Real and Personal Property Insurance. During the Term or any extension thereof, Tenant shall cause to be effected upon the Premises (including any additions or improvements made by Landlord or Tenant and any fixtures or equipment installed by Tenant, and plate glass window insurance) commercial property insurance on a special form basis in the amount of 100% of the full replacement value of the improvements located on the Premises, with building laws and ordinance endorsement subject to a commercially reasonable sub-limit, and also providing combined business interruption and extra expense coverage for the actual loss sustained until resumption of normal operations. Such policy shall contain a replacement cost endorsement and a stipulated amount endorsement. With respect to any insurance effective for a term extending beyond the Term, Tenant shall be obligated to pay only such proportion of the premium upon such insurance as that portion of the term of the policy lapsing prior to the expiration of the Term of this Agreement bears to the entire term of the policy. Such policy or policies required herein by Tenant shall be endorsed to add the Landlord (i.e. The State of California, its officers, agents and employees and any mortgagee or other persons or entities reasonably designated by Landlord) as an additional insured. Tenant shall have the option but not the obligation to purchase earthquake and flood insurance.
Appears in 5 contracts
Samples: Lease and Agreement, Non Disturbance Agreement and Direct Lease Agreement, Lease and Agreement
