Common use of Property and Liability Insurance Clause in Contracts

Property and Liability Insurance. Manager shall, at Owner’s sole cost and expense, promptly obtain and keep in force at all times adequate insurance against physical damage (e.g., fire with extended coverage endorsement) and against liability for loss, damage, or injury to property or persons which might arise out of the occupancy, management, operation, or maintenance of the Properties and in accordance with Schedule D. If flood insurance coverage is required by any applicable law or Lender, separate policies shall be procured at Owner’s sole cost and expense. Liability insurance must include a Commercial General Liability Policy and shall have bodily injury and property damage combined single limits of $1,000,000 each occurrence/$1,000,000 aggregate. Such liability insurance shall be deemed to be primary coverage over Manager’s general liability insurance and must cover claims asserted by reason of alleged wrongful actions, fault, or negligence on the part of third-parties and independent contractors, including persons employed by or acting on behalf of the Properties and Owner. Such insurance shall include Manager as an “Additional Insured” and provide for the payment of all costs of defense of any claims. Any deductible required under such insurance policies shall be Owner’s expense. Liability insurance shall be written by a nationally recognized and reputable carrier licensed to do business in the state in which such Property is located. Manager shall furnish Owner with certificates evidencing such insurance and duplicate copies of such policies. The certificates evidencing insurance shall have attached thereto an endorsement from the actual policy that Manager, Owner, and any Lender shall be given at least thirty (30) days prior written notice (by certified mail) of cancellation, non-renewal, or any material change in the subject policy. Without limiting the generality of the foregoing, the parties acknowledge that as of the date of this Agreement, Manager has procured the foregoing policies of insurance on behalf of Owner.

Property and Liability Insurance. Upon the execution of this Agreement, Manager shall, on behalf of Owner and at Owner’s sole cost and expense, promptly immediately obtain and keep in force at all times adequate insurance as specified by Owner from time-time-time to protect Owner and Manager against physical damage (e.g., fire with extended coverage endorsement, boiler and machinery) and against liability for loss, damage, or injury to property or persons which might arise out of the use, occupancy, management, operation, operation or maintenance of the Properties Property. Manager shall recommend to Owner the types and in accordance with Schedule D. If flood amounts of insurance coverage is required by any applicable law for the Property, and based upon such recommendations, Owner will either approve such types and amounts of coverage or Lender, separate policies shall be procured at Owner’s sole cost and expenseOwner will direct Manager to procure other types and/or amounts of coverage. Liability insurance must include (i) a Commercial General Liability Policy and which shall have bodily injury and property damage combined single limits of not less than $1,000,000 each occurrence/$1,000,000 occurrence/$2,000,000 aggregate, and (ii) an excess liability (umbrella) insurance policy with bodily injury and property damage combined single limits of not less than $5,000,000.00. Such Owner’s liability insurance shall be deemed to be primary coverage over Manager’s any general liability insurance carried by Manager and must cover claims asserted by reason of alleged wrongful actions, fault, fault or negligence on the part of third-third parties and independent contractors, including persons employed by or acting on behalf of the Properties Property and Owner. Such insurance shall include Manager as an “Additional Insured” and provide for the payment of all costs of defense of any claims. Any deductible required under such insurance policies shall be Owner’s expense. Manager may elect to maintain, at Manager’s expense, additional separate insurance to cover its own risks, and in such event such insurance shall not be available to cover risks of loss or claims made against the Property or Owner. Liability insurance shall be written by a nationally recognized solvent and reputable carrier licensed to do business in the state in which such the Property is located. Manager shall furnish Owner with certificates evidencing such insurance and duplicate copies of such policiespolicies within ten (10) days after the execution of this Agreement. The certificates evidencing insurance shall have attached thereto an endorsement from the actual policy that Manager, Owner, both Owner and any Lender Manager shall be given at least thirty (30) days prior written notice (by certified mail) of prior to cancellation, non-renewal, or any material change in the subject policy. Without limiting In the generality event certificates of insurance are not furnished to Owner within the foregoingtime limits specified in this Section, or in the parties acknowledge event that any insurance coverage required hereunder is the subject of any notice of cancellation or default, or any change materially reducing Owner’s and Manager’s protection thereunder and Manager fails to immediately take such action as of may be necessary to continue or reinstate the date of required coverage, or in the event that any coverage is reduced below that which is required pursuant to this Agreement, Manager has procured Owner may, but shall not be obligated to, secure the foregoing policies required insurance and pay all premiums and acquisition costs therefor out of insurance on behalf the Operating Account at the sole expense of the Owner.