Common use of Property Insurance Required Clause in Contracts

Property Insurance Required. The Company agrees, at its sole cost and expense, to keep all buildings, structures, improvements and personal property related to the Prior Project (hereinafter the “Property”) insured at all times throughout the term of this Agreement against loss or damage by fire, lightning, windstorm, explosion, riot, riot attending a strike, civil commotion, damage from aircraft and vehicles, and smoke damage and loss or damage from such hazards as are presently included in so-called “extended coverage” and against vandalism and malicious mischief and against such other insurable hazards as, under good insurance practices, from time to time are insured against for similar properties in the State. Such insurance shall be in a minimum amount at least equal to the greater of (i) outstanding principal amount of the Bonds and (ii) the replacement value thereof (but with regard to the peril of earthquake, such minimum amount need not exceed $5,000,000), and shall name the Trustee and the Authority as additional insureds.

Property Insurance Required. The Company agrees, at its sole cost and expense, to keep all buildings, structures, improvements and personal property related to the Prior Project (hereinafter the “Property”) insured at all times throughout the term of this Agreement against loss or damage by fire, lightning, windstorm, explosion, riot, riot attending a strike, civil commotion, damage from aircraft and vehicles, and smoke damage and loss or damage from such hazards as are presently included in so-called “extended coverage” and against vandalism and malicious mischief and against such other insurable hazards as, under good insurance practices, from time to time are insured against for similar properties in the State. Such insurance shall be in a minimum amount at least equal to the greater of (i) outstanding principal amount of the Bonds and (ii) the replacement value thereof (but with regard to the peril of earthquake, such minimum amount need not exceed $5,000,000), and shall name the Trustee and the Authority as additional insureds.

Property Insurance Required. The Company agrees, at its sole cost and expense, to keep all buildings, structures, improvements and personal property related to the Prior Project (hereinafter the “Property”) insured at all times throughout the term of this Agreement against loss or damage by fire, lightning, windstorm, explosion, riot, riot attending a strike, civil commotion, damage from aircraft and vehicles, and smoke damage and loss or damage from such hazards as are presently included in so-called “extended coverage” and against vandalism and malicious mischief and against such other insurable hazards as, under good insurance practices, from time to time are insured against for similar properties in the State. Such insurance shall be in a minimum amount at least equal to the greater of (i) outstanding principal amount of the Bonds and (ii) the replacement value thereof (but with regard to the peril of earthquake, such minimum amount need not exceed $5,000,000), and shall name the Trustee and the Authority Issuer as additional insureds.