NON-SUBROGATION. Landlord and Tenant mutually agree that, with respect to any hazard which is covered by insurance then being carried by them, respectively, the one carrying such insurance and suffering such loss releases the other of and from any and all claims with respect to such loss, to the extent of such coverage; and they further mutually agree that their respective insurance companies shall have no right of subrogation against the other on account thereof. Such waiver shall be included in the policy, or such other party shall be named as an additional insured in such policy, and the other party shall reimburse the party paying such premium the amount of such extra premium. Each such policy which shall so name a party hereto as an additional insured shall contain the agreement of the insurer that the policy will not be canceled without at least 30 days notice to both insureds and that the act or omission of on insured shall not invalidate the policy as to the other insured.
Appears in 3 contracts
Samples: Expansion Option Agreement (Color Kinetics Inc), Lease Agreement (Color Kinetics Inc), Workgroup Technology Corp
NON-SUBROGATION. Landlord and Tenant mutually agree that, with respect to any hazard which is covered by property insurance then being carried by them, respectively, the one carrying such insurance and suffering such loss releases the other of and from any and all claims with respect to such loss, to the extent of such coverage; and they further mutually agree that their respective insurance companies shall have no right of subrogation against the other on account thereof. Such waiver shall be included in the policy, or such other party shall be named as an additional insured in such policy, and the other party shall reimburse the party paying such premium the amount of such extra premium. Each such policy which shall so name a party hereto as an additional insured shall contain the agreement of the insurer that the policy will not be canceled without at least 30 thirty (30) days notice to both insureds and that the act or omission of on insured shall not invalidate the policy as to the other insured.
Appears in 1 contract
Samples: Disturbance and Attornment Agreement (Aware Inc /Ma/)
NON-SUBROGATION. Landlord and Tenant mutually agree that, with respect to any hazard which is covered by insurance then being carried by themthem (or insurance that is required to be carried hereunder), respectively, the one carrying (or required to carry) such insurance and suffering such loss releases the other of and from any and all claims with respect to such loss, to the extent of such coverage; and they further mutually agree that their respective insurance companies shall have no right of subrogation against the other on account thereof. Such waiver shall be included in the policy, or such other party shall be named as an additional insured in such policy, and the other party shall reimburse the party paying such premium the amount of such extra premium. Each such policy which shall so name a party hereto as an additional insured shall contain the agreement of the insurer that the policy will not be canceled without at least 30 days notice to both insureds and that the act or omission of on insured shall not invalidate the policy as to the other insured.other
Appears in 1 contract
