Common use of Risks to be Insured Clause in Contracts

Risks to be Insured. During the term of this Mortgage the ------------------- Mortgagors will, at their sole cost and expense, maintain or cause to be maintained with respect to each Mortgaged Property, insurance coverage, cost and expense, of the following types (and minimum limits) and shall pay in a timely manner all premiums due in connection therewith: (a) insurance with respect to the Improvements and the Equipment against any peril included within the classification "All Risks of Physical Loss" with extended coverage in amounts at all times sufficient to prevent any Mortgagor from becoming co-insurer within the terms of the applicable policies, but in any event such insurance shall be maintained in an amount equal to the full insurable value of the Improvements and the Equipment, the term "full insurable value" to mean the actual replacement cost of the Improvements and the Equipment (without taking into account any depreciation, and exclusive of excavations, footings and foundations, landscaping and paving) as reasonably determined annually in accordance with the Mortgagors' customary practices by an insurer, a recognized independent insurance broker or an appraiser selected and paid by the Mortgagors (unless reasonably disapproved by the Mortgagee) and in no event less than the coverage required pursuant to the terms of any Ground Lease, Lease or Operating Agreement; (b) comprehensive general liability insurance, including bodily injury, death and property damage liability, and umbrella liability insurance against any and all claims, including all legal liability to the extent insurable imposed upon the Mortgagee and all court costs and attorneys' fees and expenses, arising out of or connected with the possession, use, leasing, operation, maintenance or condition of such Mortgaged Property in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property; (c) statutory workers' compensation insurance (to the extent the risks to be covered thereby are not already covered by other policies of insurance maintained by the Mortgagors or their agents), with respect to any work on or about such Mortgaged Property; (d) business interruption and/or loss of "rental value" insurance in an amount sufficient to avoid any co-insurance penalty and, if the duration of such coverage is limited by reference to the passage of time, to provide Proceeds for a period not less than one and one half years of loss, the term "rental value" to mean the sum of (A) the total payable under the Leases and (B) the total amount of all other amounts to be received by the applicable Mortgagor or third parties that are the legal obligation of the Tenants pursuant to the terms of the Leases or Guarantees, reduced to the extent such amounts would not be received because of expenses not incurred during a period of non-occupancy of that portion of such Mortgaged Property then not being occupied; (e) broad form boiler and machinery insurance (without exclusion for explosion) covering all boilers or other pressure vessels, machinery and equipment located in, on or about such Mortgaged Property and insurance against loss of occupancy or use arising from any breakdown in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property; (f) if any portion of the Improvements is located within an area federally designated a "100 year flood plain", flood insurance (x) if generally available at reasonable premiums and in such amount as generally required by institutional lenders for similar properties or (y) if not so available from a private carrier, from the federal government to the extent available; and (g) such other insurance with respect to such Mortgaged Property against loss or damage of the kinds from time to time customarily insured against and in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property.

Appears in 1 contract

Samples: Mortgage, Deed of Trust, Security Agreement (General Growth Properties Inc)

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Risks to be Insured. During the term of this Mortgage the ------------------- Mortgagors willTenant, at their sole cost and its expense, will ------------------- maintain with insurers authorized to issue insurance in the State of Arizona and having an A.M. Best rating of "B+" or cause to be maintained with respect to each Mortgaged Property, insurance coverage, cost better or otherwise approved by Landlord and expense, of the following types (and minimum limits) and shall pay in a timely manner all premiums due in connection therewith: any Mortgagee (a) insurance with respect to the Improvements against loss or damage by fire, lightning and the Equipment other risks from time to time included under "all- risk" policies and against any peril included within the classification "All Risks of Physical Loss" with extended coverage in amounts at all times sufficient to prevent any Mortgagor from becoming co-insurer within the terms of the applicable policiesloss or damage by sprinkler leakage, but in any event such insurance shall be maintained water damage, collapse, vandalism and malicious mischief and in an amount equal to the full insurable value 100% of the Improvements and the Equipment, the term "full insurable value" to mean the actual replacement cost of the Improvements and (initially determined as of the Equipment (without taking into account any depreciationdate on which such insurance is originally issued, and exclusive subsequently re-determined on the basis on an annual review of excavationsthe actual replacement cost of the Improvement) (such insurance shall also include at least nine (9) months rental loss coverage), footings and foundations, landscaping and paving) as reasonably determined annually in accordance with the Mortgagors' customary practices by an insurer, a recognized independent insurance broker or an appraiser selected and paid by the Mortgagors (unless reasonably disapproved by the Mortgagee) and in no event less than the coverage required pursuant to the terms of any Ground Lease, Lease or Operating Agreement; (b) comprehensive general liability insurance, including bodily injury, death and property damage liability, and umbrella liability insurance against any and all claims, including all legal liability to the extent insurable imposed upon the Mortgagee and all court costs and attorneys' fees and expenses, claims arising out of or connected with the possession, use, leasing, operation, maintenance operation or condition occupancy of such Mortgaged the Property in such amounts as are generally available at reasonable premiums with a combined single limit coverage of not less than $5,000,000 for any single injury to a person and are generally required by institutional lenders $10,000,000 for properties comparable all claims with respect to such Mortgaged Property; (c) statutory workers' compensation insurance (to the extent the risks to be covered thereby are not already covered by other policies of insurance maintained by the Mortgagors or their agents), property damage and personal injury and death with respect to any work one occurrence, provided that Landlord shall have the right to require Tenant to increase the amount of coverage of such liability insurance to the amount reasonably necessary to bring such coverage into conformity with the level of coverage commonly carried by similar properties in Scottsdale, which right Landlord may exercise no more frequently than once every five (5) years, (c) explosion insurance in respect of any steam and pressure boilers and similar apparatus located on or about such Mortgaged Property; the Property in amounts not less than those required by subdivision (b) above, and (d) business interruption and/or loss of "rental value" insurance in an amount sufficient to avoid the event that the Property shall at any co-insurance penalty andtime be used as anything other than for general office purposes, if the duration of such coverage is limited by reference to the passage of time, to provide Proceeds for a period not less than one and one half years of loss, the term "rental value" to mean the sum of (A) the total payable under the Leases and (B) the total amount of all other amounts to be received by the applicable Mortgagor or third parties that are the legal obligation of the Tenants pursuant to the terms of the Leases or Guarantees, reduced to the extent such amounts would not be received because of expenses not incurred during a period of non-occupancy of that portion of such Mortgaged Property then not being occupied; (e) broad form boiler and machinery insurance (without exclusion for explosion) covering all boilers or other pressure vessels, machinery and equipment located in, on or about such Mortgaged Property and insurance against loss of occupancy or use arising from any breakdown in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property; (f) if any portion of the Improvements is located within an area federally designated a "100 year flood plain", flood insurance (x) if generally available at reasonable premiums and in such amount as generally required by institutional lenders for similar properties or (y) if not so available from a private carrier, from the federal government to the extent available; and (g) such other insurance with respect to against such Mortgaged Property against loss or damage of the kinds from time to time customarily insured against risks and in such amounts as are generally available at reasonable premiums Landlord shall reasonably request. Notwithstanding the foregoing to the contrary, Tenant may self-insure with respect to workers' compensation insurance to the extent permitted by the State of Arizona, and are generally any or all insurance required by institutional lenders for properties comparable under this Section 18.1 may be effected under one or more blanket policy or policies covering the Property and other property and assets not constituting part of the Property, provided, however, that any such blanket policy or policies shall specify the portion of the total coverage of such policy or policies that is allocated to such Mortgaged Propertythe Property and shall, in all other respects, comply with the requirements of this Section 18.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Risks to be Insured. During the term of this Mortgage the ------------------- Mortgagors willThe Mortgagor (or its designee), at their sole cost and the Mortgagor's expense, will obtain and maintain or cause to be maintained with respect to each Mortgaged Propertyin full force and effect at all times until all Obligations have been fully paid and performed, insurance coverage, cost and expense, of against the following types (and minimum limits) and shall pay in a timely manner all premiums due in connection therewithrisks: (ai) insurance with respect Loss and damage by fire and all other casualties on or to the Improvements Property as are included in the form of casualty insurance commonly referred to as "extended coverage" in such amounts as are reasonably satisfactory to the Mortgagee, but in no event less than one hundred percent (100%) of the full replacement cost of the Property (exclusive of excavation and foundations and without deduction for physical depreciation) and in no event less than the Equipment against any peril included within the classification "All Risks of Physical Loss" with extended coverage in amounts at all times sufficient amount required to prevent any Mortgagor from becoming a co-insurer within the terms of the applicable policies, but in any event such insurance shall be maintained in an amount equal to the full insurable value of the Improvements and the Equipment, the term "full insurable value" to mean the actual replacement cost of the Improvements and the Equipment (without taking into account any depreciation, and exclusive of excavations, footings and foundations, landscaping and paving) as reasonably determined annually in accordance with the Mortgagors' customary practices by an insurer, a recognized independent insurance broker or an appraiser selected and paid by the Mortgagors (unless reasonably disapproved by the Mortgagee) and in no event less than the coverage required pursuant to the terms of any Ground Lease, Lease or Operating Agreement; (bii) comprehensive general Comprehensive public liability insurance, including bodily injury, death and insurance on an "occurrence basis" against claims for personal injury or property damage liabilityoccurring on, in or about the Property with a combined single limit of not less than $1,000,000 with respect to personal injury or death to one or more persons and umbrella with "umbrella" liability insurance against any and all claimscoverage of not less than that required by the Senior Loan Documents or the Management Agreement, including all legal liability to the extent insurable imposed upon the Mortgagee and all court costs and attorneys' fees and expenses, arising out of or connected with the possession, use, leasing, operation, maintenance or condition of such Mortgaged Property in such greater amounts as are generally available at reasonable premiums and are generally may from time to time be required by institutional lenders for similar loans secured by properties comparable similar to such Mortgaged the Property; (ciii) statutory workers' compensation Business interruption insurance (to the extent the risks to be covered thereby are not already covered by other policies of insurance maintained by the Mortgagors or their agents), with respect to any work on or about such Mortgaged Property; (d) business interruption and/or loss of "rental value" insurance in for an amount sufficient to avoid any co-insurance penalty and, if the duration of such coverage is limited by reference to the passage of time, to provide Proceeds for a period not less than one year's profits and one half years of loss, necessary continuing expenses from the term Property (on an "rental valueactual loss sustained" to mean basis) covering the sum of (A) the total payable under the Leases and (B) the total amount of all other amounts to be received same risks as are covered by the applicable Mortgagor or third parties that are the legal obligation of the Tenants pursuant to the terms of the Leases or Guarantees, reduced to the extent such amounts would not be received because of expenses not incurred during a period of non-occupancy of that portion of such Mortgaged Property then not being occupiedpolicies described in SECTION 1.7.1(I); (eiv) broad If the Land is located in an area designated by the U.S. Department of Housing and Urban Development as a flood hazard area, insurance for the peril of flood as is available through the National Flood Insurance Program; (v) Broad form boiler and machinery insurance (without exclusion for explosion) covering all boilers on a "comprehensive" form in an amount adequate to provide protection against the maximum amount of damage possible to the Property resulting from explosion or other covered occurrences relating to boilers, pressure vessels, machinery and equipment located in, on or about the Property; (vi) Workers' compensation insurance in such Mortgaged Property forms and insurance against loss of occupancy or use arising from any breakdown in such amounts as are may be required by the laws of New Jersey; and (vii) Such other insurance as is generally available at on commercially reasonable premiums terms and are is generally required by institutional lenders for on loans secured by properties comparable to such Mortgaged Property; (f) if any portion of the Improvements is located within an area federally designated a "100 year flood plain", flood insurance (x) if generally available at reasonable premiums and in such amount as generally required by institutional lenders for similar properties or (y) if not so available from a private carrier, from the federal government to the extent available; and (g) such other insurance with respect to such Mortgaged Property against loss or damage of the kinds from time to time customarily insured against and in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property.

Appears in 1 contract

Samples: Second Mortgage, Assignment of Rents and Leases, Security Agreement, and Fixture Filing (Hanover Marriott Limited Partnership)

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Risks to be Insured. During The policies covering the term of this Mortgage the ------------------- Mortgagors will, at their sole cost Leased Properties and expense, maintain or cause to be maintained with respect to each Mortgaged Property, insurance coverage, cost and expense, of Tenant’s Personal Property shall insure against the following types (and minimum limits) and shall pay in a timely manner all premiums due in connection therewithrisks: (a) insurance with respect to the Improvements 13.2.1 Loss or damage by fire, vandalism and the Equipment against any peril included within the classification "All Risks of Physical Loss" with malicious mischief, earthquake, extended coverage perils commonly known as “Special Risk”, and all physical loss perils normally included in amounts at all times sufficient such Special Risk insurance, including but not limited to prevent any Mortgagor from becoming co-insurer within the terms of the applicable policiessprinkler leakage, but in any event such insurance shall be maintained in an amount equal not less than one hundred percent (100%) of Replacement Cost; provided that coverage for earthquake shall be required only to the full insurable value extent that a Facility is currently, or at any time in the future, located within a “seismic design category” on a FEMA Earthquake Hazard Map higher than “B”. Deductibles/self-insured retentions for the insurance policies required under Section 13.2.1 shall not be greater than $100,000 and any deductible or retention in excess of such limit must be approved by Landlord prior to the issuance of any policy, which approval will not be unreasonably withheld, conditioned or delayed.; provided, however, that the deductibles/self-insured retentions for losses sustained from earthquake (including earth movement), or windstorm (i.e., wind/hail) may be equal to, but not greater than, five percent (5%) of the Improvements and the Equipment, the term "full insurable value" to mean the actual replacement cost of the Improvements total insured value of the applicable Facility, or $250,000, whichever is greater. The flood deductible shall not be greater than $100,000, unless the Facility is in the designated 100 year flood plain area, in which event the deductible may be $500,000 or less and the Equipment (without taking into account any depreciationTenant shall obtain and maintain flood coverage from the National Flood Insurance Program for the applicable Facility. 13.2.2 Loss or damage by explosion of steam boilers, and exclusive of excavations, footings and foundations, landscaping and paving) as reasonably determined annually in accordance with the Mortgagors' customary practices by an insurer, a recognized independent insurance broker pressure vessels or an appraiser selected and paid by the Mortgagors (unless reasonably disapproved by the Mortgagee) and in no event less than the coverage required pursuant to the terms of any Ground Lease, Lease or Operating Agreement; (b) comprehensive general liability insurance, including bodily injury, death and property damage liability, and umbrella liability insurance against any and all claims, including all legal liability to the extent insurable imposed upon the Mortgagee and all court costs and attorneys' fees and expenses, arising out of or connected with the possession, use, leasing, operation, maintenance or condition of such Mortgaged Property similar apparatus in such amounts as are generally available at reasonable premiums and are generally may be required by institutional lenders Landlord from time to time; A request for properties comparable confidential treatment has been made with respect to such Mortgaged Property; portions of this document that are marked ‘[*****]’. The redacted portions have been filed separately with the SEC. 54 Master Lease (cOHI - Diversicare) statutory workers' compensation Derwent – 9.25.18 13.2.3 Business interruption insurance in an amount not less than twelve (12) months of income and normal operating expenses including payroll and Rent payable hereunder with an endorsement extending the period of indemnity by at least ninety (90) days (Building Ordinance Increased Period of Restoration Endorsement) necessitated by the occurrence of any of the hazards described in Sections 13.2.1, 13.2.2 and 13.2.56, and, to the extent the risks to be covered thereby are not already covered by other policies such insurance, loss of rental under a rental value insurance maintained policy covering risk of loss during reconstruction necessitated by the Mortgagors or their agentsoccurrence of any of the hazards described in Sections 13.2.1, 13.2.12, and 13.2.56, a (but in no event for a period less than twelve (12) months), with respect to any work on or about such Mortgaged Property; (d) business interruption and/or loss of "rental value" insurance in each case in an amount sufficient to avoid any co-insurance penalty and, if the duration of such coverage is limited by reference to the passage of time, to provide Proceeds for prevent Landlord and Tenant from becoming a period not less than one and one half years of loss, the term "rental value" to mean the sum of (A) the total payable under the Leases and (B) the total amount of all other amounts to be received by the applicable Mortgagor or third parties that are the legal obligation of the Tenants pursuant to the terms of the Leases or Guarantees, reduced to the extent such amounts would not be received because of expenses not incurred during a period of non-occupancy of that portion of such Mortgaged Property then not being occupiedco‑insurer; (e) broad form boiler and machinery insurance (without exclusion for explosion) covering all boilers or other pressure vessels, machinery and equipment located in, on or about such Mortgaged Property and insurance against loss of occupancy or use arising from any breakdown in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property; (f) if any portion of the Improvements is located within an area federally designated a "100 year flood plain", flood insurance (x) if generally available at reasonable premiums and in such amount as generally required by institutional lenders for similar properties or (y) if not so available from a private carrier, from the federal government to the extent available; and (g) such other insurance with respect to such Mortgaged Property against loss or damage of the kinds from time to time customarily insured against and in such amounts as are generally available at reasonable premiums and are generally required by institutional lenders for properties comparable to such Mortgaged Property.

Appears in 1 contract

Samples: Master Lease (Diversicare Healthcare Services, Inc.)

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