Common use of Tenant Insurance Requirements Clause in Contracts

Tenant Insurance Requirements. Anything contained in this Lease to the contrary notwithstanding, Tenant hereby covenants, warrants and agrees that Tenant shall procure insurance (hereinafter referred to as “Tenant Insurance”) as such Tenant Insurance is hereinafter specifically set forth and described. Tenant Insurance shall: consist of a policy or policies of comprehensive general liability insurance with bodily injury, property damage, personal injury, death and contractual liability endorsements and any other endorsements necessary to cover Tenant’s obligations herein; insure and defend against any and all claims of injuries, damages, costs and expenses to any person(s) and/or property as a result of an incident occurring in, upon, on or about the Leased Premises, including all injuries, damages, costs and expenses, including but not limited to such resulting from signs, glass, awnings, fixtures or other appurtenances now or hereafter erected on, about or within the Leased Premises; be procured and maintained in full force and effect by Tenant at its sole cost and expense and continue in full force and effect during the Term, any renewals or extensions thereof, any holdover period under the Lease, any tenancy by whatsoever name called and any period of occupancy by Tenant of the Leased Premises prior to the Commencement Date or subsequent to the expiration or earlier termination of this Lease; be procured and maintained for the mutual benefit of Tenant, Landlord, Xxxxxxxx’s mortgagee(s) and Landlord’s ground lessor(s), if any, (hereinafter collectively referred to as the “Additional Insureds”) and shall provide that the Additional Insureds be named as additional insureds thereon or thereunder under all policies of insurance required of Tenant hereunder; provide that Tenant furnish certificates or endorsements containing a provision that the insurer or supplier of the Tenant Insurance shall not cancel, terminate, amend or refuse to renew Tenant’s Insurance, or change in any material way the nature or extent of the coverage provided by such policy or policies without first giving to the Additional Insureds thirty (30) days prior written notice by certified mail, return receipt requested. Landlord may at any time, and from time to time, inspect and/or copy any and all insurance policy or policies required to be procured by Tenant pursuant to the terms of this Lease; provide that the insurance carrier or carriers be reasonably satisfactory to Landlord and licensed in the State in which the Leased Premises are located. The insurance carrier or carriers shall at all times during the Term of this Lease, or any extensions thereof or any additional periods of tenancy, have a policyholder’s rating of not less than “A+/7” in the most current edition of Best’s Insurance Reports; include a waiver by the insurer or insurers of all rights of subrogation against the Additional Insureds and their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns, which arise or might arise by reason of any payment under such policy or policies or by reason of any act or omission of the Additional Insureds, their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns; provide that Landlord shall have the reasonable right from time to time, on not less than thirty (30) days prior written notice, to require that Tenant increase the amount and/or type of coverage required to be maintained under this Lease; provide that each policy or policies evidencing the Tenant Insurance shall contain a clause that such policy and the coverage evidenced thereby shall be primary with respect to any policies covered by Landlord and that any coverage carried by Landlord shall be excess insurance; provide that the Tenant Insurance may be furnished by Tenant under a blanket policy carried by Xxxxxx. Such blanket policy shall contain an endorsement which names the Additional Insureds as additional insureds, references the Leased Premises and guarantees a minimum limit available for the Leased Premises equal to the insurance amounts required under the provisions of this Lease; provide that Tenant Insurance at all times be in an amount of not less than Two Million Dollars ($2,000,000,00) for each occurrence. In the event Tenant fails to procure, maintain and/or pay for the Tenant Insurance required above, at the times and for the duration specified above, or Tenant’s insurance carrier or carriers are unable, refuse or neglect to properly evidence all of the requirements above set forth in regard to the Additional Insureds, Landlord shall have the right, but not the obligation, at any time and from time to time, and upon ten (10) days written notice to Tenant, to procure Tenant Insurance as provided for above, and/or pay the premiums for such Tenant Insurance, in which event Tenant shall repay Landlord, immediately upon demand by Landlord, as Additional Rent, all sums so paid by Landlord together with interest at the default rate thereon and any costs or expenses incurred by Landlord in connection therewith, without prejudice to any other rights and remedies of Landlord under this Lease. Tenant acknowledges that non-compliance with any requirement hereinabove set forth shall be an absolute default under the terms of this Lease.

Appears in 1 contract

Samples: Lease (BYTE Acquisition Corp.)

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Tenant Insurance Requirements. Anything contained in For so long as this Lease to the contrary notwithstandingshall remain in effect, Tenant hereby covenantsTenant, warrants and agrees that Tenant shall procure insurance (hereinafter referred to as “Tenant Insurance”) as such Tenant Insurance is hereinafter specifically set forth and described. Tenant Insurance shall: consist of a policy or policies of comprehensive general liability insurance with bodily injury, property damage, personal injury, death and contractual liability endorsements and any other endorsements necessary to cover Tenant’s obligations herein; insure and defend against any and all claims of injuries, damages, costs and expenses to any person(s) and/or property as a result of an incident occurring in, upon, on or about the Leased Premises, including all injuries, damages, costs and expenses, including but not limited to such resulting from signs, glass, awnings, fixtures or other appurtenances now or hereafter erected on, about or within the Leased Premises; be procured and maintained in full force and effect by Tenant at its sole cost and expense and continue in full force for the benefit of the Landlord, shall purchase and effect during maintain the Terminsurance coverages and comply with the insurance terms and conditions with respect to the Facility Premises, including, without limitation, any renewals or extensions construction, use and operation thereof, any holdover period under as set forth on Exhibit D, attached hereto and incorporated herein by this reference. Prior to the Leaseentry within the Facility Premises, any tenancy by whatsoever name called and any period of occupancy by Tenant shall furnish Landlord with certificates of the Leased policies together with proof of payment of the premium thereof and shall, upon expiration of the term of any such policies similarly furnished to Landlord a certificate of such renewal policy with proof of payment of the premium thereof. Tenant’s commercial general liability policy shall include contractual liability on a blanket or specific basis to cover the Tenant indemnification obligations in Section 14 hereof. Tenant’s commercial general liability policy shall also include coverage against the claims of any and all persons for bodily injuries, death and property damage arising out of the use or occupancy of the Facility Premises prior to the Commencement Date or subsequent to the expiration or earlier termination of this Lease; be procured and maintained for the mutual benefit of by Tenant, Landlordits officers, Xxxxxxxxemployees, agents, subtenants, guests, patrons or invitees. Tenant’s mortgagee(s) commercial general liability and Landlord’s ground lessor(s), if any, (hereinafter collectively referred to automobile liability policies shall name Landlord as the “Additional Insureds”) additional insured and shall provide contain a standard cross-liability provision and shall stipulate that no insurance held by Landlord will be called upon to contribute to a loss covered thereunder. Landlord shall have no liability for any premium charges for such coverage, and the Additional Insureds inclusion of Landlord as an additional insured is not intended to, and shall not make Landlord a partner or joint venturer with Tenant in Tenant’s activities in the Facility Premises. Such policies shall be named as additional insureds thereon or thereunder under all policies of insurance required of Tenant hereunder; provide that Tenant furnish certificates or endorsements containing a provision that for full coverage with any deductibles and/or retentions subject to approval by Landlord and shall contain provisions on the insurer or supplier part of the respective insurers waiving the right of subrogation against Landlord. A copy of the above policies, plus certificates evidencing the existence thereof, shall be delivered to Landlord upon its request. If Tenant Insurance shall does not cancel, terminate, amend or refuse to renew Tenant’s Insurance, or change in maintain any material way the nature or extent of the coverage provided by such policy or policies without first giving to the Additional Insureds thirty (30) days prior written notice by certified mailrequired hereunder, return receipt requested. Landlord may at purchase such coverage and charge all premiums to Tenant, who shall pay such premiums back immediately. However, there is no obligation on the part of Landlord to purchase any time, and from time to time, inspect and/or copy any and all insurance policy or policies required to be procured by Tenant pursuant to the terms of this Lease; provide that the insurance carrier or carriers be reasonably satisfactory to Landlord and licensed in the State in which the Leased Premises are locatedthese coverages. The insurance carrier or carriers shall at all times during the Term of this Lease, or any extensions thereof or any additional periods of tenancy, have a policyholder’s rating of not less than “A+/7” in the most current edition of Best’s Insurance Reports; include a waiver provided by the insurer Tenant shall apply on a primary basis to, and shall not require contribution from, any other insurance or insurers of all rights of subrogation against the Additional Insureds and their shareholdersself-insurance maintained by Landlord, directorsits members that participate in its self-insurance fund, partnersofficials, officers, managers, members, employees, representatives, agents employees and successors and/or assigns, which arise or might arise by reason of any payment under such policy or policies or by reason of any act or omission of the Additional Insureds, their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns; provide that Landlord shall have the reasonable right from time to time, on not less than thirty (30) days prior written notice, to require that Tenant increase the amount and/or type of coverage required to be maintained under this Lease; provide that each policy or policies evidencing the Tenant Insurance shall contain a clause that such policy and the coverage evidenced thereby shall be primary with respect to any policies covered by Landlord and that any coverage carried by Landlord shall be excess insurance; provide that the Tenant Insurance may be furnished by Tenant under a blanket policy carried by Xxxxxx. Such blanket policy shall contain an endorsement which names the Additional Insureds as additional insureds, references the Leased Premises and guarantees a minimum limit available for the Leased Premises equal to the insurance amounts required under the provisions of this Lease; provide that Tenant Insurance at all times be in an amount of not less than Two Million Dollars ($2,000,000,00) for each occurrence. In the event Tenant fails to procure, maintain and/or pay for the Tenant Insurance required above, at the times and for the duration specified above, or Tenant’s insurance carrier or carriers are unable, refuse or neglect to properly evidence all of the requirements above set forth in regard to the Additional Insureds, Landlord shall have the right, but not the obligation, at any time and from time to time, and upon ten (10) days written notice to Tenant, to procure Tenant Insurance as provided for above, and/or pay the premiums for such Tenant Insurance, in which event Tenant shall repay Landlord, immediately upon demand by Landlord, as Additional Rent, all sums so paid by Landlord together with interest at the default rate thereon and any costs or expenses incurred by Landlord in connection therewith, without prejudice to any other rights and remedies of Landlord under this Lease. Tenant acknowledges that non-compliance with any requirement hereinabove set forth shall be an absolute default under the terms of this Leaseagents.

Appears in 1 contract

Samples: Lease Agreement

Tenant Insurance Requirements. Anything contained in For so long as this Lease to the contrary notwithstandingshall remain in effect, Tenant hereby covenantsTenant, warrants and agrees that Tenant shall procure insurance (hereinafter referred to as “Tenant Insurance”) as such Tenant Insurance is hereinafter specifically set forth and described. Tenant Insurance shall: consist of a policy or policies of comprehensive general liability insurance with bodily injury, property damage, personal injury, death and contractual liability endorsements and any other endorsements necessary to cover Tenant’s obligations herein; insure and defend against any and all claims of injuries, damages, costs and expenses to any person(s) and/or property as a result of an incident occurring in, upon, on or about the Leased Premises, including all injuries, damages, costs and expenses, including but not limited to such resulting from signs, glass, awnings, fixtures or other appurtenances now or hereafter erected on, about or within the Leased Premises; be procured and maintained in full force and effect by Tenant at its sole cost and expense and continue in full force for the benefit of the Landlord, shall purchase and effect during maintain the Terminsurance coverages and comply with the insurance terms and conditions with respect to the Facility Premises, including, without limitation, any renewals or extensions construction, use and operation thereof, any holdover period under as set forth on Exhibit D, attached hereto and incorporated herein by this reference. Prior to the Leaseentry within the Facility Premises, any tenancy by whatsoever name called and any period of occupancy by Tenant shall furnish Landlord with certificates of the Leased policies together with proof of payment of the premium thereof and shall, upon expiration of the term of any such policies similarly furnished to Landlord a certificate of such renewal policy with proof of payment of the premium thereof. Tenant’s commercial general liability policy shall include contractual liability on a blanket or specific basis to cover the Tenant indemnification obligations in Section 14.14 hereof. Tenant’s commercial general liability policy shall also include coverage against the claims of any and all persons for bodily injuries, death and property damage arising out of the use or occupancy of the Facility Premises prior to the Commencement Date or subsequent to the expiration or earlier termination of this Lease; be procured and maintained for the mutual benefit of by Tenant, Landlordits officers, Xxxxxxxxemployees, agents, subtenants, guests, patrons or invitees. Tenant’s mortgagee(s) commercial general liability and Landlord’s ground lessor(s), if any, (hereinafter collectively referred to automobile liability policies shall name Landlord as the “Additional Insureds”) additional insured and shall provide contain a standard cross-liability provision and shall stipulate that no insurance held by Landlord will be called upon to contribute to a loss covered thereunder. Landlord shall have no liability for any premium charges for such coverage, and the Additional Insureds inclusion of Landlord as an additional insured is not intended to, and shall not make Landlord a partner or joint venturer with Tenant in Tenant’s activities in the Facility Premises. Such policies shall be named as additional insureds thereon or thereunder under all policies of insurance required of Tenant hereunder; provide that Tenant furnish certificates or endorsements containing a provision that for full coverage with any deductibles and/or retentions subject to approval by Landlord and shall contain provisions on the insurer or supplier part of the respective insurers waiving the right of subrogation against Landlord. A copy of the above policies, plus certificates evidencing the existence thereof, shall be delivered to Landlord upon its request. If Tenant Insurance shall does not cancel, terminate, amend or refuse to renew Tenant’s Insurance, or change in maintain any material way the nature or extent of the coverage required hereunder, Landlord may purchase such coverage and charge all premiums to Tenant, who shall pay such premiums back immediately. However, there is no obligation on the part of Landlord to purchase any of these coverages. The insurance provided by the Tenant shall apply on a primary basis to, and shall not require contribution from, any other insurance or self-insurance maintained by Landlord, its members that participate in its self-insurance fund, officials, officers, employees and agents. Each policy shall be written by an insurer holding a current certificate of authority pursuant to chapter 624, Florida Statutes or a company that is declared as an approved Surplus Lines carrier under Chapter 626 Florida Statutes. Such Insurance shall be written by an insurer with an A.M. Best Rating of A-VII or better. Landlord and Tenant agree to require any other Person that rents, leases or otherwise uses the Facility Premises for a Facility Event to procure and maintain, at its expense, commercially reasonable insurance, taking into account the type of Facility Event and the risks posed thereby. Tenant also agrees to procure and maintain, at Tenant’s sole cost and expense, the following types and amounts (the following limits being minimum requirements) of insurance for the Lease Term, and to furnish certificates confirming such policy coverage to Landlord, as reasonably requested by Landlord from time-to-time: “all risk” (also known as “special forms perils”) property insurance, providing coverage that is no less broad than the ISO Cause of Loss Special Form or policies equivalent ISO all risk coverage form in use at the time, covering Tenant’s personal property, furniture, fixtures, and equipment (including, without first giving limitation, all LED Screens), on a replacement cost measure-of-recovery basis for the full insurable value thereof. The foregoing insurance shall be subject to the Additional Insureds terms and conditions set forth on Exhibit D. To the fullest extent permitted by law, and notwithstanding anything to the contrary set forth in this Lease, Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord or any Landlord Indemnitee for loss or damage to Tenant’s property, furniture, fixtures, and equipment (including, without limitation, all LED Screens), notwithstanding that such loss or damage may result from the negligence or fault of Landlord or any Landlord Indemnitee. Without limiting its liability under this Agreement, Landlord agrees to procure and maintain, at Tenant’s sole cost and expense (payable within thirty (30) days prior written notice after demand), the following types and amounts (the following limits being minimum requirements) of insurance for the Lease Term, and to furnish certificates confirming such coverage to Tenant, as reasonably requested by certified mailTenant from time-to-time: “all risk” (also known as “special forms perils”) property insurance, return receipt requested. Landlord may providing coverage that is no less broad than the ISO Cause of Loss Special Form or equivalent ISO all risk coverage form in use at any the time, and from time to timecovering the Facility Premises, inspect and/or copy any and all on a replacement cost measure-of-recovery basis for the full insurable value thereof. Landlord’s property insurance policy or policies required to be procured by shall name Tenant pursuant to as an additional insured as its interests may appear. At the terms election of this Lease; provide that the insurance carrier or carriers be reasonably satisfactory to Landlord and licensed in the State in which the Leased Premises are located. The insurance carrier or carriers shall at all times during the Term of this LeaseTenant, or any extensions thereof or any additional periods of tenancy, have a policyholder’s rating of not less than “A+/7” in the most current edition of Best’s Insurance Reports; include a waiver by the insurer or insurers of all rights of subrogation against the Additional Insureds and their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns, which arise or might arise by reason of any payment under such policy or policies or by reason of any act or omission of the Additional Insureds, their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns; provide that Landlord Tenant shall have the reasonable right from time to timeprocure and maintain the insurance required by this Section 15(c),15(e), on not less than thirty (30) days prior written notice, to require that Tenant increase the amount and/or type of coverage required to be maintained under this Lease; provide that each policy or policies evidencing the Tenant Insurance shall contain a clause that such policy and the coverage evidenced thereby shall be primary with respect to any policies covered by Landlord and that any coverage carried by Landlord shall be excess insurance; provide that the Tenant Insurance which insurance may be furnished by Tenant under provided through a blanket policy carried by Xxxxxx. Such blanket policy shall contain an endorsement which names the Additional Insureds as additional insuredspolicy, references the Leased Premises and guarantees a minimum limit available for the Leased Premises equal subject to the insurance amounts required under the provisions of this Lease; provide that Tenant Insurance at all times be requirements in an amount of not less than Two Million Dollars ($2,000,000,00Section 15(a). ) for each occurrence. In the event Tenant fails to procure, maintain and/or pay for the Tenant Insurance required above, at the times and for the duration specified above, or Tenant’s insurance carrier or carriers are unable, refuse or neglect to properly evidence all of the requirements above set forth in regard to the Additional Insureds, Landlord shall have the right, but not the obligation, at any time and from time to time, and upon ten (10) days written notice to Tenant, to procure Tenant Insurance as provided for above, and/or pay the premiums for such Tenant Insurance, in which event Tenant shall repay Landlord, immediately upon demand by Landlord, as Additional Rent, all sums so paid by Landlord together with interest at the default rate thereon and any costs or expenses incurred by Landlord in connection therewith, without prejudice to any other rights and remedies of Landlord under this Lease. Tenant acknowledges that non-compliance with any requirement hereinabove set forth shall be an absolute default under the terms of this Leasehereof.

Appears in 1 contract

Samples: Lease Agreement

Tenant Insurance Requirements. Anything contained in For so long as this Lease to the contrary notwithstandingshall remain in effect, Tenant hereby covenantsTenant, warrants and agrees that Tenant shall procure insurance (hereinafter referred to as “Tenant Insurance”) as such Tenant Insurance is hereinafter specifically set forth and described. Tenant Insurance shall: consist of a policy or policies of comprehensive general liability insurance with bodily injury, property damage, personal injury, death and contractual liability endorsements and any other endorsements necessary to cover Tenant’s obligations herein; insure and defend against any and all claims of injuries, damages, costs and expenses to any person(s) and/or property as a result of an incident occurring in, upon, on or about the Leased Premises, including all injuries, damages, costs and expenses, including but not limited to such resulting from signs, glass, awnings, fixtures or other appurtenances now or hereafter erected on, about or within the Leased Premises; be procured and maintained in full force and effect by Tenant at its sole cost and expense and continue in full force for the benefit of the Landlord, shall purchase and effect during maintain the Terminsurance coverages and comply with the insurance terms and conditions with respect to the Facility Premises, including, without limitation, any renewals or extensions construction, use and operation thereof, any holdover period under as set forth on Exhibit D, attached hereto and incorporated herein by this reference. Prior to the Leaseentry within the Facility Premises, any tenancy by whatsoever name called and any period of occupancy by Tenant shall furnish Landlord with certificates of the Leased policies together with proof of payment of the premium thereof and shall, upon expiration of the term of any such policies similarly furnished to Landlord a certificate of such renewal policy with proof of payment of the premium thereof. Tenant’s commercial general liability policy shall include contractual liability on a blanket or specific basis to cover the Tenant indemnification obligations in Section 14 hereof. Tenant’s commercial general liability policy shall also include coverage against the claims of any and all persons for bodily injuries, death and property damage arising out of the use or occupancy of the Facility Premises prior to the Commencement Date or subsequent to the expiration or earlier termination of this Lease; be procured and maintained for the mutual benefit of by Tenant, Landlordits officers, Xxxxxxxxemployees, agents, subtenants, guests, patrons or invitees. Tenant’s mortgagee(s) commercial general liability and Landlord’s ground lessor(s), if any, (hereinafter collectively referred to automobile liability policies shall name Landlord as the “Additional Insureds”) additional insured and shall provide contain a standard cross-liability provision and shall stipulate that no insurance held by Landlord will be called upon to contribute to a loss covered thereunder. Landlord shall have no liability for any premium charges for such coverage, and the Additional Insureds inclusion of Landlord as an additional insured is not intended to, and shall not make Landlord a partner or joint venturer with Tenant in Tenant’s activities in the Facility Premises. Such policies shall be named as additional insureds thereon or thereunder under all policies of insurance required of Tenant hereunder; provide that Tenant furnish certificates or endorsements containing a provision that for full coverage with any deductibles and/or retentions subject to approval by Landlord and shall contain provisions on the insurer or supplier part of the respective insurers waiving the right of subrogation against Landlord. A copy of the above policies, plus certificates evidencing the existence thereof, shall be delivered to Landlord upon its request. If Tenant Insurance shall does not cancel, terminate, amend or refuse to renew Tenant’s Insurance, or change in maintain any material way the nature or extent of the coverage required hereunder, Landlord may purchase such coverage and charge all premiums to Tenant, who shall pay such premiums back immediately. However, there is no obligation on the part of Landlord to purchase any of these coverages. The insurance provided by the Tenant shall apply on a primary basis to, and shall not require contribution from, any other insurance or self-insurance maintained by Landlord, its members that participate in its self-insurance fund, officials, officers, employees and agents. Landlord and Tenant agree to require any other Person that rents, leases or otherwise uses the Facility Premises for a Facility Event to procure and maintain, at its expense, commercially reasonable insurance, taking into account the type of Facility Event and the risks posed thereby. Tenant also agrees to procure and maintain, at Tenant’s sole cost and expense, the following types and amounts (the following limits being minimum requirements) of insurance for the Lease Term, and to furnish certificates confirming such policy coverage to Landlord, as reasonably requested by Landlord from time-to-time: “all risk” (also known as “special forms perils”) property insurance, providing coverage that is no less broad than the ISO Cause of Loss Special Form or policies equivalent ISO all risk coverage form in use at the time, covering Tenant’s personal property, furniture, fixtures, and equipment (including, without first giving limitation, all LED Screens), on a replacement cost measure-of-recovery basis for the full insurable value thereof. The foregoing insurance shall be subject to the Additional Insureds terms and conditions set forth on Exhibit D. To the fullest extent permitted by law, and notwithstanding anything to the contrary set forth in this Lease, Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord or any Landlord Indemnitee for loss or damage to Tenant’s property, furniture, fixtures, and equipment (including, without limitation, all LED Screens), notwithstanding that such loss or damage may result from the negligence or fault of Landlord or any Landlord Indemnitee. Without limiting its liability under this Agreement, Landlord agrees to procure and maintain, at Tenant’s sole cost and expense (payable within thirty (30) days prior written notice after demand), the following types and amounts (the following limits being minimum requirements) of insurance for the Lease Term, and to furnish certificates confirming such coverage to Tenant, as reasonably requested by certified mailTenant from time-to-time: “all risk” (also known as “special forms perils”) property insurance, return receipt requested. Landlord may providing coverage that is no less broad than the ISO Cause of Loss Special Form or equivalent ISO all risk coverage form in use at any the time, and from time to timecovering the Facility Premises, inspect and/or copy any and all on a replacement cost measure-of-recovery basis for the full insurable value thereof. Landlord’s property insurance policy or policies required to be procured by shall name Tenant pursuant to as an additional insured as its interests may appear. At the terms election of this Lease; provide that the insurance carrier or carriers be reasonably satisfactory to Landlord and licensed in the State in which the Leased Premises are located. The insurance carrier or carriers shall at all times during the Term of this LeaseTenant, or any extensions thereof or any additional periods of tenancy, have a policyholder’s rating of not less than “A+/7” in the most current edition of Best’s Insurance Reports; include a waiver by the insurer or insurers of all rights of subrogation against the Additional Insureds and their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns, which arise or might arise by reason of any payment under such policy or policies or by reason of any act or omission of the Additional Insureds, their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns; provide that Landlord Tenant shall have the reasonable right from time to timeprocure and maintain the insurance required by this Section 15(hhhh), on not less than thirty (30) days prior written notice, to require that Tenant increase the amount and/or type of coverage required to be maintained under this Lease; provide that each policy or policies evidencing the Tenant Insurance shall contain a clause that such policy and the coverage evidenced thereby shall be primary with respect to any policies covered by Landlord and that any coverage carried by Landlord shall be excess insurance; provide that the Tenant Insurance which insurance may be furnished by Tenant under provided through a blanket policy carried by Xxxxxx. Such blanket policy shall contain an endorsement which names the Additional Insureds as additional insuredspolicy, references the Leased Premises and guarantees a minimum limit available for the Leased Premises equal subject to the insurance amounts required under the provisions of this Lease; provide that Tenant Insurance at all times be requirements in an amount of not less than Two Million Dollars ($2,000,000,00Section 15(dddd) for each occurrence. In the event Tenant fails to procure, maintain and/or pay for the Tenant Insurance required above, at the times and for the duration specified above, or Tenant’s insurance carrier or carriers are unable, refuse or neglect to properly evidence all of the requirements above set forth in regard to the Additional Insureds, Landlord shall have the right, but not the obligation, at any time and from time to time, and upon ten (10) days written notice to Tenant, to procure Tenant Insurance as provided for above, and/or pay the premiums for such Tenant Insurance, in which event Tenant shall repay Landlord, immediately upon demand by Landlord, as Additional Rent, all sums so paid by Landlord together with interest at the default rate thereon and any costs or expenses incurred by Landlord in connection therewith, without prejudice to any other rights and remedies of Landlord under this Lease. Tenant acknowledges that non-compliance with any requirement hereinabove set forth shall be an absolute default under the terms of this Leasehereof.

Appears in 1 contract

Samples: Lease Agreement

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Tenant Insurance Requirements. Anything contained in For so long as this Lease to the contrary notwithstandingshall remain in effect, Tenant hereby covenantsTenant, warrants and agrees that Tenant shall procure insurance (hereinafter referred to as “Tenant Insurance”) as such Tenant Insurance is hereinafter specifically set forth and described. Tenant Insurance shall: consist of a policy or policies of comprehensive general liability insurance with bodily injury, property damage, personal injury, death and contractual liability endorsements and any other endorsements necessary to cover Tenant’s obligations herein; insure and defend against any and all claims of injuries, damages, costs and expenses to any person(s) and/or property as a result of an incident occurring in, upon, on or about the Leased Premises, including all injuries, damages, costs and expenses, including but not limited to such resulting from signs, glass, awnings, fixtures or other appurtenances now or hereafter erected on, about or within the Leased Premises; be procured and maintained in full force and effect by Tenant at its sole cost and expense and continue in full force for the benefit of the Landlord, shall purchase and effect during maintain the Terminsurance coverages and comply with the insurance terms and conditions with respect to the Facility Premises, including, without limitation, any renewals or extensions construction, use and operation thereof, any holdover period under as set forth on Exhibit D, attached hereto and incorporated herein by this reference. Prior to the Leaseentry within the Facility Premises, any tenancy by whatsoever name called and any period of occupancy by Tenant shall furnish Landlord with certificates of the Leased policies together with proof of payment of the premium thereof and shall, upon expiration of the term of any such policies similarly furnished to Landlord a certificate of such renewal policy with proof of payment of the premium thereof. Tenant’s commercial general liability policy shall include contractual liability on a blanket or specific basis to cover the Tenant indemnification obligations in Section 1414 hereof. Tenant’s commercial general liability policy shall also include coverage against the claims of any and all persons for bodily injuries, death and property damage arising out of the use or occupancy of the Facility Premises prior to the Commencement Date or subsequent to the expiration or earlier termination of this Lease; be procured and maintained for the mutual benefit of by Tenant, Landlordits officers, Xxxxxxxxemployees, agents, subtenants, guests, patrons or invitees. Tenant’s mortgagee(s) commercial general liability and Landlord’s ground lessor(s), if any, (hereinafter collectively referred to automobile liability policies shall name Landlord as the “Additional Insureds”) additional insured and shall provide contain a standard cross-liability provision and shall stipulate that no insurance held by Landlord will be called upon to contribute to a loss covered thereunder. Landlord shall have no liability for any premium charges for such coverage, and the Additional Insureds inclusion of Landlord as an additional insured is not intended to, and shall not make Landlord a partner or joint venturer with Tenant in Tenant’s activities in the Facility Premises. Such policies shall be named as additional insureds thereon or thereunder under all policies of insurance required of Tenant hereunder; provide that Tenant furnish certificates or endorsements containing a provision that for full coverage with any deductibles and/or retentions subject to approval by Landlord and shall contain provisions on the insurer or supplier part of the respective insurers waiving the right of subrogation against Landlord. A copy of the above policies, plus certificates evidencing the existence thereof, shall be delivered to Landlord upon its request. If Tenant Insurance shall does not cancel, terminate, amend or refuse to renew Tenant’s Insurance, or change in maintain any material way the nature or extent of the coverage required hereunder, Landlord may purchase such coverage and charge all premiums to Tenant, who shall pay such premiums back immediately. However, there is no obligation on the part of Landlord to purchase any of these coverages. The insurance provided by the Tenant shall apply on a primary basis to, and shall not require contribution from, any other insurance or self-insurance maintained by Landlord, its members that participate in its self-insurance fund, officials, officers, employees and agents. Landlord and Tenant agree to require any other Person that rents, leases or otherwise uses the Facility Premises for a Facility Event to procure and maintain, at its expense, commercially reasonable insurance, taking into account the type of Facility Event and the risks posed thereby. Tenant also agrees to procure and maintain, at Tenant’s sole cost and expense, the following types and amounts (the following limits being minimum requirements) of insurance for the Lease Term, and to furnish certificates confirming such policy coverage to Landlord, as reasonably requested by Landlord from time-to-time: “all risk” (also known as “special forms perils”) property insurance, providing coverage that is no less broad than the ISO Cause of Loss Special Form or policies equivalent ISO all risk coverage form in use at the time, covering Tenant’s personal property, furniture, fixtures, and equipment (including, without first giving limitation, all LED Screens), on a replacement cost measure-of-recovery basis for the full insurable value thereof. The foregoing insurance shall be subject to the Additional Insureds terms and conditions set forth on Exhibit D. To the fullest extent permitted by law, and notwithstanding anything to the contrary set forth in this Lease, Tenant hereby waives any and all right of recovery which it might otherwise have against Landlord or any Landlord Indemnitee for loss or damage to Tenant’s property, furniture, fixtures, and equipment (including, without limitation, all LED Screens), notwithstanding that such loss or damage may result from the negligence or fault of Landlord or any Landlord Indemnitee. Without limiting its liability under this Agreement, Landlord agrees to procure and maintain, at Tenant’s sole cost and expense (payable within thirty (30) days prior written notice after demand), the following types and amounts (the following limits being minimum requirements) of insurance for the Lease Term, and to furnish certificates confirming such coverage to Tenant, as reasonably requested by certified mailTenant from time-to-time: “all risk” (also known as “special forms perils”) property insurance, return receipt requested. Landlord may providing coverage that is no less broad than the ISO Cause of Loss Special Form or equivalent ISO all risk coverage form in use at any the time, and from time to timecovering the Facility Premises, inspect and/or copy any and all on a replacement cost measure-of-recovery basis for the full insurable value thereof. Landlord’s property insurance policy or policies required to be procured by shall name Tenant pursuant to as an additional insured as its interests may appear. At the terms election of this Lease; provide that the insurance carrier or carriers be reasonably satisfactory to Landlord and licensed in the State in which the Leased Premises are located. The insurance carrier or carriers shall at all times during the Term of this LeaseTenant, or any extensions thereof or any additional periods of tenancy, have a policyholder’s rating of not less than “A+/7” in the most current edition of Best’s Insurance Reports; include a waiver by the insurer or insurers of all rights of subrogation against the Additional Insureds and their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns, which arise or might arise by reason of any payment under such policy or policies or by reason of any act or omission of the Additional Insureds, their shareholders, directors, partners, officers, managers, members, employees, representatives, agents and successors and/or assigns; provide that Landlord Tenant shall have the reasonable right from time to timeprocure and maintain the insurance required by this Section 15(e),15(e), on not less than thirty (30) days prior written notice, to require that Tenant increase the amount and/or type of coverage required to be maintained under this Lease; provide that each policy or policies evidencing the Tenant Insurance shall contain a clause that such policy and the coverage evidenced thereby shall be primary with respect to any policies covered by Landlord and that any coverage carried by Landlord shall be excess insurance; provide that the Tenant Insurance which insurance may be furnished by Tenant under provided through a blanket policy carried by Xxxxxx. Such blanket policy shall contain an endorsement which names the Additional Insureds as additional insuredspolicy, references the Leased Premises and guarantees a minimum limit available for the Leased Premises equal subject to the insurance amounts required under the provisions of this Lease; provide that Tenant Insurance at all times be requirements in an amount of not less than Two Million Dollars ($2,000,000,00Section 15(a)15(a) for each occurrence. In the event Tenant fails to procure, maintain and/or pay for the Tenant Insurance required above, at the times and for the duration specified above, or Tenant’s insurance carrier or carriers are unable, refuse or neglect to properly evidence all of the requirements above set forth in regard to the Additional Insureds, Landlord shall have the right, but not the obligation, at any time and from time to time, and upon ten (10) days written notice to Tenant, to procure Tenant Insurance as provided for above, and/or pay the premiums for such Tenant Insurance, in which event Tenant shall repay Landlord, immediately upon demand by Landlord, as Additional Rent, all sums so paid by Landlord together with interest at the default rate thereon and any costs or expenses incurred by Landlord in connection therewith, without prejudice to any other rights and remedies of Landlord under this Lease. Tenant acknowledges that non-compliance with any requirement hereinabove set forth shall be an absolute default under the terms of this Leasehereof.

Appears in 1 contract

Samples: Lease Agreement

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