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 Agreement (Play Co Toys & Entertainment Corp), Lease Agreement (Play Co Toys & Entertainment Corp), Lease (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: Lease Agreement (Petco Animal Supplies Inc), Ground 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 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. (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 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.
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, 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 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 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), a. Tenant shall have the right to self-insure for any loss or damage of the type covered by standard obtain and maintain, at Tenant’s sole cost and expense, on an “all risk” and on an occurrence basis, fire and extended coverage insurance with respect to personal property located on or within covering the Leased Premises including alterations Building and other 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 Premises in an amount not less than the “replacement cost” thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against the perils 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, theftlightning, vandalism, malicious mischief, sprinkler leakage extended by Special Extended Coverage Endorsement to insure against loss of rental for a period of twenty-four (24) months and against all other risks of direct physical loss, including flood insurance (to the extent that the top of floor elevation of any Building is located in the 100-year flood zone as designated by the then current FEMA maps), mold insurance (however Tenant may elect, so long as it maintains a Trigger Rating [hereinafter defined] to not carry mold insurance), terrorism insurance (to the extent that such additional perils coverage is available on a commercially reasonable basis and with such limits of coverage as now are or hereafter may be included necessary in order to obtain such coverage on a standard extended commercially reasonable basis), windstorm insurance, including coverage endorsement for named windstorms and demolition and increased cost of construction insurance, such coverages and endorsements to be reasonably satisfactory to Landlord in form and substance. Such insurance shall be procured from time to time in general use in responsible insurance companies which are rated at least “A-XII” by A.M,. Best or “A” by Standard & Poor’s). Such insurance shall name Landlord as an additional insured and shall designate any holder of indebtedness secured by a lien on the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment Premises as mortgagee 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 loss payee. Certified certificates of such insurance, and reasonable evidence of payment of premiums therefor, shall be delivered to Landlord prior to the Commencement Date. Not less than thirty (30) days prior to the expiration date of any such policies, certified certificates of the renewals thereof (and reasonable evidence of the payment of renewal premiums) shall be delivered to Landlord. Such policies shall further provide that not less than one hundred percent thirty (100%30) of days written notice shall be given to Landlord before such policy may be cancelled or changed to reduce insurance provided thereby.
b. Tenant shall also procure and maintain throughout the full replacement value thereof without deduction for depreciationLease Term, and with all extensions thereof, a deductible amount policy or policies of not more than Fifty Thousand and 00/100ths Dollars ($50,000.00), provided, however, any and all proceeds of such commercial liability insurance, so long as this Lease shall remain at its sole cost and expense, insuring both Landlord and Tenant against all claims, demands or actions arising out of or in effect, shall be used only to repair or replace or pay for connection with: (i) the items so insuredPremises; (ii) a commercial general liability policy, including insurance protecting against any the condition of the Building and all claims for injury to persons or property occurring in or about other improvements located on 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 coverageLand; (iii) products liability insurance for merchandise offered for sale or lease from the Leased Premises, including (if this Lease covers leased premises Tenant’s operations 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 maintenance and use 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 Tenant’s contractual liability under this Lease, the limits 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 policies to be in the amount of any act not less than $6,000,000.00 per occurrence in respect of bodily injury or omission property damage, including loss of Landlord, its agents, employees or representativesuse thereof. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to Tenant's insurance coverage, All such policies shall be deemed procured by Tenant from responsible insurance companies which are rated at least “A-XII” by A.M,. Best or “A” by Standard & Poor’s). Certified certificates of insurance, and reasonable evidence of payment of premiums therefor shall be delivered to limit or restrict in any way Tenant's liability arising under or out Landlord prior to the Commencement Date of this Lease. With respect Not less than thirty (30) days prior to each and every one the expiration date of any such policies, certified certificates of the renewals thereof (and reasonable evidence of the payment of renewal premiums) shall be delivered to Landlord. Such policies shall further provide that not less than thirty (30) days written notice shall be given to Landlord before such policy may be cancelled or changed to reduce insurance policies herein required provided thereby.
c. In the event Tenant fails to be procured by Tenant, on or before obtain any of such coverages and furnish evidence of same to Landlord prior to the Commencement Date and thereafter at least thirty (30) days before any prior to each policy expiration date, Landlord shall be permitted, but shall not be obligated, to obtain such coverages. Landlord’s out-of-pocket costs for procuring 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 Additional Rent owing by Tenant to Landlord as additional rentand shall be due and payable, on demand, together with interest thereon at the Default Rate from the date of such expenditure by Landlord to the date of repayment by Tenant.
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 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.
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 during the term of this Lease Agreement (and the Early Occupancy Period), commencing with the Delivery of Possession Date and continuing throughout policies of insurance covering the Term of this LeaseImprovements constructed, insurance policies providing for installed or located on the following coverage: 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 such additional perils as now debris removal; (c) loss for flood if the Demised Premises are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the Statedesignated flood or flood insurance area of Zone A or a more flood prone zone designation (or any comparable designation that may subsequently replace such Zone A or more flood prone zone designation). 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 then "full replacement value thereof cost" of the Improvements. "Full Replacement Cost" shall be interpreted to mean the cost of replacing the improvements without deduction for depreciation, depreciation or wear and with tear. If 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, sprinkler system 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 located in the minimum amount of Three Million Improvements, sprinkler leakage insurance shall be procured 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 continuously maintained by Tenant at Tenant's business) sole cost and coverage for liability arising out expense which sprinkler leakage insurance may be maintained as a component 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 overall casualty 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 1 contract
Tenant’s Insurance Obligations. (a) Provided Tenant is During 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)Term, Tenant shall have provide and maintain: Property insurance on the right to self-insure for any Building and other improvements against all risk of physical loss or damage to the improvements, buildings, building equipment and any other property owned by Landlord on the Premises as provided under "Special Causes of Loss" form coverage, including, but not limited to loss resulting from the perils of earthquake (including earth movement, sink-hole collapse and mine subsidence), flood (including back-up of sewers and drains, seepage and surface water) in an amount acceptable to Landlord; terrorism, hail, water damage, wildfire, windstorm, named storm and sprinkler leakage written in an amount equal to 100% of the full replacement cost of the property, in each case, on a replacement cost basis, without deduction for depreciation or coinsurance penalties. Such policy shall include coverage for debris removal, ordinance or law coverage for the undamaged portion of the individual building at 100% of the building replacement cost value and at least limits equal to 10% in each case or 20% combined of the individual building insurable value, in each case, for demolition costs and increased cost of construction, loss sustained when access to all or a portion of a Building is prevented due to an insured peril at a location in the vicinity of the Premises, loss sustained due to the action of a public authority preventing access to a Building provided order is the direct result of physical damage of the type covered by standard fire and extended coverage insurance with respect to personal property located on insured against at such Building or within the Leased Premises including alterations and improvements made 1,000 feet of it, loss caused by Tenant damage or mechanical breakdown, loss sustained due to the extent accidental service interruption or failure of supplies of electricity, gas, sewers, water or telecommunication up to 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 terminal point 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 utility supplier with the Delivery of Possession Date Premises, 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 other commercially available coverages with terms and such additional perils as now are amounts Landlord or hereafter may be included in a standard extended coverage endorsement Landlord Mortgagee from time to time in general use in the State, insuring Tenant's merchandise, trade fixtures, furnishings, equipment may reasonably require provided that such limits and all items of personal coverage are customarily insured against for 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" similar 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 Premises located in or about around 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 region 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 Premises is located. All 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 insuredan Additional Insured and a loss payee as the building owner. All such property policies (including, without limitation, boiler & machinery, flood, wind/named storm) shall name any Landlord Mortgagee, as their respective interests interest may appear (except with respect to workers' compensation insurance); and (iv) contain any express appear, as mortgagee/loss payee by a standard noncontributing mortgagee clause. All property policies shall include a waiver of subrogation in favor of Landlord and 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 representativesLandlord Mortgagee. 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 All property coverage is to be procured by Tenant, evidenced on or before the Commencement Date and at least thirty (30) days before any such an Xxxxx 28 certificate. Such property 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 can be carried hereunder may be carried under provided on 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 rentbasis insuring multiple locations.
Appears in 1 contract
Samples: Lease Agreement (SouthState Corp)
