whom any of them is responsible in law (but if Lessee fails to procure such waiver, Lessee shallwill pay to Lessor as liquidated damages payable as Additional Rent on demand all moneys to which any subrogor hereunder becomes entitled and the cost of any legal defense of any claim for subrogations);
3. cover:
a. all property owned by Lessee or for which Lessee is legally liable, located within the Project Premises including, but not limited to, Lessee’s Work and Leasehold Improvements in an amount of at least ninety percent (90%) of the full replacement cost, subject to an agreed amount clause; and
b. twelve (12) months’ direct or indirect loss of earnings including prevention of access to the Premises or to the Project. The proceeds of the insurance under this section shall be and are hereby assigned and made payable to Lessor, and, to the extent that such proceeds of insurance shall have been paid to Lessor, they shall be released to Lessee (if Lessee is not in default hereunder):
1. upon Lessee’s written request, in progress payments, at stages determined by Lessor, upon requestreceipt by Lessor of a certificate from its Architect stating that repairs to each stage of the Premises have been satisfactorily completed, obtain free of liens, by Lessee, but if Lessee defaults in making such repairs and if Lessor, at Lessor’s option, performs such repairs, the proceeds may, without limiting Lessor’s rights hereunder and without liability to Lessor, be applied by Lessor to the costs thereof; or
2. if Lessor terminates this Lease upon the happening of any damage or destruction as is provided herein, but only to the extent of the value of any Trade Fixtures or stock-in-trade of Lessee which Lessee is permitted to remove under the terms of this Lease upon termination of this Lease and not to the extent of the value of any Leasehold Improvements made by or on behalf of Lessee in, to, for or which serve, the Premises, which proceeds shall be retained by Landlord for Landlord’s own use absolutely;
B. one million dollars ($1,000,000) inclusive limit comprehensive general liability insurance. This insurance at will:
1. include owners’ protective, products, completed operations, personal injury, employers’, blanket contractual liability coverages, provisions for cross liability, severability of interests and occurrence of property damage;
2. name Lessor and the Management Company as insureds; and
3. contain a provision that precludes invalidation as respects the interests of Lessor by reason of any breach or violation of warranties, representations, declarations or conditions.
C. Lessee’s expense premises liability insurance for the actual cash value of the Premises, including loss of their use;
D. five hundred thousand dollars ($500,000) inclusive limits automobile liability insurance on a non-owned form, including contractual liability, and provide Lessor with evidence thereof.
(b) Before any repairson an owner’s form, alterations, additions, improvements, or construction are undertaken covering all licensed vehicles operated by or on behalf of Lessee; and
E. any other form of insurance and with whatever higher limits that Lessor or the Management Company requires from time to time. Lessee agrees that, if Lessee shall carry and maintain, at its expensefails to take out or keep any such Insurance referred to in this Section, or Lessee shall require should any contractor performing work on such Insurance not be approved by Lessor or the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (or any successor thereto)Management Company, and its respective members, principals, beneficiaries, partners, officers, directors, employees, agents should Lessee not commence diligently to rectify (and any Mortgagee(s)”, and other designees of thereafter proceed diligently to rectify) the situation within forty-eight (48) hours after written notice by Lessor as the interest of such designees appear, as additional insureds to Lessee (collectively referred to as the “Additional Insureds”).
(c) Any company writing any insurance which Lessee is required to maintain or cause to be maintained pursuant to the terms of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises stating if Lessor or the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form Management Company does not approve of such insurance, are at all times subject the reasons therefore), Lessor has the right, without assuming any obligation in connection therewith and without prejudice to Lessor’s reasonable approval, any other rights and each such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees remedies of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written notice of any change, cancellation, termination or lapse of said insurance. Lessee shall be solely responsible for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The limits , to effect any such Insurance at the sole cost of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Lease.
Lessee and all outlays by Lessor plus an administration fee of twenty percent (d20%) thereof shall be immediately paid by Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance as additional rent on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event first day of the occurrence of any of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of the amount of any increase in any such insurance premium, provided that the acceptance by Lessor of next month following such payment may not be construed to be a waiver of any rights by Lessor in connection with a default by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lessee, and Lessee shall pay, as additional rent, the cost of all premiums thereon and all of Lessor’s costs associated therewith.
Appears in 1 contract
Samples: Commercial Lease (Mathstar Inc)
Lessee Insurance. (a) At all times commencing on a. Lessee covenants and after agrees to obtain and have in force upon his date of entry into the earlier “Demised Premises”, and to keep in force continuously thereafter until the expiration of the Commencement Date and the date Lessee or its agents, employees or contractors enters the Leased Premises for any purpose, Lessee shall carry and maintain, at its sole cost and expenseentire term of this lease:
(i1) Commercial General Liability Insurance applicable Comprehensive general liability insurance relating to the Leased Demised Premises and its appurtenances providing, on an occurrence basis (if obtainable, otherwise on a claims made basis, a ) with minimum combined single limit limits of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease;
(ii) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises;
(iii) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage amount of One Million Dollars ($1,000,000.00) per occurrence;
(iv) Whenever good business practicefor bodily injury, in Lessor’s reasonable judgmentpersonal injury or death to any one person, indicates the need of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof.
(b) Before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (for bodily injury, personal injury or any successor thereto)death to more than one person, and its respective membersFive Hundred Thousand Dollars ($500,000.00) with respect to damage to property by water or otherwise;
(2) Fire and extended coverage, principalsvandalism, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”malicious mischief, and other designees special extended coverage insurance in an amount adequate to cover the cost of Lessor as replacement of all leasehold or building improvements in the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”).
(c) Any company writing any insurance Demised Premises which Lessee is required to maintain or cause to be maintained pursuant to the terms of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises or the operation of were originally constructed by Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form cost of such insurancereplacement of all fixtures, are at equipment, decorations, contents and personal property therein;
(3) Plate glass insurance with respect to all times subject plate and other glass in the Demised Premises; and,
b. All of the aforesaid insurance shall be written by one or more responsible insurance companies satisfactory to Lessor’s reasonable approval, and each ; all such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Demised Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must property, and shall contain endorsements requiring that the insurer(sthat:
(1) give Such insurance may not be cancelled or amended with respect to Lessor and its designees at least thirty (30or it’s designee[s]), except upon ten (10) days’ advance days written notice of any change, cancellation, termination or lapse of said insurance. by registered mail to Lessor (and such designee(s) by the insurance company; and
(2) Lessee shall be solely responsible for payment of premiums for all such insurance. In the event Lessee fails to furnish such insurance, the Lessor may obtain such insurance and the premiums shall be deemed additional rent to be paid by Lessee to the Lessor upon demand. It is further agreed that any statements made in this lease concerning minimum insurance requirements cannot be construed by the Lessee as indicating either the adequacy or sufficiency of insurance required for the Lessee’s Insurance. purposes, nor shall such requirements be used to define the responsibility of the Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lesseerepair, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee restore or replace as otherwise covered in compliance with its obligations under this Lease. lease.
c. The minimum limits of Lessee’s Insurance do not the comprehensive general liability policy of insurance shall in any manner no way limit or diminish Lessee’s liability under this LeaseParagraph “d” hereof and shall be subject to increase at any time, and from time to time, if Lessor, in the exercise of its reasonable business judgment, shall deem same necessary for adequate protection. Within thirty (30) days after demand therefore by Lessor, Lessee shall furnish Lessor with evidence that such demand has been complied with.
(d) d. Lessee shall not do will defend, indemnify and save Lessor harmless from and against any and all claims and demands in connection with any accident, injury or fail damage whatsoever caused to do anything in, upon any person or property arising directly or indirectly out of the business conducted in the Demised Premises or occurring in on or about the Leased Demised Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; part thereof, or (iii) result arising directly or indirectly from any act or omission of Lessee or any concessionaire or subtenant or their respective licensees, servants, agents, employees or contractors, and from and against any and all costs, expenses and liability incurred in an increase in connection with any such claim or proceeding brought thereon, except to the rate of any insurance on extent such claims are caused by the Leased Premises, the Building, any other property negligent acts or omissions of Lessor or its agents. The comprehensive general liability coverage maintained by Lessee pursuant to Section “A” above, shall specifically insure the contractual obligations of others within the Building. In the event Lessee as set forth herein.
e. Lessee agrees, at its own cost and expense, to comply with all of the occurrence of any rules, regulations and recommendations of the events set forth in this Section, Lessee shall pay Lessor upon demandFire Insurance Rating Organization having jurisdiction or any similar body. If at any time, as additional rent, the cost a result of the amount of any increase in any such insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor or in connection with a default any failure by Lessee under this Lease. If Lessee fails to obtain comply with the insurance coverage required foregoing sentence or any act of omission or commission by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lessee, and Lessee shall payits employees, agents, contractors or licensees, as additional rent, a result of or in connection with the cost of all premiums thereon and all of use to which the Demised Premises are put (notwithstanding that such use may be for the purposes hereinbefore permitted or that such use may have been consented to by Lessor’s costs associated therewith).
Appears in 1 contract
Lessee Insurance. (a) At all times commencing on and after a. During the earlier Term of the Commencement Date and the date Lessee or its agents, employees or contractors enters the Leased Premises for any purposethis Agreement, Lessee shall carry maintain in full force and maintaineffect, at its sole cost and expense, the following coverages and amounts of insurance:
(i) i. Statutory Worker’s Compensation Insurance, and Employer’s Liability limits of $1,000,000 per accident/per employee;
ii. Commercial General Liability Insurance applicable to the Leased Premises and its appurtenances providingInsurance, written on an occurrence basis, covering bodily injury (including death), personal injury, and property damage, with limits of not less than $1,000,000 per occurrence, that includes coverage for contractual liability, independent contractors, premises/operations, products/completed operations, and cross liabilities/separation of insureds; Lessee shall consider its own insurance primary, and shall not seek contribution from similar insurance being maintained by the Lessor, but only as to the negligent acts or omissions of Lessee.
iii. Automobile Liability with a minimum combined single limit of Two Million Dollars ($2,000,000.00)1,000,000 that includes coverage for owned, non-owned and hired vehicles; and
iv. $5,000,000 in excess liability coverage per occurrence, for injuries, losses, claims for damages to persons or property occurring on the Premises, and resulting from the use of the Charging Stations, the occupancy of the Premises and/or the negligence of Lessee and its agents, contractors, employees or invitees, which coverage shall sit excess of the scheduled underlying General Liability, and Automobile Liability and Employer’s Liability Insurance policies with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease;
(ii) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements exclusions that are no more broad that those contained in the Leased underlying policies.
b. With respect to Xxxxxx’s Commercial General Liability Insurance, Automobile Liability Insurance and Excess Liability Insurance, include Lessor as an additional named insured with respect to liability arising out of the ownership, maintenance or use of the Charging Stations or the Premises;.
(iii) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage of One Million Dollars ($1,000,000.00) per occurrence;
(iv) Whenever good business practice, in c. Upon Lessor’s reasonable judgment, indicates the need of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereofwritten request, Lessee shall, upon request, obtain such insurance at Lessee’s expense and shall provide Lessor with evidence thereof.
(b) Before any repairs, alterations, additions, improvementsa certificate of insurance and endorsement, or construction are undertaken by or on behalf letter of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (or any successor thereto), and its respective members, principals, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”, and other designees of Lessor as the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”).
(c) Any company writing any insurance which Lessee is required to maintain or cause to be maintained pursuant to the terms of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises or the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form of such self-insurance, are at all times subject to Lessor’s reasonable approval, and each such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in evidencing the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written notice of any change, cancellation, termination or lapse of said insurancerequired coverages. Lessee shall be solely responsible for payment of premiums for have the right to “self-insure” all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The limits of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Lease.
(d) Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event portion of the occurrence of any of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of the amount of any increase in any such foregoing insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor in connection with a default by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lessee, and Lessee shall pay, as additional rent, the cost of all premiums thereon and all of Lessor’s costs associated therewithobligations.
Appears in 1 contract
Lessee Insurance. (a1) At all times commencing on and after the earlier of the Commencement Date and the date Lessee or its agents, employees or contractors enters the Leased Premises for any purpose, Lessee shall carry and maintain, at its sole cost and expense:
(i1) Commercial General Liability Insurance applicable to the Leased Premises and its appurtenances providing, on an occurrence basis, a minimum combined single limit of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease;
(ii2) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises;
(iii3) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage of One Million Dollars ($1,000,000.00) per occurrence;
(iv4) Business interruption or loss of income insurance in amounts satisfactory to Lessor; and
(5) Whenever good business practice, in Lessor’s reasonable judgment, indicates the need of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof.
(b2) Before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements (or such other amount reasonably required by Lessor) and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (or any successor thereto), and its respective members, principals, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”, and other designees of Lessor as the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”).
(c3) Any company writing any insurance which Lessee is required to maintain or cause to be maintained pursuant to the terms of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises or the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form of such insurance, are at all times subject to Lessor’s reasonable approval, and each such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written notice of any change, cancellation, termination or lapse of said insurance. Lessee shall be solely responsible for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The Except as provided in Section 7.4, the limits of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Lease.
(d4) Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event of the occurrence of any of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of the amount of any increase in any such insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor in connection with a default by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cureoption, obtain such insurance for Lessee, and Lessee shall pay, as additional rent, the cost of all premiums thereon and all of Lessor’s costs associated therewith.
Appears in 1 contract
Samples: Sublease (Gevo, Inc.)
Lessee Insurance. (a) At Lessee at its cost shall maintain as named insured, during the term of this Lease, public liability and property damage insurance with at least a single combined liability and property damage limit of $1,000,000.00, insuring against all times commencing on liability of Lessee and after the earlier its authorized representatives arising out of an in connection with Lessee's use of occupancy of the Commencement Date leased premises. All public liability insurance and property damage insurance shall insure performance by Lessee of the date Lessee or its agentsindemnity provisions of this Article 7.00. Lessor and Lessor's agent, employees or contractors enters the Leased Premises for any purposeSheridan Management Corp., Lessee shall carry and maintain, at its sole cost and expense:
(i) Commercial General Liability Insurance applicable to the Leased Premises and its appurtenances providing, on an occurrence basis, a minimum combined single limit of Two Million Dollars ($2,000,000.00), with be named as additional ------------------------- insureds. The policy shall contain a contractual liability endorsement covering Lessee’s indemnity obligations under that refers expressly to this Lease;
(ii) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises;
(iii) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage of One Million Dollars ($1,000,000.00) per occurrence;
(iv) Whenever good business practice, in Lessor’s reasonable judgment, indicates the need of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof.
(b) Before Lessee at its cost shall maintain as named insured, during the term of this Lease, fire and extended coverage insurance on the leased premises and its contents, including any repairs, alterations, additions, improvements, or construction are undertaken leasehold improvements made by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at in an amount sufficient so that no expense to Lessor, co-insurance will be payable in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount case of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (or any successor thereto), and its respective members, principals, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”, and other designees of Lessor as the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”)loss.
(c) Any company writing any Lessee shall increase its insurance which Lessee coverage as required not more frequently than each three (3) years, if in the opinion of the mortgagee of the building or Lessor's insurance agent the amount of public liability and property damage insurance coverage at that time is not adequate.
(d) All insurance required to maintain or cause to be maintained pursuant to the terms of under this Lease (all such shall be issued by insurance as well as any other insurance pertaining to the Leased Premises or the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form of such insurance, are at all times subject to Lessor’s reasonable approval, and each such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified companies authorized to do business in the state State of Texas. Each policy shall contain an endorsement requiring 30 days' written notice from the insurance company to Lessor before cancellation or any change in which the Leased Premises are locatedcoverage, scope or amount of any policy. All Each policy, or a certificate showing it is in effect, together with evidence of payment of premiums, shall be deposited with Lessor at the commencement of the term, and renewal certificates or copies of renewal policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded shall be delivered to Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written notice of any change, cancellation, termination or lapse of said insurance. Lessee shall be solely responsible for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration date of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The limits of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Leasepolicy.
(de) Notwithstanding the fact that any liability of Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result may be covered by Lessee's insurance, Lessee's liability shall in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event of the occurrence of any of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of no way be limited by the amount of any increase in any such its insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor in connection with a default by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lessee, and Lessee shall pay, as additional rent, the cost of all premiums thereon and all of Lessor’s costs associated therewithrecovery.
Appears in 1 contract
Samples: Lease Agreement (SPR Inc)
Lessee Insurance. (a) At all times commencing on and after the earlier of the Commencement Date and the date Lessee or its agentsAs long as this Lease remains in effect, employees or contractors enters the Leased Premises for any purpose, Lessee shall carry and maintainLessee, at its Lessee’s sole cost and expense:
, shall maintain, or cause to be maintained, with insurers of recognized responsibility, which are duly licensed to issue such insurance in the State of Oklahoma, well rated by national rating organizations, and approved by Lessor (iwhich approval shall not be unreasonably withheld): (1) Commercial General Liability Insurance insurance with respect to the Improvements against loss or damage by fire, lightning, and other risks from time to time included under extended coverage endorsements in amounts sufficient to prevent Lessor or Lessee from becoming a coinsurer of any partial loss under the applicable policies, but in any event in amounts equal to one hundred percent (100%) of the full replacement value of the Improvements; (2) comprehensive general liability insurance applicable to the Leased Premises and its appurtenances providing, on an the Improvements with limits of liability of not less than $ of personal injury liability insurance per person and $ of personal injury liability insurance per occurrence basis, a minimum combined single limit of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease;
(ii) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises;
(iii) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statutefor injury to persons including death resulting from same, and Employers’ Liability Coverage $ of One Million Dollars property damage liability insurance per occurrence for damage to the property of others with not more than a $ deductible; ($1,000,000.003) per occurrence;
(iv) Whenever good business practice, in Lessor’s reasonable judgment, indicates the need of additional insurance coverage or different types of boiler/explosion insurance in connection with the Leased Premises or Lessee’s use respect of any boilers and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof.
(b) Before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work similar apparatus located on the Leased Premises to carry and maintainthe Improvements in an amount of $ , at no expense which insurance shall be payable to Lessor, in addition Lessee, and the holder of any Permitted Lessee Mortgage(s), as their interests may appear, but which policies shall be delivered to Workers’ Compensation Insurance as required and held by Lessee or the jurisdiction in which holders of any such Permitted Lessee Mortgage(s), and, if the Building is locatedImprovements, All Risk Builder’s Risk Insurance in the amount or any substantial part of the replacement cost Improvements, shall be destroyed or seriously damaged, the proceeds, when collected in cash by Lessee, shall be held in trust and applied to the payment of any alterations, additions or improvements debt charges then due and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (or payable under any successor theretosuch Permitted Lessee Mortgage(s), and its respective membersto the performance by Lessee of all the covenants, principalsagreements, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”terms, and other designees of Lessor as the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”).
(c) Any company writing any insurance which Lessee is required to maintain or cause to be maintained pursuant to the terms provisions of this Lease (all such insurance as well as any other insurance pertaining to until the Leased Premises repair, restoration, or reconstruction of the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form of such insurance, are at all times subject to Lessor’s reasonable approval, and each such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written notice of any change, cancellation, termination or lapse of said insurance. Lessee Improvements shall be solely responsible completed as provided for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (in Section 15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The limits insurance required under (2) and (3) of Lessee’s Insurance do not in any manner limit Lessee’s this Section 16(A) shall specifically insure Lessee against all liability under this Lease.
(d) Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event of the occurrence of any of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of the amount of any increase in any such insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor in connection with a default assumed by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required , as well as liability imposed by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lesseelaw, and shall insure both Lessor and Lessee but shall pay, be so endorsed as additional rent, to create the cost same liability on the part of all premiums thereon the insurer as though separate policies had been written for Lessor and all Lessee. All of the policies of insurance referred to in this Section 16(A) shall be written in a form reasonably satisfactory to Lessor’s costs associated therewith.
Appears in 1 contract
Samples: Ground Lease Agreement
Lessee Insurance. (a) At all times commencing on The LESSEE covenants and after agrees during the earlier of term to obtain and keep in full force and effect the Commencement Date and following insurance policies, containing the date Lessee or its agents, employees or contractors enters the Leased Premises for any purpose, Lessee shall carry and maintain, at its sole cost and expensefollowing minimum coverages:
(i1) Commercial General Liability Insurance applicable insurance to include coverage for bodily injury, property damage, contractual liability and personal injury arising out of the LESSEE’S use, maintenance and/or business operations with respect to the Leased Demised Premises or any part of the Property, the limits of which shall not be less than One Million Dollars ($1,000,000) per occurrence and its appurtenances providing, on an occurrence basis, a minimum combined single limit of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease;
(ii2,000,000) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises;
aggregate; (iii2) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located Comprehensive Automobile Liability insurance providing Bodily Injury and in amounts as may be required by applicable statute, and Employers’ Liability Coverage Property Damage coverage of no less than One Million Dollars ($1,000,000.001,000,000) Combined Single Limit covering all owned, non-owned, leased and hired vehicles of the LESSEE; (3) Workers Compensation and Disability insurance per the applicable state statutes coverage to be applicable for all employees of the LESSEE; (4) Employer’s Liability coverage applicable for all employees of the LESSEE subject to a limit of no less than One Hundred Thousand Dollars ($100,000) per occurrence;
Accident, One Hundred Thousand Dollars (iv$100,000) Whenever good business practice, in Lessor’s reasonable judgment, indicates the need Disease per Employee and Five Hundred Thousand Dollars ($500,000) Disease Policy Limit; (5) Umbrella Liability Policy of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof.
(b) Before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two not less than One Million Dollars ($2,000,000.001,000,000) and adding “the named Lessor hereunder (or any successor thereto)6) Special Form Property Insurance covering LESSEE’S property (at full replacement cost) including: Business Personal Property, Improvements and its respective membersBetterments and Business Income coverage. LESSEE’S Commercial General Liability, principals, beneficiaries, partners, officers, directors, employees, agents Automobile Liability and any Mortgagee(s)”, and other designees of Lessor as the interest of such designees appear, Umbrella Liability coverages shall be endorsed to name LESSOR as additional insureds (collectively referred to as the “Additional Insureds”).
(c) Any company writing any insured on a primary and non-contributory basis. All insurance which Lessee is required to maintain or cause to be maintained pursuant procured by LESSEE shall be issued by insurance carriers licensed to do business in the terms State of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises or the operation of Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form of such insurance, are at all times subject to Lessor’s reasonable approval, New York and each such insurance company must have an having a current policy year A.M. Best rating of “A-A-,X” or better better. LESSEE shall also name the LESSOR and be licensed LESSOR’S managing agent as an additional insured on the General Liability and qualified Umbrella Liability policies. All Liability policies, including Workers Compensation & Employers Liability shall contain a Waiver of subrogation in favor of LESSOR. LESSEE shall provide to do business the LESSOR, prior to the occupancy of the Demised Premises, and ten (10) days subsequent to each renewal date of said policies binding evidence of such required insurance in the state in which form of Certificate of Liability and Evidence of Property coverage naming the Leased Premises are locatedLESSOR and LESSOR’S managing agent as Certificate Holder and evidencing the required coverages and limits and protection of the LESSOR’s insurable interests as noted above. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees LESSEE shall also provide a clause of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must contain endorsements requiring that the insurer(s) give Lessor and its designees at least thirty (30) days’ advance written days notice of cancellation by any change, cancellation, termination or lapse company providing LESSOR with binding evidence of said insurance. Lessee shall be solely responsible for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee If in compliance with its obligations under this Lease. The limits of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Lease.
(d) Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Building. In the event of non-notice by any company to LESSOR, LESSEE agrees to provide all primary insurance. LESSEE shall require all contractors and service providers hired by LESSEE to perform any and all: service, maintenance and repair operations at the occurrence Demised Premises, to provide to LESSOR, prior to said contractor or service provider commencing any work at the Demised Premises, evidence of any liability insurance as described in Section 27 of the events set forth in this Section, Lessee shall pay Lessor upon demand, as additional rent, the cost of the amount of any increase in any such insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor in connection with a default by Lessee under this Lease. If Lessee fails to obtain the insurance coverage required by this Lease, Lessor may, at its option and after notice to Lessee and a reasonable opportunity to cure, obtain such insurance for Lessee, and Lessee shall pay, with LESSOR named as an additional rent, the cost of all premiums thereon and all of Lessor’s costs associated therewithinsured on said liability policy.
Appears in 1 contract
Samples: Lease Agreement (Transcat Inc)
Lessee Insurance. (a) At all times commencing on a. Lessee covenants and after agrees to obtain and have in force upon his date of entry into the earlier "Demised Premises", and to keep in force continuously thereafter until the expiration of the Commencement Date and the date Lessee or its agents, employees or contractors enters the Leased Premises for any purpose, Lessee shall carry and maintain, at its sole cost and expenseentire term of this lease:
(i1) Commercial General Liability Insurance applicable Comprehensive general liability insurance relating to the Leased Demised Premises and its appurtenances providing, on an occurrence basis (if obtainable, otherwise on a claims made basis, a ) with minimum combined single limit limits of Two Million Dollars ($2,000,000.00), with a contractual liability endorsement covering Lessee’s indemnity obligations under this Lease;
(ii) All Risks of Physical Loss Insurance written at replacement cost value and with a replacement cost endorsement covering all of Lessee’s personal property and improvements in the Leased Premises;
(iii) Workers’ Compensation Insurance as required by the state in which the Leased Premises is located and in amounts as may be required by applicable statute, and Employers’ Liability Coverage amount of One Million Dollars ($1,000,000.00) per occurrence;
(iv) Whenever good business practicefor bodily injury, in Lessor’s reasonable judgmentpersonal injury or death to any one person, indicates the need of additional insurance coverage or different types of insurance in connection with the Leased Premises or Lessee’s use and occupancy thereof, Lessee shall, upon request, obtain such insurance at Lessee’s expense and provide Lessor with evidence thereof.
(b) Before any repairs, alterations, additions, improvements, or construction are undertaken by or on behalf of Lessee, Lessee shall carry and maintain, at its expense, or Lessee shall require any contractor performing work on the Leased Premises to carry and maintain, at no expense to Lessor, in addition to Workers’ Compensation Insurance as required by the jurisdiction in which the Building is located, All Risk Builder’s Risk Insurance in the amount of the replacement cost of any alterations, additions or improvements and Commercial General Liability Insurance (including, without limitation, Contractor’s Liability coverage, Contractual Liability coverage and Completed Operations coverage,) written on an occurrence basis with a minimum combined single limit of Two Million Dollars ($2,000,000.00) and adding “the named Lessor hereunder (for bodily injury, personal injury or any successor thereto)death to more than one person, and its respective membersFive Hundred Thousand Dollars ($500,000.00) with respect to damage to property by water or otherwise;
(2) Fire and extended coverage, principalsvandalism, beneficiaries, partners, officers, directors, employees, agents and any Mortgagee(s)”malicious mischief, and other designees special extended coverage insurance in an amount adequate to cover the cost of Lessor as replacement of all leasehold or building improvements in the interest of such designees appear, as additional insureds (collectively referred to as the “Additional Insureds”).
(c) Any company writing any insurance Demised Premises which Lessee is required to maintain or cause to be maintained pursuant to the terms of this Lease (all such insurance as well as any other insurance pertaining to the Leased Premises or the operation of were originally constructed by Lessee’s business therein being referred to as “Lessee’s Insurance”), as well as the form cost of such insurancereplacement of all fixtures, are at equipment, decorations, contents and personal property therein;
(3) Plate glass insurance with respect to all times subject plate and other glass in the Demised Premises; and,
b. All of the aforesaid insurance shall be written by one or more responsible insurance companies satisfactory to Lessor’s reasonable approval, and each ; all such insurance company must have an A.M. Best rating of “A-” or better and be licensed and qualified to do business in the state in which the Leased Premises are located. All policies evidencing Lessee’s Insurance (except for Workers’ Compensation Insurance) must specify Lessee as named insured and the Additional Insureds as additional insureds. Provided that the coverage afforded Lessor and any designees of Lessor is not reduced or otherwise adversely affected, all of Lessee’s Insurance may be carried under a blanket policy covering the Leased Demised Premises and any other of Lessee’s locations. All policies of Lessee’s Insurance must 's property, and shall contain endorsements requiring that the insurer(sthat:
(1) give Such insurance may not be cancelled or amended with respect to Lessor and its designees at least thirty (30or it's designee[s]), except upon ten (10) days’ advance days written notice of any change, cancellation, termination or lapse of said insurance. by registered mail to Lessor (and such designee(s) by the insurance company; and
(2) Lessee shall be solely responsible for payment of premiums for all of Lessee’s Insurance. Lessee shall deliver to Lessor at least fifteen (15) days prior to the time Lessee’s Insurance is first required to be carried by Lessee, and upon renewals at least fifteen (15) days prior to the expiration of any such insurance coverage, certified copies of all policies procured by Lessee in compliance with its obligations under this Lease. The limits of Lessee’s Insurance do not in any manner limit Lessee’s liability under this Lease.
(d) Lessee shall not do or fail to do anything in, upon or about the Leased Premises which will (i) violate the terms of any of Lessor’s insurance policies; (ii) prevent Lessor from obtaining policies of insurance acceptable to Lessor or any Mortgagees; or (iii) result in an increase in the rate of any insurance on the Leased Premises, the Building, any other property of Lessor or of others within the Buildinginsurance. In the event Lessee fails to furnish such insurance, the Lessor may obtain such insurance and the premiums shall be deemed additional rent to be paid by Lessee to the Lessor upon demand. It is further agreed that any statements made in this lease concerning minimum insurance requirements cannot be construed by the Lessee as indicating either the adequacy or sufficiency of insurance required for the Lessee's purposes, nor shall such requirements be used to define the responsibility of the occurrence of any Lessee to repair, restore or replace as otherwise covered in this lease.
c. The minimum limits of the events set forth comprehensive general liability policy of insurance shall in this Sectionno way limit or diminish Lessee's liability under Paragraph "d" hereof and shall be subject to increase at any time, and from time to time, if Lessor, in the exercise of its reasonable business judgment, shall deem same necessary for adequate protection. Within thirty (30) days after demand therefore by Lessor, Lessee shall pay furnish Lessor upon demandwith evidence that such demand has been complied with.
d. Lessee will defend, as additional rent, the cost of the amount of indemnify and save Lessor harmless from and against any increase in any such insurance premium, provided that the acceptance by Lessor of such payment may not be construed to be a waiver of any rights by Lessor and all claims and demands in connection with a default any accident, injury or damage whatsoever caused to any person or property arising directly or indirectly out of the business conducted in the Demised Premises or occurring in on or about the Demised Premises or any part thereof, or arising directly or indirectly from any act or omission of Lessee or any concessionaire or subtenant or their respective licensees, servants, agents, employees or contractors, and from and against any and all costs, expenses and liability incurred in connection with any such claim or proceeding brought thereon, except to the extent such claims are caused by the negligent acts or omissions of Lessor or its agents. The comprehensive general liability coverage maintained by Lessee under this Lease. If pursuant to Section "A" above, shall specifically insure the contractual obligations of Lessee fails to obtain the insurance coverage required by this Lease, Lessor mayas set forth herein.
e. Lessee agrees, at its option own cost and after notice expense, to comply with all of the rules, regulations and recommendations of the Fire Insurance Rating Organization having jurisdiction or any similar body. If at any time, as a result of or in connection with any failure by Lessee and a reasonable opportunity to cure, obtain such insurance for comply with the foregoing sentence or any act of omission or commission by Lessee, and Lessee shall payits employees, agents, contractors or licensees, as additional rent, a result of or in connection with the cost of all premiums thereon and all of use to which the Demised Premises are put (notwithstanding that such use may be for the purposes hereinbefore permitted or that such use may have been consented to by Lessor’s costs associated therewith).
Appears in 1 contract