Common use of Policies Required During Construction of Projects Improvements Work Clause in Contracts

Policies Required During Construction of Projects Improvements Work. (a) Builder’s Risk Policies for Project Improvements Work. Following the Execution Date and prior to the commencement of any Project Improvements Work and at all times during the performance of such Project Improvements Work and for so long after the completion thereof that (i) the Project Contractor or any of Tenant’s other contractors or subcontractors has not been paid in full with respect to the Project Improvements Work or (ii) any Person has any repair obligations with respect to the Project Improvements Work, Tenant shall, at its cost and expense as a portion of Total Project Costs, obtain, keep and maintain or cause to be obtained, kept and maintained, builder’s “all risk” insurance policies (collectively, the “Builder’s Risk Policies for Project Improvements Work”) affording coverage of such Project Improvements Work, whether permanent or temporary, and, to the extent not covered by a separate policy, all materials intended for incorporation into the Leased Premises, whether stored on-site or off-site, and all machinery, equipment and tools, whether owned, leased or borrowed and brought on-site and/or otherwise utilized but not incorporated into the Project Improvements, by Tenant or Tenant’s other contractors and subcontractors, including temporary buildings, site huts, trailers and offices and their contents and all other property of the insured or in their care, custody or control while at the construction site or in storage facilities on- or off-site and all equipment used by any contractor in connection with the Project Improvements, as applicable, whether owned, hired or leased related thereto, against loss or damage due to Insured Casualty Risks by the broadest form of extended coverage insurance generally available on commercially reasonable terms from time to time in the City of Bryan, Texas. The Builder’s Risk Policies for Project Improvements Work shall be written on an occurrence basis and on a “replacement cost” basis, insuring one hundred percent (100%) of the insurable value of the Project Improvements and the cost of the Project Improvements Work, using a completed value form (with permission to occupy upon completion of work or occupancy), naming Tenant as the insured and Landlord Insured as additional insureds, and with any deductible not exceeding One Hundred Thousand and No/100 Dollars ($100,000.00) per loss for Insured Casualty Risks, unless such deductible is lower than what is available on commercially reasonable terms and, so long as the higher deductible meets the Insurance Standard, Tenant shall be entitled to maintain the deductible that is available on commercially reasonable terms.

Policies Required During Construction of Projects Improvements Work. (a) Builder’s Risk Policies for Project Improvements Work. Following the Execution Date and prior to the commencement of any Project Improvements Work and at all times during the performance of such Project Improvements Work and for so long after the completion thereof that (i) the Project Contractor or any of TenantOwner’s other contractors or subcontractors has not been paid in full with respect to the Project Improvements Work or (ii) any Person has any repair obligations with respect to the Project Improvements Work, Tenant Owner shall, at its cost and expense as a portion of Total Project Costs, obtain, keep and maintain or cause to be obtained, kept and maintained, builder’s “all risk” insurance policies (collectively, the “Builder’s Risk Policies for Project Improvements Work”) affording coverage of such Project Improvements Work, whether permanent or temporary, and, to the extent not covered by a separate policy, all materials intended for incorporation into the Leased Premises, whether stored on-site or off-site, Insured Materials and all machinery, equipment Equipment and tools, whether owned, leased or borrowed and brought on-site and/or otherwise utilized but not incorporated into the Project Improvements, by Tenant or Tenant’s other contractors and subcontractors, including temporary buildings, site huts, trailers and offices and their contents and all other property of the insured or in their care, custody or control while at the construction site or in storage facilities on- or off-site and all equipment used by any contractor in connection with the Project Improvements, as applicable, whether owned, hired or leased Contractors’ Equipment related thereto, against loss or damage due to Insured Casualty Risks by the broadest form of extended coverage insurance generally available on commercially reasonable terms from time to time in the City of BryanMxXxxxxx, Xxxxxx County, Texas. The Builder’s Risk Policies for Project Improvements Work shall be written on an occurrence basis and on a “replacement cost” basis, insuring one hundred percent (100%) of the insurable value of the Project Improvements and the cost of the Project Improvements Work, using a completed value form (with permission to occupy upon completion of work or occupancy), naming Tenant Owner as the insured and Landlord Insured as additional insuredsinsured, and with any deductible not exceeding One Two Hundred Fifty Thousand and No/100 Dollars ($100,000.00250,000.00) per loss for Insured Casualty Risks, unless such deductible is lower than what is available on commercially reasonable terms and, so long as the higher deductible meets the Insurance Standard, Tenant Owner shall be entitled to maintain the deductible that is available on commercially reasonable terms; provided, however, that, in the case of demolition and debris removal coverage, Owner shall carry coverage in not less than the full amount necessary to demolish the Project Improvements and to remove all debris that may exist after the occurrence of any Insured Casualty Risks.

Policies Required During Construction of Projects Improvements Work. (a) Builder’s Risk Policies for Project Improvements Work. Following the Execution Date and prior to the commencement of any Project Improvements Work and at all times during the performance of such Project Improvements Work and for so long after the completion thereof that (i) the Project Contractor or any of TenantOwner’s other contractors or subcontractors has not been paid in full with respect to the Project Improvements Work or (ii) any Person has any repair obligations with respect to the Project Improvements Work, Tenant Owner shall, at its cost and expense as a portion of Total Project Costs, obtain, keep and maintain or cause to be obtained, kept and maintained, builder’s “all risk” insurance policies (collectively, the “Builder’s Risk Policies for Project Improvements Work”) affording coverage of such Project Improvements Work, whether permanent or temporary, and, to the extent not covered by a separate policy, all materials intended for incorporation into the Leased Premises, whether stored on-site or off-site, Insured Materials and all machinery, equipment Equipment and tools, whether owned, leased or borrowed and brought on-site and/or otherwise utilized but not incorporated into the Project Improvements, by Tenant or Tenant’s other contractors and subcontractors, including temporary buildings, site huts, trailers and offices and their contents and all other property of the insured or in their care, custody or control while at the construction site or in storage facilities on- or off-site and all equipment used by any contractor in connection with the Project Improvements, as applicable, whether owned, hired or leased Contractors’ Equipment related thereto, against loss or damage due to Insured Casualty Risks by the broadest form of extended coverage insurance generally available on commercially reasonable terms from time to time in the City of BryanXxXxxxxx, Xxxxxx County, Texas. The Builder’s Risk Policies for Project Improvements Work shall be written on an occurrence basis and on a “replacement cost” basis, insuring one hundred percent (100%) of the insurable value of the Project Improvements and the cost of the Project Improvements Work, using a completed value form (with permission to occupy upon completion of work or occupancy), naming Tenant Owner as the insured and Landlord Insured as additional insuredsinsured, and with any deductible not exceeding One Two Hundred Fifty Thousand and No/100 Dollars ($100,000.00250,000.00) per loss for Insured Casualty Risks, unless such deductible is lower than what is available on commercially reasonable terms and, so long as the higher deductible meets the Insurance Standard, Tenant Owner shall be entitled to maintain the deductible that is available on commercially reasonable terms; provided, however, that, in the case of demolition and debris removal coverage, Owner shall carry coverage in not less than the full amount necessary to demolish the Project Improvements and to remove all debris that may exist after the occurrence of any Insured Casualty Risks.