Property Insurance Requirements. Subject to the provisions of Section 13.6, during the Term, Lessee shall at all times keep the Leased Property, and all property located in or on the Leased Property, including Lessee’s Personal Property, insured with the kinds and amounts of insurance described below and any additional insurance reasonably required by Lessor to protect its interest in the Leased Property. This insurance shall be written by companies authorized to do insurance business in the States in which the Leased Property is located. The policies must name Lessor as an additional insured and/or loss payee, as applicable. Losses shall be payable to Lessor or Lessee as provided in Article XIV. In addition, upon Lessor’s written request, the policies shall name as an additional insured and/or loss payee, as applicable, the holder (“Facility Mortgagee”) of any mortgage, deed of trust or other security agreement and any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXII and expressly including, without limitation, the Existing Encumbrances (a “Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Any loss adjustment shall require the written consent of Lessor, Lessee, and each Facility Mortgagee. Evidence of insurance shall be deposited with Lessor and, if requested, with any Facility Mortgagee. If any provision of any Facility Mortgage requires deposits of premiums for insurance to be made with such Facility Mortgagee, Lessee shall either pay to Lessor monthly the amounts required and Lessor shall transfer such amounts to each Facility Mortgagee, or, pursuant to written direction by Lessor, Lessee shall make such deposits directly with such Facility Mortgagee. The policies on the Leased Property, including the Leased Improvements, Fixtures and Lessee’s Personal Property, shall insure against the following risks:
13.1.1 Insurance against loss or damage by fire, casualty and other hazards as now are or subsequently may be covered by an “all risk” policy or a policy covering “special” causes of loss, with such endorsements as Lessor (or a Facility Mortgagee) may from time to time reasonably require and which are customarily required by institutional lenders of similar properties similarly situated, including, without limitation, building ordinance law, lightning, windstorm, civil commotion, hail, riot, strike, water damage, sprinkler leakage, collapse, malicious mischief, explosion, smoke, aircraft, vehicles, v...
Property Insurance Requirements. RPTA shall maintain the following minimum property insurance coverage for their personal property, “all risks” of loss, or, risks of direct physical loss or damage, or, fire and extended coverage including perils of equipment breakdown/boiler and machinery, flood and earth movement, tenant improvements and betterments and business personal property. The limits shall be equivalent to at least the full replacement cost value of the property. The property shall be described on the certificate of insurance. The policy shall name the City of Tempe as “loss payee” as their interest may appear.
Property Insurance Requirements. Building and Business Personal Property Coverage must be written on an “All Risk” or “
Property Insurance Requirements. Owner, at Owner’s expense, agrees to keep managed buildings and personal property of premises continuously insured against loss or damage by fire, with an extended coverage endorsement. Owner agrees to maintain property liability insurance in full force and effect during the term of this agreement, covering the operating of said property and injury to persons or damage of property resulting from such operation. On an annual basis, Owner shall furnish Agent with evidence that insurance coverage has been procured and is being maintained in full force and effect. Owner agrees that all policies of insurance with regard to fire, extended coverage or any other casualty or loss affecting the above-mentioned premises, shall include a waiver of subrogation and waiver of right to recovery against Agent for loss or damage covered by any such fire, extended coverage, or any other casualty insurance. Further, Owner shall name the Agent as an additional insured on all insurance policies in connection with the property.
Property Insurance Requirements. The insurance required by Section 7 .1(b) shall consist at least of property damage insurance under an "All Risk" policy or its equivalent covering the Premises and all Improvements with replacement cost valuation and an Agreed Amount Endorsement (to be effective not later than promptly following the CO Date) in an amount not less than the full Replacement Value (determined in accordance with Section 7.12) and including the following coverages or clauses:
(a) coverage for physical loss or damage to the Improvements; (b) a replacement cost valuation without depreciation or obsolescence clause; (c) debris removal coverage; 30 F:IMlNSKERIC,M.BIP ARKONEIPOGROUNDlEASE.EXEC 12-1.DOC ~t[: 1893m~2458 (d) provision for a deductible determined by Tenant, but not more than Fifty Thousand Dollars ($50,000) per loss (for other than flood or windstorm, with regard to which the deductible shall be a commercially reasonable amount), subject to adjustment for inflation; (e) contingent liability from operation of building laws; (f) demolition cost for undamaged portion coverage; (g) increased cost of construction coverage; (h) an Agreed Amount Endorsement (to be effective not later than promptly following the CO Date) in an amount not less than the full Replacement Value negating any coinsurance clauses; (i) and deductibles); flood coverage (to the extent available at commercially reasonable rates, limits G) windstorm coverage (to the extent available at commercially reasonable rates, limits and deductibles); (k) coverage for explosion caused by steam pressure-fired vessels (which coverage may be provided under a separate policy reasonably approved by Owner); (I) business interruption coverage in accordance with Section 7.9; (m) a clause designating Owner and a Recognized Mortgagee as additional insureds, as their interests may appear; and (n) contain no exclusions unless approved in writing by Owner, other than the industry standard exclusions for projects of similar size and location. Tenant shall be named insured, and Owner and any Recognized Mortgagee shall be additional insureds, as their interests may appear. The Recognized Mortgagee or Owner shall be designated loss payee on such "All Risk" policy for the benefit of Owner, Tenant and any Recognized Mortgagee. If not included within the "All Risk" coverage above, Tenant shall also carry or cause to be carried coverage against damage due to (i) water and sprinkler leakage and collapse, which shall be written with limit...
Property Insurance Requirements. NSAA shall maintain the following minimum property insurance coverage for their personal property: “all risks” of loss, or, risks of direct physical loss or damage, or, fire and extended coverage including perils of equipment breakdown/boiler and machinery, flood and earth movement, tenant improvements and betterments and business personal property. The limits shall be equivalent to at least the full replacement cost value of the property. The property shall be described on the certificate of insurance. The policy shall name Tempe as “loss payee” as their interest may appear.
Property Insurance Requirements. Section 16.1 of the Lease is hereby deleted in its entirety and the following is inserted in place thereof:
Property Insurance Requirements. Seller shall provide property insurance on the Sites and Facilities. Property insurance shall be on an "all risk" basis, including coverage for PV module and machinery (machinery breakdown) perils to the extent those perils are present. The property insurance must be in place prior to the Commercial Operation Date and shall remain in force during the Contract Term.
1. Builder's Risk Property Insurance Coverage Type Minimum Limit Maximum Deductible or Retentions Earth Movement including earthquake, volcanic activity, and subsidence. Replacement/ reinstatement value of insurable real and personal property Annual Aggregate 5% of replacement value Per occurrence Hurricane/ windstorm Annual Aggregate 5% of replacement value Per occurrence Flood including tsunamis Annual Aggregate 5% of replacement value Per occurrence Debris removal 20% of replacement/ reinstatement value of insurable real and personal property Per occurrence Included Ordinance or Law 10% of replacement/ reinstatement value of insurable real and personal property Per occurrence Included Expediting expense 20% of replacement value of insurable real and personal property Per occurrence Included All other perils (including PV module and machinery perils where applicable) Replacement value of insurable real and personal property Per occurrence $20,000/MW Per occurrence Soft costs 100% of costs which would be incurred again following a total loss at the end of construction. 45 Days Per occurrence
2. Property Insurance (Permanent program to be in place simultaneously with the expiration or cancellation of the Builders' Risk coverage (see C. 1.))
Property Insurance Requirements. From and after the actual Lease Commencement Date until the end of the Term, Tenant, at its sole cost and expense, shall provide (or cause to be provided) and keep in full force and effect:
(a) insurance against loss or damage by fire and other casualty to the Premises under the special form insurance policy approved by the Insurance Commission of the State, including coverage for water damage (including backup of sewers and drains), and general boiler and machinery insurance (if applicable), in an amount equal to one hundred percent (100%) of the replacement value of the Building (excluding the value of the Land and cost of excavation, foundations and footings) with co-insurance value of not less than eighty percent (80%), to the extent available at commercially reasonable rates and with such commercially reasonable deductible(s) as may be determined by Tenant in its reasonable discretion; (b) commercial general liability insurance, on occurrence form, with a minimum combined single limit of liability of at least One Million and No/100 Dollars ($1,000,000.00) and a general aggregate limit of at least Two Million and No/xXX Dollars ($2,000,000.00), which policy shall be written to apply to all bodily injury, property damage, personal injury and other covered loss, however occasioned, occurring during the policy term; (c) workers’ compensation insurance, if required, pursuant to any applicable Legal Requirements and subject to the statutory limits of the State; (d) “all risk” property insurance covering the FF&E, OS&E and any other of Tenant’s machinery, goods, wares, merchandise, and improvements/betterments for the full replacement value thereof to the extent available at commercially reasonable rates and with such commercially reasonable deductible(s) as may be determined by Tenant in its reasonable discretion.
Property Insurance Requirements
