Properly Insurance Sample Clauses
The 'Properly Insurance' clause requires that parties maintain adequate insurance coverage relevant to the subject matter of the agreement. This typically involves specifying the types and minimum amounts of insurance, such as property, liability, or professional indemnity, that must be held throughout the contract term. By mandating appropriate insurance, the clause ensures that financial risks associated with potential losses or damages are managed and that all parties are protected against unforeseen events.
Properly Insurance. (a) The insuring party shall obtain and keep in force during the form of this Lease a policy or policies of insurance covering loss or damage to the Promises, in the amount of the full replacement value thereof, as the same may exist from time to time, which replacement value is now $750,000.00 but In no event less than the total amount required by lenders having lions on the Promises. against all perils included within the classification of lire, extended coverage, vandalism, malicious mischief, flood (In the event same is required by a lender having a lion on the Premises), and special extended perils ("all risk" as such term Is used in the insurance industry). Said Insurance shall provide for payment of loss thereunder to Lessor or to (he holders of mortgages or deeds of trust on the Premises. The insuring party shall, in addition. obtain And keep in force during the term of this Lease a policy of rental value Insurance covering a period of one year. with loss payable to Lessor, which insurance shall also cover all real estate taxes and insurance costs for said period. A stipulated value or agreed amount endorsement deleting the coinsurance provision of the policy shall be procured with said insurance as well as an automatic Increase in insurance endorsement causing the increase in annual properly insurance coverage by 2% per quarter. If the Insuring party shall fail to procure and maintain said Insurance the other party may, but shall not be required to, procure and maintain the same, but at the expense of Lessee. It such insurance coverage has a deductible clause, the deductible amount shall not exceed $1,000 per occurrence, and Lessee shall be liable for such deductible amount.
(b) If the Premises are part of a larger building, or if the Premises are part of a group of buildings owned by Lessor which are adjacent to the Promises, then Lessee shall pay for any Increase in the property insurance of such other building or buildings it said Increase if, caused by Lessee's Acts, omissions, use or occupancy of the Promises.
Properly Insurance. Lessor shall obtain and keep in force during the term of this Lease a policy or policies of insurance covering loss or damage to the Premises, but not Lessee's fixtures, equipment or tenant improvements in an amount not to exceed the full replacement value thereof, as the same may exist from time to time, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, flood (in the event same is required by a lender having a lien on the Premises) special extended perils ("all risk", as such term is used in the insurance industry) but not plate glass insurance. In addition, the Lessor shall obtain and keep in force during, the term of this Lease, a policy of rental value insurance covering a period of one year, with loss payable to Lessor, which insurance shall also cover all real estate taxes and insurance costs for said period.
Properly Insurance. Tenant acknowledges and agrees that insurance coverage carried by Landlord will not cover Tenant's property within the Premises or within the Building. Tenant shall, at Tenant's expense, obtain and keep in force during the Term a policy of "All Risk" properly insurance, including without limitation, coverage for earthquake and flood; boiler and machinery (if applicable); sprinkler damage; vandalism; malicious mischief; and demolition, increased cost of construction and contingent liability from changes in building laws on all leasehold improvements installed in the Premises at Tenant's expense (if any), and on all equipment, trade fixtures, inventory, fixtures and personal property located on or in fire Premises, including improvements or fixtures hereafter constructed or installed on the Premises. Such insurance shall be in an amount equal to the full replacement cost of the aggregate of the foregoing and shall provide coverage comparable to the coverage in the Standard ISO All Risk form, when such form is supplemented with the coverages required above.
Properly Insurance. Lessors shall obtain and keep in force during the term of this Lease a policy of insurance covering loss or damage to the Industrial Center improvements, but not Lessee’s personal properly, fixtures, equipment or tenant improvements. In an amount not to exceed the full replacement value thereof, as the same may exist from time to time, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, flood (in the event same is required by a lender having a lien on the Premises) special extended perils (“all risk”, as such term is used in the insurance industry), plate glass insurance and such other insurance as Lessor deems advisable, in addition. Lessor shall obtain and keep in force, during the term of this Lease, a policy of rental value insurance covering a period of one year, with loss payable to Lessor, which insurance shall also cover all Operating Expenses for said period. In the event that the Premises shall suffer an insured loss as defined in paragraph 9.1(g) hereof, the deductible amounts under the casually insurance policies relating to the Premises shall be paid by Lessee.
Properly Insurance