Common use of Obligation to Insure Clause in Contracts

Obligation to Insure. Lessee, at Lessee's own expense, shall keep the Property insured for such risks and in such amounts as Lessor shall require with carriers acceptable to Lessor, shall maintain a loss payable indorsement in favor of Lessor affording to Lessor such additional protection as Lessor shall require, and shall maintain liability insurance satisfactory to Lessor. All such insurance shall name Lessor and Lessee as insured. The policies shall provide that they may not be canceled or altered without at least thirty (30) days' prior written notice to Lessor, and the loss payable indorsement shall provide that all amounts payable by reason of loss of or damage to the Property shall be payable only to Lessor. Lessee shall deliver to Lessor evidence satisfactory to Lessor of all such insurance. If loss or damage occurs under circumstances in which Lessee is not in violation of the terms of any such policies, and if Lessee has fulfilled Lessee's obligations under Section Twelve of this Lease, and is not otherwise in defaults under this Lease, Lessor will pay Lessee so much of any insurance proceeds received by Lessor as the result of such loss as will fully reimburse Lessee for the net expense incurred by Lessee in fulfilling Lessee's obligations under Section Twelve.

Obligation to Insure. Lessee, at Lesseelessee's own expense, shall keep the Property property insured for such risks and in such amounts as Lessor lessor shall require with carriers acceptable to Lessorlessor, shall maintain a loss payable indorsement endorsement in favor of Lessor lessor affording to Lessor lessor such additional protection as Lessor lessor shall require, and shall maintain liability insurance satisfactory to Lessorlessor. All such insurance shall name Lessor lessor and Lessee lessee as insured. The policies shall provide that they may not be canceled or altered without at least thirty (30) days' prior written notice to Lessorlessor, and the loss payable indorsement endorsement shall provide that all amounts payable by reason of loss of or damage to the Property property shall be payable only to Lessorlessor. Lessee shall deliver to Lessor lessor evidence satisfactory to Lessor lessor of all such insurance. If loss or damage occurs under circumstances in which Lessee lessee is not in violation of the terms of any such policies, and if Lessee lessee has fulfilled Lesseelessee's obligations under Section Twelve of this Leaselease, and is not otherwise in defaults under this Leaselease, Lessor lessor will pay Lessee lessee so much of any insurance proceeds received by Lessor lessor as the result of such loss as will fully reimburse Lessee lessee for the net expense incurred by Lessee lessee in fulfilling Lesseelessee's obligations under Section Twelve.