Common use of Lessor’s Property Insurance Clause in Contracts

Lessor’s Property Insurance. Lessor shall obtain and keep in force during the Term a policy or policies of insurance covering loss or damage to the Project, in the amount of the full replacement value thereof, exclusive of footings and foundations, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, special extended perils (special form). Lessee understands and agrees that the insurance described in this Section 8.4 will not cover Lessee’s personal property, merchandise, stock in trade, trade fixtures and equipment. Lessee shall be responsible for Lessee’s proportionate share of the insurance cost.