Common use of REQUIRED INSURANCE ADDENDUM TO LEASE AGREEMENT Clause in Contracts

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 Resident's unit is covered under the LLL, an amount equal to the total cost of the LLL coverage (premium, taxes, and Administrative Expense Fee) shall be charged to Resident by the Landlord, and shall be considered Additional Rent due under the Lease Agreement to the extent permitted by law, and Resident agrees to reimburse Landlord for such fees. Resident acknowledges and agrees that:

Appears in 5 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

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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 2023Agreement. 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 Resident's unit is covered under the LLL, an amount equal to the total cost of the LLL coverage (premium, taxes, and Administrative Expense Fee) shall be charged to Resident by the Landlord, and shall be considered Additional Rent due under the Lease Agreement to the extent permitted by law, and Resident agrees to reimburse Landlord for such fees. Resident acknowledges and agrees that:

Appears in 4 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

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 2023Agreement. 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 AlbanyXX XXX 00000 Xxxxxx, NY 12203 XX 00000 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 Resident's unit is covered under the LLL, an amount equal to the total cost of the LLL coverage (premium, taxes, and Administrative Expense Fee) shall be charged to Resident by the Landlord, and shall be considered Additional Rent due under the Lease Agreement to the extent permitted by law, and Resident agrees to reimburse Landlord for such fees. Resident acknowledges and agrees that:

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

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 2023Agreement. 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 AlbanyXX XXX 00000 Xxxxxx, NY 12203 XX 00000 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 Resident's unit is covered under the LLL, an amount equal to the total cost of the LLL coverage (premium, taxes, and Administrative Expense Fee) shall be charged to Resident by the Landlord, and shall be considered Additional Rent due under the Lease Agreement to the extent permitted by law, and Resident agrees to reimburse Landlord for such fees. Resident acknowledges and agrees that:

Appears in 1 contract

Samples: Lease Agreement

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REQUIRED INSURANCE ADDENDUM TO LEASE AGREEMENT. This Addendum is attached to and made becomes a part of the Residential Lease Agreement effective for Agreement. For the Lease Term beginning Fall 2023. Resident duration of the Lease, Lessee 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 Termcoverage: · $100,000 Limit of Liability policy covering Residentfor Xxxxxx’s legal liability for damage to the LandlordLessor’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, and water damage (“Required Insurance”). • 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 Lessee is required to furnish Manager acting on behalf of the Landlord, Lessor with the evidence of minimum required insurance Required Insurance prior to occupancy of leased Premises premises and at the time of each lease renewal period. If at any time during the Lease Term Resident Lessee does not have the minimum required insuranceRequired Insurance, Resident Lessee 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 Lessor shall have, in addition to any other rights under the Lease Agreement, this Addendum, or applicable lawsLease, the right to terminate but not the Lease Agreement or the right obligation to purchase Required Insurance coverage protecting the minimum required insurance coverage sole interest of the Lessor and seek contractual reimbursement from the Resident Lessee for all costs and expenses associated with such purchase. Resident This may be referred to as “force placed insurance”. Lessee may obtain minimum required insurance Required Insurance or broader coverage from an insurance agent or insurance company of ResidentLessee’s choice. If Resident Lessee furnishes Manager evidence of such insurance and maintains the insurance for the duration of the Lease AgreementLease, then nothing more is required. If Resident Lessee does not maintain minimum required insuranceRequired Insurance, the insurance requirement of this Lease Agreement will may be satisfied by LandlordLessor, who will schedule may purchase such coverage through the ResidentLessor’s unit for coverage under the Landlord Required Legal Liability insurance policy Insurance Policy (“LLLLLIP”). The carrier, coverage, and agent utilized for the LLL shall be at the sole option of Landlord, and the coverage provided under the LLL LLIP will provide the minimum required insurance Required Insurance coverage listed above. If Resident's unit is covered under the LLL, an An amount equal to the total cost of to the LLL Lessor for the LLIP coverage (premium, taxes, and Administrative Expense Fee) shall be charged to Resident Lessee by the LandlordLessor as a recoverable expense under the Lease. Some important points of this coverage, which Lessee should understand are: 1. LLIP is designed to fulfill the insurance requirement of the Lease. Lessor is the Insured under the LLIP. This is single interest forced placed insurance. Lessee is not an Insured, Additional Insured or beneficiary under the LLIP. All loss payments are made to the Lessor. 2. LLIP coverage is NOT personal liability insurance or renters insurance. LLIP does not cover the Lessee’s personal property (contents), additional living expenses or liability arising out of bodily in ury or property damage to any third party. If Lessee requires any of these coverages, then Lessee should contact an insurance agent or insurance company of Lessee’s choice to obtain personal liability insurance or renters insurance to protect Xxxxxx’s interests. 3. Coverage under the LLIP may be more expensive than the cost of Required Insurance obtainable by Lessee elsewhere. At any time, Lessee may contact an insurance agent or insurance company of their choice for insurance options to satisfy the Required Insurance under this Lease. 4. If Lessee has purchased Renters Insurance and at any time allows such Renters Insurance to lapse in breach of the Lease Agreement, Lessor may purchase Lessor Insurance without notice and add the total cost associated therewith to Lessee’s monthly rent payment. 5. Licensed insurance agents may receive a commission on the LLIP. 6. The total cost to the Lessee for the Lessor obtaining LLIP shall be ($9.50) per month, sub ect to no proration. This is an amount equal to the actual premium charge to the Lessor including any premium taxes and fees due to state governing bodies. Additionally, an Administration Fee in the amount of Three Dollars ($3.00) to be retained by the Lessor for processing and handling will be charged. 7. In the event that loss or damage to Lessor’s property exceeds the amount of Required Insurance, Lessee shall remain contractually liable to Lessor for such amount. In the event of liability to any other party for bodily in ury or property damage, Lessee shall remain liable to such other party. 8. It shall be the Lessee’s duty to notify Lessor of any subsequent purchase of Renters Insurance. As used in this Addendum: “Lease” may be interchangeable with “Lease Agreement”; “Lessee” may be interchangeable with “Resident” or “Tenant”, and shall “Lessor” may be considered Additional Rent due interchangeable with “Landlord” or “Owner”. Scheduling of the premises under the Lease Agreement LLIP is not mandatory and Lessee may purchase Required Insurance from an insurance agent or insurance company of Lessee’s choice at any time and coverage under the LLIP will be terminated by the Lessor. By signing below, you acknowledge and agree to the extent permitted terms in Section 12. X Lessee IP Address: 173.29.183.122 05/12/2021 04:54pm CDT X Lessee IP Address: 173.29.183.122 05/12/2021 05:11pm CDT [ ] Electric [ ] Gas [ ] Water [ ] Sewer [ ] Cable [ ] Yard [ ] Additional Services: [ ] Trash If Prosperiti Properties, LLC provides lawn care, then you are not allowed to lock any gate or prevent access to the yard. TENANT(s) acknowledge any amenities not provided by lawProsperiti Properties, LLC are the responsibility of TENANT(s). TENANT(s) are responsible for setting up and Resident agrees maintaining the following services for the duration of the rental term: OWNER reserves the right to reimburse Landlord hire a landscaping service at TENANT’S expense after a 10 -day notice. Furthermore, TENANT is responsible for such feesany citations issued by the City due negligence. Resident acknowledges and agrees that:TENANT SIGNATURE DATE TENANT SIGNATURE DATE TENANT SIGNATURE DATE TENANT SIGNATURE DATE OWNER/AGENT OF PROSPERITI PROPERTIES, LLC DATE Prosperiti Properties 0000 X Xxxxxxxx Xx. • Ste 100 • Xxxxxxxxxxx, XX 00000 * 13 Amenity_Agreement.pdf X Lessee IP Address: 173.29.183.122 05/12/2021 04:54pm CDT X Lessee IP Address: 173.29.183.122 05/12/2021 05:11pm CDT Prosperiti Properties 0000 X Xxxxxxxx Xx. • Ste 100 • Xxxxxxxxxxx, XX 00000 *

Appears in 1 contract

Samples: Lease Agreement

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