REQUIRED INSURANCE ADDENDUM TO LEASE AGREEMENT. This Addendum is attached to and made part of the Lease Agreement effective for the Lease Term beginning Fall 2023. Resident is required to maintain and provide to Manager evidence of the following minimum required insurance coverage for the Premises for the entire duration of the Lease Term: • $100,000 Limit of Liability policy covering Resident’s legal liability for damage to the Landlord’s property for no less than the following causes of loss: fire, smoke, explosion, water damage or backup or overflow of sewer, drain or sump. • The policy must also list Landlord as an additional interest or interested party using the contact information provided: American Campus Communities, LLC. c/o LeaseTrack PO BOX 38060 Albany, NY 12203 Resident is required to furnish Manager acting on behalf of the Landlord, with the evidence of minimum required insurance prior to occupancy of leased Premises and at the time of each lease renewal period. If at any time during the Lease Term Resident does not have the minimum required insurance, Resident is in breach of the Lease Agreement. If a breach of the Lease Agreement occurs before occupancy of the Premises, Landlord may immediately terminate the Lease Agreement and refuse to give possession of the unit. If Resident has taken possession of the unit, Landlord will provide notice of the breach, which Resident will have 15 days to cure. Upon failure to cure the breach, Landlord shall have, in addition to any other rights under the Lease Agreement, this Addendum, or applicable laws, the right to terminate the Lease Agreement or the right to purchase the minimum required insurance coverage and seek reimbursement from the Resident for all costs and expenses associated with such purchase. Resident may obtain minimum required insurance or broader coverage from an insurance agent or insurance company of Resident’s choice. If Resident furnishes Manager evidence of such insurance and maintains the insurance for the duration of the Lease Agreement, then nothing more is required. If Resident does not maintain minimum required insurance, the insurance requirement of this Lease Agreement will be satisfied by Landlord, who will schedule the Resident’s unit for coverage under the Landlord Required Legal Liability insurance policy (“LLL”). The carrier, coverage, and agent utilized for the LLL shall be at the sole option of Landlord, and the coverage provided under the LLL will provide the minimum required insurance coverage listed above. If R...
REQUIRED INSURANCE ADDENDUM TO LEASE AGREEMENT. This Addendum is a part of the Lease Agreement. For the duration of the Lease Agreement, Tenant is required to maintain and provide the following minimum required insurance coverage: ● $100,000 Limit of Liability for Lessee’s legal liability for damage to the landlord’s property for no less than the following causes of loss: fire, smoke, explosion, water damage, backup or overflow of sewer, drain or sump (“Required Insurance”). Tenant is required to furnish Xxxxxxx Property Management with evidence of Required Insurance prior to occupancy of leased premises, at the time of each lease renewal or extension, and at any other time during the tenancy upon request (see Lease). If at any time Tenant does not have Required Insurance, Tenant is in breach of the Lease Agreement. Tenant may obtain Required Insurance from an insurance agent or insurance company of Tenant’s choice, but if Tenant does not maintain Required Insurance, the insurance requirement of this Lease Agreement may be satisfied by Xxxxxxx Property Management by scheduling the Tenant’s unit for coverage under the Landlord’s Required Resident Liability insurance policy (“LRRL”). The coverage provided under the LRRL will provide the Required Insurance coverage listed above, and Tenant agrees to pay the cost of the coverage (5, below) when due and without demand as additional rent.
REQUIRED INSURANCE ADDENDUM TO LEASE AGREEMENT
