Common use of MUTUAL RELEASE/WAIVER OF SUBROGATION Clause in Contracts

MUTUAL RELEASE/WAIVER OF SUBROGATION. Licensor and Licensee each hereby release the other from any and all liability or responsibility for any loss, injury or damage to the other’s real and/or personal property caused by fire or any other casualty insured by a standard “all risk” property insurance policy during the Term of this Agreement, even if such fire or casualty may have been caused by the negligence (but not the willful misconduct) of the other party or one for whom such party may be responsible. Inasmuch as the above mutual waivers will preclude the assignment of any aforesaid claim by way of subrogation (or otherwise) to an insurance company (or any other person), each party hereto hereby agrees if required by said policies to give to each insurance company which has issued to it policies of fire and extended coverage insurance, written notice of the terms of said mutual waivers, and to have said insurance policies properly endorsed, if necessary, to prevent the invalidation of said insurance coverage by reason of said waivers.

MUTUAL RELEASE/WAIVER OF SUBROGATION. Licensor Landlord and Licensee Tenant each hereby release the other from any and all liability or responsibility for any loss, injury or damage to the other’s real and/or personal property Premises, or its contents caused by fire or any other casualty insured by a standard “all risk” property insurance policy during the Term of this AgreementLease, even if such fire or casualty may have been caused by the negligence (but not the willful misconduct) of the other party or one for whom such party may be responsible. Inasmuch as the above mutual waivers will preclude the assignment of any aforesaid claim by way of subrogation (or otherwise) to an insurance company (or any other person), each party hereto hereby agrees if required by said policies to give to each insurance company which has issued to it policies of fire and extended coverage insurance, written notice of the terms of said mutual waivers, and to have said insurance policies properly endorsed, if necessary, to prevent the invalidation of said insurance coverage by reason of said waivers.