Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D. (b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent.
Appears in 3 contracts
Samples: Lease (Play Co Toys & Entertainment Corp), Lease Agreement (Play Co Toys & Entertainment Corp), Lease Agreement (Play Co Toys & Entertainment Corp)
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's its sole cost and expense, shall obtain and continuously maintain in full force and effect commencing with the Delivery of Possession Date and continuing throughout during the Term of this Lease, commencing with the earlier to occur of (a) Commencement Date or (b) the date Tenant first occupies the Premises, policies of insurance policies providing for covering the following coverage: Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, against (ia) all risk property insurance against loss or damage by fire; (b) loss or damage from such other risks or hazards now or hereafter embraced by an "Extended Coverage Endorsement," including, theftbut not limited to, windstorm, hail, explosion, vandalism, malicious mischiefriot and civil commotion, damage from vehicles, smoke damage, water damage and debris removal; (c) loss for damage by earthquake if requested by Landlord (provided that Landlord shall reimburse Tenant for the cost of insurance allocable to earthquake coverage); (d) loss from so-called explosion, collapse and underground hazards; and (e) loss or damage from such other risks or hazards of a similar or dissimilar nature which are now or may hereafter be customarily insured against with respect to improvements similar in construction, design, general location, use and occupancy to the Improvements other than loss for flood. At all times, such insurance coverage shall be in an amount equal to 100% of the then "full replacement cost" of the Improvements exclusive of excavations, foundations and footings "Full Replacement Cost" shall be interpreted to mean the cost of replacing the improvements without deduction for depreciation or wear and tear, and it shall include a reasonable sum for architectural, engineering, legal, administrative and supervisory fees connected with the restoration or replacement of the Improvements in the event of damage thereto or destruction thereof. If a sprinkler system shall be located in the Improvements, sprinkler leakage insurance shall be procured and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring continuously maintained by Tenant at Tenant's merchandise, trade fixtures, furnishings, equipment sole cost and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" expense. Prior to the policy of such insurance, not less than one hundred percent (100%) occupancy of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent.
Appears in 3 contracts
Samples: Ground Lease Agreement (Petco Animal Supplies Inc), Lease Agreement (Petco Animal Supplies Inc), Lease Agreement (Petco Animal Supplies Inc)
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00)[***], Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) [***] of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00)[***], provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) [***] single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) [***] per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent*** Confidential treatment requested.
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Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within not permit the Leased Premises including alterations to be used in any way which would violate laws, rules, or regulations governing hazardous substances or which would in any way increase the cost of or render void any insurance on the improvements, and improvements made by Tenant shall OFFICE LEASE AGREEMENT - Page - 15 ---------------------- immediately, on demand, cease any use which violates the foregoing or to the extent the same are not covered by which Landlord's fire insurer or any governmental or regulatory authority objects. If at any time during the term of this Lease Tenant's use of the Premises shall cause an increase in premiums, and extended coverage insurance. Tenant and Guarantor shall at their sole expensesin particular, but without regard to fault on limitation, if the part State Board of Insurance or other insurance authority disallows any of Landlord's sprinkler credits or imposes an additional penalty or surcharge in Landlord's insurance premiums because of any personact solely attributable to or arising from the direct acts of Tenant, make and perform any repairs or restorations which are required Tenant agrees to pay as a result of a casualty which would be covered by Additional Rent the commercially reasonable increase in Landlord's insurance of the type described in this Section 8.2(a). premiums.
(b) Tenant, at Tenant's its sole cost and expense, shall obtain procure and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term term of this LeaseLease a policy or policies of insurance insuring Landlord, insurance policies providing Landlord's management company and lender, and Tenant against all claims for the following coverageproperty damages, personal injury or death of others occurring on or in connection with: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment Leased Premises and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insuredtherein; (ii) a commercial general the condition of the Leased Premises; (iii) Tenant's operations in and maintenance and use of the Leased Premises; (iv) Tenant's and Tenant's Representatives' use of the Common Areas of the Project, and (v) Tenant's liability policy, including insurance protecting against any and all claims assumed under this Lease. The limits of such policy or policies shall be not less than $ 2,000,000.00 combined single limit coverage per occurrence for injury to persons (including death) and/or property damage or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premisesdestruction, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out loss of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.use.
(bc) All insurance such policies herein to shall be procured by Tenant shall: (i) be issued by from insurance companies reasonably satisfactory to Landlord and authorized to do business in naming the Statefollowing as co-insureds: (i) Landlord; (ii) be written as primary policy coverage and nonLandlord's management company, Xxxxxxx-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insuranceXxxx Company or its successor; and, (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insuredmortgage holder, as their respective interests may appear (except changed from time to time. Certified copies of such policies, together with respect to workers' compensation insurance); and (iv) contain any express waiver receipt for payment of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coveragepremiums, shall be deemed delivered to limit or restrict in Landlord prior to the Commencement Date. Not less than fifteen (15) days prior to the expiration date of any way Tenant's liability arising under or out such policies, certified copies of this Lease. With respect to each renewal policies and every one evidence of the insurance payment of renewal premiums shall be delivered to Landlord. All such original and renewal policies herein required to be procured by Tenant, on or before the Commencement Date and shall provide for at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver written notice to Landlord upon Landlord's written request a duplicate original or certified copy of each before such policy may be canceled or a certificate changed to reduce insurance coverage provided thereby. Copies of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 policies and containing provisions specified hereinduly executed certificates evidencing insurance coverage, together with evidence copies of receipts for payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed delivered to include any extensions or renewals of such insurance policyLandlord prior to the Commencement Date. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten Not less than fifteen (1015) days prior written notice to Tenant to obtain the same expiration date of any such policies, copies of renewal policies and pay duly executed certificates evidencing insurance coverage and evidence of the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord payment of renewal premiums shall be immediately due delivered to Landlord. If required of Landlord by its insurance carrier, Tenant shall, within fifteen (15) days after request therefor provide reasonable information concerning use of and payable by Tenant to Landlord as additional rentinsurance coverages for the Lease Premises.
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Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's its sole cost and expense, shall obtain and continuously maintain in full force and effect commencing with during the Delivery of Possession Date and continuing throughout the Term term of this Lease, commencing with the date that rental (full or partial) commences, policies of insurance policies providing for covering the following coverage: Improvements constructed, installed or located on the Demised Premises naming the Landlord, as an additional insured, against (ia) all risk property insurance against loss or damage by fire; (b) loss or damage from such other risks or hazards now or hereafter embraced by an "Extended Coverage Endorsement," including, theftbut not limited to, windstorm, hail, explosion, vandalism, malicious mischiefriot and civil commotion, damage from vehicles, smoke damage, water damage and debris removal; (c) loss for flood if the Demised Premises are in a designated flood or flood insurance area; (d) loss for damage by earthquake if the Demised Premises are located in an earthquake-prone area; (e) loss from so-called explosion, collapse and underground hazards; and (f) loss or damage from such other risks or hazards of a similar or dissimilar nature which are now or may hereafter be customarily insured against with respect to improvements similar in construction, design, general location, use and occupancy to the Improvements. At all times, such insurance coverage shall be in an amount equal to 100% of the then "full replacement cost" of the Improvements. "Full Replacement Cost" shall be interpreted to mean the cost of replacing the improvements without deduction for depreciation or wear and tear, and it shall include a reasonable sum for architectural, engineering, legal, administrative and supervisory fees connected with the restoration or replacement of the Improvements in the event of damage thereto or destruction thereof. If a sprinkler system shall be located in the Improvements, sprinkler leakage insurance shall be procured and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring continuously maintained by Tenant at Tenant's merchandise, trade fixtures, furnishings, equipment sole cost and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in expense. For the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" period prior to the policy of such insurance, not less than one hundred percent (100%) of the date when full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried partial rental commences hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole optioncost and expense, shall have maintain in full force and effect, on a completed value basis, insurance coverage on the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentBuilding on Builder's Risk or other comparable coverage.
Appears in 1 contract
Samples: Net Lease Agreement (Merix Corp)
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's ’s sole cost and expense, shall obtain and maintain in effect effect, commencing with the Delivery delivery of Possession Date possession date and continuing throughout the Term of this LeaseTerm, insurance policies providing for the following coverage: (i) all risk standard “special form” property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's ’s merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming bylocated in, through or under Tenant located on or in about the Leased Premises, and the amount of such insurance will be set forth in an "“agreed value endorsement" ” to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance naming Landlord and any mortgagee of the Office Building as additional insureds, protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three One Million and 00/100ths Dollars ($3,000,0001,000,000.00) single per occurrence, and with an aggregate limit of at least Two Million Dollars ($2,000,000.00)) (provided that such aggregate limit may be satisfied by a combination of primary and excess/umbrella coverage); (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' ’ compensation coverage as required by lawlaw with statutory limits; (viv) and with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders builder’s risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D..
(b) All insurance policies herein to be procured by Tenant and/or its contractors shall: (i) be issued by insurance companies companies, reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurancecarry; (iii) insure and name Landlord, Landlord's ’s advisors, Landlord’s managing agent, any mortgagee of the Shopping Center agent and any parties in interest designated by Landlord as additional insuredinsureds or loss payees, as applicable, as their respective interests may appear (except with respect to workers' ’ compensation insurance); and (iv) contain any be primary and non-contributory and (v) contain, in the case of Tenant’s property insurance coverage, an express waiver of any right of subrogation by the insurance company against Landlord, Landlord's ’s managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's ’s insurance coverage, coverage shall be deemed to limit or restrict in any way Tenant's ’s liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date (or, if earlier, the date on which possession of the Premises is delivered to Tenant), and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, insurer certifying that such policy has been issued, providing the coverage required by this Section 8.2 Lease and containing the provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' such prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy as is required under the applicable policy. The term "“insurance policy" ” as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten twenty (1020) days days’ prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord.
(c) Tenant shall not do or permit to be done any act or thing upon the Premises that will invalidate or be in conflict with any fire insurance policies covering the Office Building or any part thereof, including the retail stores located below, or fixtures and property therein, or any other insurance policies or coverage referred to above in this Article IX; and Tenant shall promptly comply with all rules, orders, regulations or requirements relating to such insurance policies, and shall not do anything, or prevent anything to be done, in, on or about the Premises, or bring or keep anything therein, which shall increase the rate of fire insurance on the Office Building in which the Premises is located or on any property, including the common areas, located therein, or increase the rate or rates of any other insurance referred to hereinabove. If any act or omission of Tenant, its agents, employees or contractors shall result in any increase in the premium rates applicable to any such insurance policies carried by Landlord, or other increased costs to Landlord in connection therewith, then Tenant shall reimburse Landlord on demand as additional rentAdditional Rent for the amount of any such increased rates or costs. In particular, if Tenant uses the Premises for the preparation of food, Tenant shall reimburse Landlord on demand for any part of the premium for insurance coverage under Section 9.1 above required to be paid on account of such use of the Premises.
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have keep in force during the right to self-insure for any loss or damage of Term, at Tenant’s sole cost, the type covered by standard following insurance coverage.
(i) fire and extended coverage insurance with respect to personal property located on or within covering the Leased Premises including alterations Premises, in the amount of the full insurable value of the buildings, and improvements made by Tenant to naming Landlord and any mortgagee of Landlord as the extent the same are not covered by Landlord's insured parties, as their interests may appear.
(ii) fire and extended coverage insurance. insurance covering the full value of all Tenant’s personal property and improvements, and of all other personal property (including the personal property of others) in the Premises, naming Tenant and Guarantor shall at their sole expenses, without regard to fault on as the part insured party;
(iii) comprehensive general liability insurance covering the Premises in an amount of not less than a combined single limit of $5,000,000 or such other amount as Landlord or any person, make and perform any repairs or restorations which are required as a result mortgagee of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter Landlord may be included in a standard extended coverage endorsement from time to time in general use in the Statereasonably require, insuring Tenant's merchandise, trade fixtures, furnishings, equipment Landlord and any mortgagee of Landlord against all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to or death of a person or persons or damage to property occurring in or about arising from the Leased Premises use and protecting against assumed or contractual liability under this Lease occupancy of the Premises; and
(iv) such other insurance as any mortgagee of Landlord may require with respect to the Leased Premises and Premises. Each of the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to insurance policies shall be in the minimum amount of Three Million form and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies substance reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees shall include an endorsement waiving the insurer’s rights of recovery under subrogation or otherwise against both Landlord and representatives which arises or might arise by reason of any payment under Tenant. Each such policy shall provide that it may not be cancelled or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and amended without at least thirty twenty (3020) days’ prior written notice to Landlord. At least twenty (20) days before any prior to the expiration of each of such insurance policy shall expirepolicies, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that insurance evidencing a renewal of such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified hereinpolicy, together with evidence satisfactory to Landlord of the payment of all applicable premiumsthe premiums therefor. Any If Tenant fails to obtain and maintain insurance required in accordance with this Section, and does not cure such failure within one business day’s written notice, then, without limiting any other remedy available to be carried hereunder may be carried Landlord under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) thatthis Lease, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10but not the obligation) days prior written notice to cause such insurance to be issued in accordance with this Section, whereupon Tenant shall promptly reimburse to obtain Landlord the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so amount of all premiums paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentLandlord.
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Provided 14.1 Tenant is the Tenant named shall insure, at its own expense, all of its own equipment and other personal property situate on the Recital Page Leased premises. Tenant shall also insure, at its own expense, the Leased Premises by purchasing and maintaining a wholly-owned subsidiary of single insurance policy in which Landlord is listed as a named insured and the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth Leased Premises is insured for at least equal to Ten Five Million and 00/100ths Dollars ($10,000,000.005,000,000.00), and which policy provides general liability coverage for Tenant and Landlord in a policy amount of at least Two Million Dollars ($2,000,000.00), and with umbrella liability coverage in an amount of at least Five Million Dollars ($5,000,000.00), with deductibles which are reasonable and consistent with commercial practice in similar circumstances. A certificate of insurance stating the coverages obtained by Tenant shall have the right be provided to self-insure for any loss or damage Landlord within thirty (30) days of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term date of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located thereafter on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) each yearly anniversary date of the full replacement value thereof without deduction for depreciation, date of this Lease. The certificate will indicate that coverages are provided by a reputable and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including responsible insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized company licensed to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Commonwealth of Pennsylvania. The certificate will stipulate that the insurer will give Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before advance written notice of any impending cancellation or imposition of a major change in such insurance policy shall expire, policy.
14.2 Tenant shall deliver be responsible to provide fire and extended coverage insurance on all leasehold improvements on the Leased premises, including, but not limited to, all of Tenant's equipment, trade fixtures, appliances, furniture, furnishing and personal property in or about the Leased Premises. Such insurance shall include an all-risk legal liability endorsement to cover property damage for which Tenant is responsible.
14.3 Landlord upon Landlord's written request a duplicate original and Tenant each hereby release the other, and their respective officers, directors, employees and agents from liability or certified copy responsibility (to the other or anyone claiming through or under them by way of each subrogation or otherwise) for any loss or damage from liability for damage or destruction to the Leased Premises, covered by any insurance policy, even if such policy loss or a certificate damage shall have been caused by the fault or negligence of the insurerother party, certifying that or anyone for whom such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder party may be carried under a blanket responsible, to the extent of insurance proceeds. Landlord and Tenant each agree that any insurance policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by will include such a clause or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentendorsement.
Appears in 1 contract
Samples: Lease Agreement (Prophet 21 Inc)
Tenant’s Insurance Obligations. The Tenant covenants with the Landlord:-
5.2.1 to pay within 7 days of demand therefor:-
(a) Provided Tenant is all gross premiums and other sums payable by the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described Landlord in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing complying with the Delivery of Possession Date and continuing throughout the Term Landlord’s covenant contained in Clause 5.1 of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.;
(b) All the amount of any additional premiums payable for the insurance policies herein of the Property against the Insured Risks during the Term by reason of the trade or business carried on or at the Property or anything done or kept thereon being deemed (in their absolute discretion) a hazardous or special risk by the Landlord’s insurers;
(c) the amount required to be procured make up any excess deducted by the Landlord’s insurers or underwriters in respect of any claim;
5.2.2 to maintain insurance in respect of the Property against any liability the Tenant shall: (i) be issued by insurance companies reasonably satisfactory or any occupier of the Property may incur under the Premises Acts and any liability under the indemnity provisions of Clause 3.12
5.2.3 to Landlord and authorized to do business effect all such insurances in the State; name of the Tenant and to procure that the Landlord’s interest is noted on the said policy or policies, and (iiif so required by the Landlord) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Superior Landlord, Landlord's managing agent, ’s interest and/or of any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver and/or of any right Superior Landlord in some insurance office or offices of subrogation repute approved by the insurance company against Landlord, Landlord's managing agent Landlord acting reasonably and their respective agents, employees and representatives which arises or might arise by reason at the reasonable request of any payment under such the Landlord to produce the policy or by reason policies of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original and the receipt for or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required the last premium payable under it but not more than once in any 12 month period;
5.2.4 if the Tenant fails to be carried hereunder may be carried under a blanket policy covering the Leased Premises effect and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each maintain such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereofinsurances, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain Landlord may effect and maintain the same and pay the Tenant covenants on demand to reimburse to the Landlord all monies reasonably expended by the Landlord for that purpose;
5.2.5 to insure and keep insured all plate glass and other windows now or at any time during the Term installed in the Property in their full re-instatement value against the usual risks of destruction or damage and, in case of such damage or destruction, to lay out the whole of the monies obtained from such insurance in repairing or replacing them, the Tenant making good any deficiency out of the Tenant’s own monies;
5.2.6 to comply with the requirements imposed by the insurers;
5.2.7 to notify the Landlord of the occurrence of any Insured Risk as soon as reasonably practicable after becoming aware of it;
5.2.8 not to maintain any other insurance in respect of the Property other than as referred to in sub-clauses 5.2.2 and 5.2.5 of this Lease;
5.2.9 not to do anything on the Property which may render any increased or extra premium therefor payable for a period not exceeding one (1) year in each instance, the insurance of the Property unless the Tenant pays the additional premium to the Landlord or which may make void or voidable any insurance policy and to reimburse the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent.on demand the cost of any such increased or extra premium
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Cover Page hereof and a wholly-owned subsidiary of the Guarantor, if any, Guarantor and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is are at least equal to Ten Million and 00/100ths Million. Dollars ($10,000,000.00)) combined, Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall shall, at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this LeaseTerm, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any . Any and all proceeds of such insurance, so long as this the Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance naming Landlord and any mortgagee of the Shopping Center as additional insured, protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.D".
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that with any coverage carried by Landlord shall be being excess insurance; (iii) insure and name each of Landlord, Landlord's managing agent, any mortgagee of the Shopping Center or the Retail Development and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) shall contain any an express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective its agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord Landlord, upon Landlord's written request request, a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent.
Appears in 1 contract
Samples: Lease Agreement (Play Co Toys & Entertainment Corp)
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Cover Page hereof and a wholly-owned subsidiary of the Guarantor, if any, Guarantor and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is are at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00)) combined, Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall shall, at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this LeaseTerm, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any . Any and all proceeds of such insurance, so long as this the Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance naming Landlord and any mortgagee of the Shopping Center as additional insured, protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D."D".
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that with any coverage carried by Landlord shall be being excess insurance; (iii) insure and name each of Landlord, Landlord's managing agent, any mortgagee of the Shopping Center or the Retail Development and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) shall contain any an express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective its agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord Landlord, upon Landlord's written request request, a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent.
Appears in 1 contract
Samples: Lease Agreement (Play Co Toys & Entertainment Corp)
Tenant’s Insurance Obligations. (ai) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with on the Delivery of Possession Commencement Date and continuing throughout the Term of this Lease, insurance policies providing for the following coveragecoverages: (ia) commercial general liability and property damage insurance insuring against loss or liability for personal injury, death or property damage, with minimum liability limits in the amount of Two Million ($2,000,000.00) Dollars based on year 2005 dollars for personal injury or death of any one person, Five Million ($5,000,000.00) Dollars based on year 2005 dollars for two or more persons in any one occurrence and Two Million ($2,000,000.00) Dollars based on year 2005 dollars for damaged property resulting from any one occurrence; (b) standard "all risk risk" property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage leakage, lighting, earthquake (with commercially reasonable sublimits, currently $10 million), windstorm, explosion, riot, riot attending a strike, civil commotion, damage from aircraft and vehicles and smoke damage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the StateState and as are customarily carried by occupants of similar facilities, insuring Tenant's (on a replacement value basis) the Building, all equipment and improvements and all alterations, replacements, changes and additions thereto, located on or appurtenant to the Premises, and all merchandise, trade fixtures, furnishings, furnishings and equipment and all items of personal property of Tenant and of anyone claiming bylocated in, through or under Tenant located on or in about the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent Premises (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall to be used only to repair or replace or pay for the items so insured); (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iiic) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or and alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) Dollars per occurrence for personal injury and death and property damage; (ivd) workers' compensation coverage as required by law; (ve) with respect to Tenant's Work, alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders builder's risk insurance in amounts satisfactory to Landlord; Landlord in its reasonable judgment, and (vif) business interruption insurance, with Landlord designated as a co-loss payee, as its interest may appear, and (in implementation thereof) including direction that all payments to the insurance required extent of an amount equal to Tenant's total Minimum Rent and Taxes obligation for twelve (12) full months under Exhibit D.this Lease, be made to Landlord.
(bii) All insurance policies herein to be procured by Tenant shall: (ia) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the StateState (it being agreed that the insurance companies being utilized by Tenant on the date hereof shall be deemed satisfactory to Landlord); (iib) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry carry, and that any coverage carried by Landlord therefor shall be excess insurance; and (iiic) insure and name Landlord, Landlord's managing agent, Landlord and any mortgagee of the Shopping Center its mortgagees and any parties in interest designated by Landlord as additional insuredinsureds, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date Date, and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 Lease and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, (x) unless Landlord shall first have been given ten (10) days' prior written notice thereof, the insurer will not cancel or terminate the coverage provided by such insurance policy for reason of non-payment, and (y) unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, otherwise cancel or materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein in this Article 11 shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, and if such failure shall continue for a period of not less than ten (10) days following written notice thereof to Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentAdditional Rent.
(iii) Any insurance required to be carried by Tenant pursuant to the provisions of this Lease may be written as either a primary or umbrella policy (or both) and may be carried under a blanket policy or policies covering the Premises and other locations of Tenant and/or Tenant Affiliates, provided that each such policy shall in all respects comply with the provisions of this Section 11B and shall set forth the specific dollar amount of the coverage of such policy that is applicable solely to the Premises, and such dollar amount shall not be less than the amount required pursuant to this Section 11B.
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's Its sole cost and expense, shall obtain and continuously maintain in full force and effect commencing with during the Delivery of Possession Date and continuing throughout the Term term of this Lease, commencing with the date that rental (full or partial) commences, policies of insurance policies providing for covering the following coverage: Improvements constructed, installed or located on the Demised Premises naming the Landlord, as an additional insured, against (ia) all risk property insurance against loss or damage by fire; (b) loss or damage from such other risks or hazards now or hereafter embraced by an "Extended Coverage Endorsement," including, theftbut not limited to, windstorm, hail, explosion, vandalism, malicious mischiefriot and civil commotion, sprinkler leakage damage from vehicles, smoke damage, water damage and debris removal: (c) loss for flood if the Demised Premises are in a designated flood or flood insurance area and required by Landlord's lender(s), (d) loss from so-called explosion, collapse and underground hazards; (e) loss or damage caused by earthquake if required by Landlord's lender(s) (provided, however, that Landlord shall reimburse Tenant for any earthquake-related premium which exceed $20,000 per year, which amount shall be adjusted annually to reflect increases in the Consumer Price Index); and (f) loss or damage from such additional perils other risks or hazards of a similar or dissimilar nature which are now or may hereafter be customarily insured against with respect to improvements similar in construction, design, general location, use and occupancy to the Improvements as now are or hereafter may be included in a standard extended coverage endorsement from time required by Landlord or Landlord's lender(s), subject to time in general use in the Statesixty (60) days prior written novice to Tenant. At all times, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will coverage shall be set forth in an "agreed value endorsement" amount equal to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof then "Full Replacement Cost" of the Improvements. "Full Replacement Cost" shall be interpreted to mean the cost of replacing the Improvements, without deduction for depreciationdepreciation or wear and tear, including costs attributable to improvements or upgrades in the Improvements required by changes in laws and regulations governing zoning, public access and accommodation, workplace conditions, public health or safety or similar matter, and it shall include to the extent reasonably obtainable a reasonable sum for architectural, engineering, legal, administrative and supervisory fees connected with the restoration or replacement of the Improvements in the event of damage thereto or destruction thereof. If Tenant desires to obtain such casualty insurance with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00)or self-insured retention or similar limitation on coverage, provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, arrangement shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory submitted to Landlord and authorized to do business for its approval, which may be granted or withheld in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentcomplete discretion.
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal All insurance required to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made be carried by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor hereunder shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming by, through or under Tenant located on or in the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by responsible insurance companies reasonably satisfactory acceptable to Landlord and Landlord’s lender and authorized and permitted to do business in the State; . Each policy, excluding workers’ compensation and employer’s liability, shall include Landlord, and at Landlord’s request any mortgagee of Landlord, as an additional insured, as their respective interests may appear. Each policy shall contain (i) a cross-liability endorsement, (ii) a provision that such policy and the coverage evidenced thereby shall be written as primary policy coverage and non-contributing with respect to any coverage which policies carried by Landlord may carry and that any coverage carried by Landlord shall be excess insurance; , and (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of a waiver by the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver insurer of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective its agents, employees and representatives representatives, which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither A certificate of insurance evidencing the issuance existence and amount of any each insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, hereunder shall be deemed delivered to limit or restrict in any way Tenant's liability arising under or out Landlord before the date Tenant is first given the right of this Lease. With respect to each and every one possession of the insurance policies herein required to be procured by TenantPremises, on or before the Commencement Date and at least thereafter within thirty (30) days before after any such demand by Landlord therefor. Landlord may, at any time and from time to time, inspect and/or copy any insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance policies required to be carried hereunder may maintained by Tenant hereunder. No such policy shall be carried under a blanket policy covering the Leased Premises cancelable except after twenty (20) days written notice to Landlord and other locations of TenantLandlord’s lender. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and furnish Landlord with renewals or “binders” of any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after least ten (10) days prior written to the expiration thereof. Tenant agrees that if Tenant does not take out and maintain such insurance, then if Tenant's failure to maintain such insurance continues for ten (10) days after Tenant receives notice from Landlord, Landlord may (but shall not be required to) procure said insurance on Tenant’s behalf and charge the Tenant the premiums together with a ten (10%) percent handling charge payable within thirty (30) days of demand. Tenant shall have the right to provide such insurance coverage pursuant to blanket policies obtained by the Tenant, provided such blanket policies expressly afford coverage to the Premises, Landlord, Landlord’s mortgagee and Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid as required by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentthis Lease.
Appears in 1 contract
Samples: Office Building Lease (Premiere Global Services, Inc.)
Tenant’s Insurance Obligations. 6.2.1. The Tenant must pay to the Landlord on demand a sum equal to:-
(a) Provided Tenant is the Tenant named on gross amount payable by the Recital Page Landlord for the insurance specified in Clause 6.1;
(b) the proper and a wholly-owned subsidiary reasonable fees and expenses for professional valuations of the Guarantor, if any, Premises for the purpose of determining the Reinstatement Value and/or the level of loss of rent insurance;
(c) any normal commercial excess deducted by the insurers or underwriters in respect of a claim;
(d) the reasonable fees and Tenant's expenses payable to professional advisers and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars consultants properly incurred in connection with any insurance claim;
($10,000,000.00), Tenant shall have e) the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part cost of any person, make increased or additional premium and perform any repairs or restorations which are required all consequential expenses incurred by the Landlord as a result of a casualty breach of Clause 6.2.2; and
(f) any irrecoverable insurance monies under any policies effected by the Landlord where such monies are wholly or partly irrecoverable due to an act or default of the Tenant.
6.2.2. The Tenant must not do or omit to do anything which would be covered by or might invalidate or prejudice the insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: (i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are Premises or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal any nearby property of the Landlord or which may cause an increased or additional premium for their insurance to be payable.
6.2.3. The Tenant and must notify the Landlord:-
(a) immediately upon becoming aware of anyone claiming by, through any damage to or under Tenant located on destruction of the Premises or in the Leased Premises, and the amount of such any event that might affect any insurance will be set forth in an "agreed value endorsement" policy relating to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insuredPremises; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.and
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any express waiver reinstatement cost of any right authorised alterations, additions or improvements to the Premises prior to them being carried out or installed.
6.2.4. The Tenant must comply with all the reasonable requirements and recommendations of subrogation by the insurers of the Premises.
6.2.5. Except to the extent specified in Clause 6.2.6, the Tenant must not effect any insurance company of the Premises against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representativesthe Insured Risks. Neither If nevertheless the issuance Tenant becomes entitled to the benefit of any insurance policy relating to the Premises the Tenant must pay all insurance monies received to the Landlord as soon as reasonably practicable.
6.2.6. Unless covered by the Landlord's insurances in terms of Clause 6.1, the Tenant must insure and keep insured in the name of the Tenant all (if any) plate glass in the Premises, plant, machinery and other works installed or constructed by the Tenant within or upon the Premises against fire, breakage and all other usual risks in their full reinstatement value for the time being with an insurance office of repute approved in writing by the Landlord (acting reasonably). Whenever so required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict (but not more often than once in any way Tenant's liability arising under or out of this Lease. With respect to each and every one year of the insurance Term), the Tenant must produce to the Landlord the policy or policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any for such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiumsthe last premium. Any insurance required Without prejudice to be carried hereunder may be carried the Tenant's obligations under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereofClause 4.7, the insurer will not cancel, materially change or fail to renew the coverage provided Tenant must cause all monies received by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals virtue of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenantlaid out in reinstating the damage (and must reinstate such damage) as soon as possible, to the reasonable satisfaction of the Landlord, at its sole option, shall have the right after ten (10) days prior written notice to . The Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year must make up any shortfall in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentsuch insurance monies.
Appears in 1 contract
Samples: Lease Agreement (LumiraDx LTD)
Tenant’s Insurance Obligations. The Tenant covenants with the Landlord:
(a) Provided Tenant is not to do or omit in or upon the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations anything which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: may:
(i) all risk property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included render the Landlord liable to pay in a standard extended coverage endorsement from time respect of the Premises and/or the Building more than the rate of premium it might expect to time in general use pay in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items open market to insure premises of personal property of Tenant and of anyone claiming by, through or under Tenant located a similar nature let on or in a similar basis against the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insuredInsured Risks; or
(ii) a commercial general liability policy, including insurance protecting against restrict or make void or voidable any and all claims policy for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Million and 00/100ths Dollars ($3,000,000) single limit coverage; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,000) per occurrence for personal injury and death and property damage; (iv) workers' compensation coverage as required by law; (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D.insurance;
(b) All insurance policies herein to be procured pay to the Landlord on demand any increase in the rate of premium and all expenses incurred in connection with any renewal of such policy rendered necessary by Tenant shall: a breach of paragraph 1.2(a);
(c) if:
(i) be issued any part of the Premises or of the Building is destroyed or damaged by insurance companies reasonably satisfactory to Landlord and authorized to do business in the Stateany Insured Risk; and
(ii) be written as primary policy coverage and non-contributing with respect to the insurance moneys are wholly or partially irrecoverable by reason solely or in part of any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurance; (iii) insure and name Landlord, Landlord's managing agent, any mortgagee act or default of the Shopping Center and Tenant or any parties in interest designated by Landlord as additional insured, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain person deriving title under the Tenant or any express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise licensees, the Tenant must pay to the Landlord on demand a sum equal to the whole or a fair proportion (as the case may require) of the irrecoverable insurance moneys;
(d) not to insure the Premises against any of the Insured Risks;
(e) to notify the Landlord immediately in writing of damage to the Premises by reason any Insured Risk;
(f) in the event of damage to the Premises by any Insured Risk or Uninsured Risk rendering them unfit for occupation or use (if so required by the Landlord) to remove from the Premises all property belonging to the Tenant or to any third party within one month of such damage and/or to indemnify the Landlord against the cost of doing so;
(g) in the event of damage to the Premises or the Building by any of the Insured Risks to pay to the Landlord on demand a sum equal to the whole or proper proportion of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither uninsured excess to which the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering subject; and
(h) not to leave the Leased Premises continuously unoccupied for more than 21 days without notifying the Landlord and other locations of Tenant. Each and every insurance policy required to be carried hereunder by providing such caretaking or on behalf of Tenant shall provide (and any certificate evidencing security arrangements as the existence of each such insurance policy shall certify) that, unless Landlord’s insurers may require and/or the Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rentmay reasonably require.
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Recital Page and a wholly-owned subsidiary of the Guarantor, if any, and Tenant's and Guarantor's, if any, combined net worths are or Tenant's net worth is at least equal to Ten Million and 00/100ths Dollars ($10,000,000.00), Tenant shall have the right to self-insure for any loss or damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on or within the Leased Premises including alterations and improvements made by Tenant to the extent the same are not covered by Landlord's fire and extended coverage insurance. Tenant and Guarantor shall at their sole expenses, without regard to fault on the part of any person, make and perform any repairs or restorations which are required as a result of a casualty which would be covered by insurance of the type described in this Section 8.2(a). Tenant, at Tenant's sole cost and expense, shall obtain and maintain in effect effect, commencing with the Delivery delivery of Possession Date possession date and continuing throughout the Term of this Lease, insurance policies providing for the following coverage: (i) standard "all risk risk" property insurance against fire, theft, vandalism, malicious mischief, sprinkler leakage and such additional perils as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and of anyone claiming bylocated in, through or under Tenant located on or in about the Leased Premises, and the amount of such insurance will be set forth in an "agreed value endorsement" to the policy of such insurance, not less than one hundred percent (100%) of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such insurance, so long as this Lease shall remain in effect, shall be used only to repair or replace or pay for the items so insured; (ii) a commercial general liability policy, including insurance naming Landlord and any mortgagee of the Shopping Center as additional insureds, protecting against any and all claims for injury to persons or property occurring in or about the Leased Premises and protecting against assumed or contractual liability under this Lease with respect to the Leased Premises and the operations of Tenant and any subtenant of Tenant in, on or about the Leased Premises, with such policy to be in the minimum amount of Three Five Million and 00/100ths Dollars ($3,000,0005,000,000.00) single per occurrence, and with an aggregate limit coverageof at least Five Million Dollars ($5,000,000.00); (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises in which food and/or beverages are sold and/or consumed) liquor liability coverage (if applicable to Tenant's business) and coverage for liability arising out of the consumption of food and/or alcoholic beverages on or obtained at the Leased Premises, of not less than Two Million and 00/100ths Dollars ($2,000,0002,000,000.00) per occurrence for personal physical injury and death and property damage; (iv) workers' compensation coverage as required by law; and (v) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builders risk insurance in amounts satisfactory to Landlord; and (vi) the insurance required under Exhibit D..
(b) All insurance policies herein to be procured by Tenant shall: (i) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry and that any coverage carried by Landlord shall be excess insurancecarry; (iii) insure and name Landlord, Landlord's managing agent, and any mortgagee of the Shopping Center and any parties in interest designated by Landlord as additional insuredinsureds, as their respective interests may appear (except with respect to workers' compensation insurance); and (iv) contain any contain, in the case of Tenant's property insurance coverage, an express waiver of any right of subrogation by the insurance company against Landlord, Landlord's managing agent and their respective agents, employees and representatives which arises or might arise by reason of any payment under such policy or by reason of any act or omission of Landlord, its agents, employees or representatives. Neither the issuance of any insurance policy required hereunder, hereunder nor the minimum limits specified herein with respect to Tenant's insurance coverage, coverage shall be deemed to limit or restrict in any way Tenant's liability arising under or out of this Lease. With respect to each and every one of the insurance policies herein required to be procured by Tenant, on or before the Commencement Date (or, if earlier, the date on which possession of the Leased Premises is delivered to Tenant), and at least thirty (30) days before any such insurance policy shall expire, Tenant shall deliver to Landlord upon Landlord's written request a duplicate original or certified copy of each such policy or a certificate of the insurer, certifying that such policy has been issued, providing the coverage required by this Section 8.2 and containing provisions specified herein, together with evidence of payment of all applicable premiums. Any insurance required to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations of Tenant. Each and every insurance policy required to be carried hereunder by or on behalf of Tenant shall provide (and any certificate evidencing the existence of each such insurance policy shall certify) that, unless Landlord shall first have been given thirty (30) days' prior written notice thereof, the insurer will not cancel, materially change or fail to renew the coverage provided by such insurance policy. The term "insurance policy" as used herein shall be deemed to include any extensions or renewals of such insurance policy. In the event that Tenant shall fail to promptly furnish any insurance coverage hereunder required to be procured by Tenant, Landlord, at its sole option, shall have the right after ten (10) days prior written notice to Tenant to obtain the same and pay the premium therefor for a period not exceeding one (1) year in each instance, and the premium so paid by Landlord shall be immediately due and payable by Tenant to Landlord as additional rent.,
Appears in 1 contract
Samples: Shopping Center Lease (Big Buck Brewery & Steakhouse Inc)
