Property and Other Insurance. The Borrower shall, at its expense, keep and maintain its assets material to the Business of Borrower insured against (i) loss or damage by fire, theft, explosion, spoilage and all other hazards and risks and (ii) business interruption, in such amounts with such deductibles (which may include self-insurance trusts) ordinarily insured against by other owners or users of such properties in similar businesses of comparable size operating in the same or similar locations but in all events as required by the Omega Debt Documents and any other Commercial Leases. Borrower, at Borrower’s expense, shall keep and maintain workers compensation insurance as may be required by applicable Laws. The Borrower Agent shall deliver to the Administrative Agent the original (or a certified) copy of each policy of insurance and evidence of payment of all premiums therefor. Upon the occurrence of an Event of Default under this Agreement, the Borrower irrevocably makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by the Administrative Agent in writing to the Borrower) as the Borrower’s true and lawful attorney-in-fact for the purpose, subject at all times to the terms and conditions of the Omega Debt Documents and any other Commercial Leases, of making, settling and adjusting claims on behalf of the Borrower under all such policies of insurance, endorsing the name of the Borrower on any check, draft, instrument or other item of payment received by the Borrower or the Administrative Agent pursuant to any such policies of insurance, and for making all determinations and decisions of Borrower with respect to such policies of insurance. UNLESS THE BORROWER PROVIDES THE ADMINISTRATIVE AGENT WITH EVIDENCE OF THE INSURANCE COVERAGE REQUIRED BY THIS AGREEMENT WITHIN THREE BUSINESS DAYS FOLLOWING ADMINISTRATIVE AGENT’S REQUEST, THE ADMINISTRATIVE AGENT MAY PURCHASE INSURANCE AT THE BORROWER’S EXPENSE TO PROTECT THE ADMINISTRATIVE AGENT’S INTERESTS IN THE COLLATERAL. THIS INSURANCE MAY, BUT NEED NOT, PROTECT THE INTERESTS IN THE COLLATERAL. THE COVERAGE PURCHASED BY THE ADMINISTRATIVE AGENT MAY NOT PAY ANY CLAIMS THAT THE BORROWER MAKES OR ANY CLAIM THAT IS MADE AGAINST THE BORROWER IN CONNECTION WITH THE COLLATERAL. THE BORROWER MAY LATER CANCEL ANY SUCH INSURANCE PURCHASED BY THE ADMINISTRATIVE AGENT, BUT ONLY AFTER PROVIDING THE ADMINISTRATIVE AGENT WITH EVIDENCE THAT THE BORROWER HAS OBTAINED INSURANCE AS REQUIRED BY THIS AGREEMEN...
Property and Other Insurance. Insurance protecting Tenant and Landlord against loss of or damage to the Premises by fire and all other risks of physical loss or damage now or hereafter embraced by extended coverage and an “All Risk” endorsement in the broad form, in the amount of the full Replacement Value of the Premises (without depreciation or obsolescence clause). Such insurance shall designate the Recognized Mortgagee, or if none exists, the Lease Administrator as loss payee and shall include the following coverages and clauses:
(i) if not otherwise included within the “All Risk” coverage specified above, coverage against damage by explosion caused by steam pressure-fired vessels, by earthquake and/or by hurricane;
(ii) contingent liability from operation of building laws;
(iii) demolition cost for undamaged portion coverage;
(iv) provision for a deductible of not more than Two Hundred Fifty Thousand Dollars ($250,000) per loss (One Hundred Thousand Dollars ($100,000) for demolition);
(v) increased cost of construction coverage specifying that the proceeds of such insurance shall be available to pay all costs of demolition (for which a sublimit in a fixed dollar amount, to be agreed upon by Landlord and Tenant from time to time, shall be set, and failing such agreement, in an amount to which a licensed architect or engineer issues a written certification or opinion to Landlord and Tenant that in its professional judgment is adequate to cover all demolition costs), including the costs of debris removal, grading and fencing and all increased costs of construction in the event that any insured hazard results in a loss;
(vi) an agreed or stipulated amount endorsement negating any co-insurance requirements;
(vii) flood coverage to the maximum extent available under the National Flood Insurance Act of 1968, as amended, with a sublimit of not less than ten percent (10%) of the value of the Improvements; and
(viii) no exclusions unless approved in writing by Landlord or Lease Administrator, which approval shall not be unreasonably withheld or delayed. If Tenant elects to insure Tenant’s Trade Fixtures and other personal property used in connection with the Premises, the Replacement Value shall be increased in the amount of such personal property, and payments on Tenant’s claims for loss of Tenant’s Property shall be paid to Tenant after notice to Lease Administrator.
Property and Other Insurance. Mortgagor shall obtain and maintain in full force and effect during the term of this Mortgage such insurance as Mortgagee may reasonably require from time to time by notice to Mortgagor, including, without limitation, insurance providing (i) protection against fire, extended coverage and other all risk perils, including flood (where required) and other coverage as deemed appropriate by Mortgagee from time to time, with endorsements for waiver of subrogation, replacement cost coverage, inflation adjustment, and vandalism and malicious mischief coverage, all in amounts not less than the full replacement cost of all improvements including the cost of debris removal, (ii) comprehensive general public liability coverage with a broad form coverage endorsement with limits of $2,000,000 for aggregate liability and a single limit of $1,000,000, and (iii) business interruption and/or rent loss insurance (equal to twelve (12) months annualized income). If any portion of the fire and other risks insured as provided herein are reinsured, the policies shall contain a so-called “cut-through” endorsement.
Property and Other Insurance. With respect to the Property, Grantor shall maintain insurance in amounts and covering risks as is customary among prudent persons engaged in businesses similar to that of Grantor. Unless otherwise specified herein or agreed to in writing Beneficiary, each casualty insurance policy referred to in the preceding sentence shall name Beneficiary as a named assured and a loss payee as its interest may appear, the parties agreeing that such interest of Beneficiary shall be equal to the total of all amounts owed under the Note.
Property and Other Insurance. (a) The Grantor shall (i) maintain or shall cause to be maintained insurance with financially sound and reputable insurers with an A.M. Best rating of A- or better (or, to the extent consistent with prudent business practice, a program of self-insurance approved by the Administrative Agent) on such of its property and in at least such amounts and against at least such risks as is customary with companies in the same or similar businesses operating in the same or similar locations, including public liability insurance against claims for personal injury or death occurring upon, in or about or in connection with the use of any properties owned, occupied or controlled by it; (ii) maintain such other insurance as may be required by law; and (iii) furnish to the Collateral Agent, upon written request, full information as to the insurance carried.
(b) Fire and extended coverage policies maintained with respect to any Property shall be endorsed or otherwise amended to include (i) a non-contributing Deed of Trust clause (regarding the Improvements) and lenders' loss payable clause (regarding Personal Property), in form and substance satisfactory to the Collateral Agent, which endorsements or amendments shall provide that, the insurer shall pay all proceeds otherwise payable to the Grantor or the other Loan Parties under the policies directly to the Administrative Agent or the Collateral Agent, (ii) a provision to the effect that neither the Grantor, the Collateral Agent nor any other party shall be a coinsurer and (iii) such other provisions as the Collateral Agent may reasonably require from time to time to protect the interests of the Lenders.
Property and Other Insurance. Releases and Subrogation Waivers. --------------------------------------------------------------
(a) Landlord's Insurance. --------------------
Property and Other Insurance. The Lessee shall procure and carry ---------------------------- from a sound and responsible insurance company, at the Lessee's sole cost and expense, property and other insurance for each Property insured against loss or damage by fire, flood and other risks on terms and in amounts that are no less favorable than as set forth on Schedule 5 hereto. ----------
Property and Other Insurance. (a) Borrower, at its expense, shall procure and maintain for the benefit of Borrower and Lender, insurance policies issued by such insurance companies, in such amounts, in such form and substance, and with such coverages, endorsements, deductibles, and expiration dates as are acceptable to Lender, providing the following types of insurance covering the Property:
Property and Other Insurance. Grantor shall obtain and maintain in full force and effect during the term of this Trust Deed:
(a) a conventional homeowner's policy of insurance (containing a provision for comprehensive general liability coverage for no less than $1,000,000 combined single limit coverage) for at least the full replacement cost of
Property and Other Insurance. At all times during the Performance Term, Funding Recipient shall carry and maintain insurance protecting Funding Recipient against loss of or damage to the Premises by fire and all other risks of physical loss or damage now or hereafter embraced by extended coverage and an “All Risk” endorsement in the broadest form available, in the amount of the full Replacement Value (as defined below) of the Premises (without depreciation or obsolescence clause). Such insurance shall designate DDC and the City as loss payee and named insureds, as their interests may appear, and shall include the following coverages and clauses:
(a) if not otherwise included within the “All Risk” coverage specified above, coverage against damage by explosion caused by steam pressure-fired vessels, by earthquake, flood and/or by hurricane;
(b) if not otherwise included within the “All Risk” coverage specified above, containing a personal property endorsement;
(c) contingent liability from operation of building laws;
(d) demolition cost for undamaged portion coverage;
(e) provision for a deductible of not more than Ten Thousand Dollars ($10,000) per loss, unless a greater deductible is typically provided in casualty policies covering property similar to the Premises in location, construction and use;
(f) increased cost of construction coverage specifying that the proceeds of such insurance shall be available to pay all costs of demolition, including the costs of debris removal, grading and fencing and all increased costs of construction in the event that any insured hazard results in a loss;
(g) an agreed or stipulated amount endorsement negating any co-insurance requirements;
(h) if the Premises are located in a flood zone, flood coverage to the maximum extent available under the National Flood Insurance Act of 1968, as amended, with a sublimit of not less than ten percent (10%) of the value of the Improvements; and
(i) containing no exclusion (including, without limitation, exclusion for
