Tenant’s Insurance Obligations. Tenant, at its sole cost and expense, shall obtain and continuously maintain in full force and effect 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 covering the Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, against (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premises, Tenant shall deliver to Landlord a copy of such insurance policy.
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 its Tenant's sole cost and expense, shall obtain and continuously maintain in full force effect commencing with the Delivery of Possession Date and effect during continuing throughout the Term of this Lease, commencing 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 earlier items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to occur 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 (a$3,000,000) Commencement Date 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 date Tenant first occupies the Premises, policies of insurance covering the Improvements constructed, installed or located on the Premises naming 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 an additional insured, against as their respective interests may appear (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 except with respect to earthquake coverageworkers' compensation insurance); (d) loss from so-called explosion, collapse and underground hazards; and (eiv) loss 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 damage from might arise by reason of any payment under such other risks policy or hazards by reason of a similar any act or dissimilar nature which are now omission of Landlord, its agents, employees or may hereafter be customarily insured against representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to improvements similar Tenant's insurance coverage, shall be deemed to limit or restrict in constructionany 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, design, general location, use on or before the Commencement Date and occupancy to the Improvements other than loss for flood. At all times, at least thirty (30) days before any such insurance coverage policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, 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 (Play Co Toys & Entertainment Corp), Lease Agreement (Play Co Toys & Entertainment Corp)
Tenant’s Insurance Obligations. TenantTenant shall keep in force during the Term, at its Tenant’s sole cost cost, the following insurance coverage.
(i) fire and expense, shall obtain and continuously maintain in full force and effect during the Term of this Lease, commencing with the earlier to occur of (a) Commencement Date or (b) the date Tenant first occupies extended coverage insurance covering the Premises, policies in the amount of the full insurable value of the buildings, and naming Landlord and any mortgagee of Landlord as the insured parties, as their interests may appear.
(ii) fire and extended coverage insurance covering the Improvements constructedfull value of all Tenant’s personal property and improvements, installed or located on and of all other personal property (including the personal property of others) in the Premises, naming Tenant as the insured party;
(iii) comprehensive general liability insurance covering the Premises naming the Landlord, as an additional insured, against (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 of not less than a combined single limit of $5,000,000 or such other amount as Landlord or any mortgagee of Landlord may from time to 100% time reasonably require, insuring Tenant, Landlord and any mortgagee of Landlord against all liability for injury to or death of a person or persons or damage to property arising from the then "full replacement cost" of the Improvements exclusive of excavations, foundations use 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premises; and
(iv) such other insurance as any mortgagee of Landlord may require with respect to the Premises. Each of the insurance policies shall be in form and substance reasonably satisfactory to Landlord and any mortgagee of Landlord, and shall include an endorsement waiving the insurer’s rights of recovery under subrogation or otherwise against both Landlord and Tenant. Each such policy shall provide that it may not be cancelled or amended without at least twenty (20) days’ prior written notice to Landlord. At least twenty (20) days prior to the expiration of each of such policies, Tenant shall deliver to Landlord a copy certificate of insurance evidencing a renewal of such policy, together with evidence satisfactory to Landlord of the payment of the premiums therefor. If Tenant fails to obtain and maintain insurance policyin 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 Landlord under this Lease, Landlord shall have the right (but not the obligation) to cause such insurance to be issued in accordance with this Section, whereupon Tenant shall promptly reimburse to Landlord the amount of all premiums paid by Landlord.
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Tenant’s Insurance Obligations. Tenant, at its sole cost and expense, shall obtain and continuously maintain in full force and effect during the Term of this Lease, commencing The Tenant covenants with the earlier to occur of Landlord:
(a) Commencement Date not to do or omit in or upon the Premises anything which may:
(i) render the Landlord liable to pay in respect of the Premises and/or the Building more than the rate of premium it might expect to pay in the open market to insure premises of a similar nature let on a similar basis against the Insured Risks; or
(ii) restrict or make void or voidable any policy for such insurance;
(b) to pay to the date Tenant first occupies Landlord on demand any increase in the Premises, policies rate of insurance covering the Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, against (a) loss or damage premium and all expenses incurred in connection with any renewal of such policy rendered necessary by fire; (b) loss or damage from such other risks or hazards now or hereafter embraced by an "Extended Coverage Endorsement," including, but not limited to, windstorm, hail, explosion, vandalism, riot and civil commotion, damage from vehicles, smoke damage, water damage and debris removal; a breach of paragraph 1.2(a);
(c) loss for damage if:
(i) any part of the Premises or of the Building is destroyed or damaged by earthquake if requested any Insured Risk; and
(ii) the insurance moneys are wholly or partially irrecoverable by reason solely or in part of any act or default of the Tenant or any person deriving title under the Tenant or any of their respective agents, employees or licensees, the Tenant must pay to the Landlord on demand a sum equal to the whole or a fair proportion (provided that Landlord shall reimburse Tenant for as the cost case may require) of the irrecoverable insurance allocable to earthquake coverage); moneys;
(d) loss from so-called explosion, collapse and underground hazards; and not to insure the Premises against any of the Insured Risks;
(e) loss or to notify the Landlord immediately in writing of 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 Premises by any Insured Risk;
(f) in the event of damage thereto to the Premises by any Insured Risk or destruction thereof. If a sprinkler system shall be located 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 Improvements, sprinkler leakage insurance shall be procured and continuously maintained event of damage to the Premises or the Building by Tenant at Tenant's sole cost and expense. Prior to occupancy any of the Premises, Tenant shall deliver Insured Risks to pay to the Landlord on demand a copy sum equal to the whole or proper proportion of any uninsured excess to which the insurance policy may be subject; and
(h) not to leave the Premises continuously unoccupied for more than 21 days without notifying the Landlord and providing such insurance policycaretaking or security arrangements as the Landlord’s insurers may require and/or the Landlord may reasonably require.
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Tenant’s Insurance Obligations. Tenant, at its sole cost and expense, shall obtain and continuously maintain in full force and effect during the Term term of this Lease, commencing with the earlier to occur of date that rental (afull or partial) Commencement Date or (b) the date Tenant first occupies the Premisescommences, policies of insurance covering the Improvements constructed, installed or located on the Demised Premises naming the Landlord, as an additional insured, against (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 requested by Landlord (provided that Landlord shall reimburse Tenant for the cost of insurance allocable to earthquake coverage)Demised Premises are located in an earthquake-prone area; (de) loss from so-called explosion, collapse and underground hazards; and (ef) 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 floodImprovements. 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 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior For the period prior to occupancy of the Premisesdate when full or partial rental commences hereunder Landlord, Tenant at its sole cost and expense, shall deliver to Landlord maintain in full force and effect, on a copy of such completed value basis, insurance policycoverage on the Building on Builder's Risk or other comparable coverage.
Appears in 1 contract
Samples: Net Lease Agreement (Merix Corp)
Tenant’s Insurance Obligations. TenantAll insurance required to be carried by Tenant hereunder shall be issued by responsible insurance companies acceptable to Landlord and Landlord’s lender and authorized and permitted to do business in the State. Each policy, at its sole cost excluding workers’ compensation and expenseemployer’s liability, shall obtain include Landlord, and continuously maintain in full force and effect during the Term at Landlord’s request any mortgagee 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 covering the Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, against as their respective interests may appear. Each policy shall contain (ai) loss or damage by fire; a cross-liability endorsement, (bii) loss or damage from a provision that such other risks or hazards now or hereafter embraced by an "Extended Coverage Endorsement," including, but not limited to, windstorm, hail, explosion, vandalism, riot policy and civil commotion, damage from vehicles, smoke damage, water damage the coverage evidenced thereby shall be primary 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 sonon-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 contributing with respect to improvements similar in construction, design, general location, use any policies carried by Landlord and occupancy to the Improvements other than loss for flood. At all times, such insurance that any coverage carried by Landlord shall be in an excess insurance, and (iii) a waiver by the insurer of any right of subrogation against Landlord, its 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. A certificate of insurance evidencing the existence and amount equal to 100% of the then "full replacement cost" of the Improvements exclusive of excavations, foundations and footings "Full Replacement Cost" each insurance policy required hereunder shall be interpreted delivered to mean Landlord before the cost date Tenant is first given the right 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy possession of the Premises, and thereafter within thirty (30) days after any demand by Landlord therefor. Landlord may, at any time and from time to time, inspect and/or copy any insurance policies required to be maintained by Tenant hereunder. No such policy shall be cancelable except after twenty (20) days written notice to Landlord and Landlord’s lender. Tenant shall deliver furnish Landlord with renewals or “binders” of any such policy at least ten (10) days prior to Landlord a copy of 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 policycontinues 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 as required by this Lease.
Appears in 1 contract
Samples: Office Building Lease (Premiere Global Services, Inc.)
Tenant’s Insurance Obligations. (a) Tenant, at its Tenant's sole cost and expense, shall obtain and continuously maintain in full force effect, commencing with the delivery of possession date and effect during continuing throughout the Term of this Lease, commencing insurance policies providing for the following coverage: (i) standard "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 located in, on or 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 Dollars ($50,000.00); (ii) a commercial general liability policy, naming Landlord and any mortgagee of the earlier Shopping Center as additional insureds, protecting against any and all claims for injury to occur persons or property occurring in 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 Five Million Dollars (a$5,000,000.00) Commencement Date per occurrence, and with an aggregate limit of 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 Dollars ($2,000,000.00) per occurrence for 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.
(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 date Tenant first occupies the Premises, policies of insurance covering the Improvements constructed, installed or located on the Premises naming the State; (ii) be written as primary policy coverage and non-contributing with respect to any coverage which Landlord may carry; (iii) insure and name Landlord, Landlord's managing agent, and any mortgagee of the Shopping Center as an additional insuredinsureds, against as their respective interests may appear (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 except with respect to earthquake coverageworkers' compensation insurance); (d) loss from so-called explosion, collapse and underground hazards; and (eiv) loss 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 damage from might arise by reason of any payment under such other risks policy or hazards by reason of a similar any act or dissimilar nature which are now omission of Landlord, its agents, employees or may hereafter be customarily insured against representatives. Neither the issuance of any insurance policy required hereunder nor the minimum limits specified herein 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 Tenant's insurance coverage shall be deemed to limit or restrict in an amount equal any way Tenant's liability arising under or out of this Lease. With respect to 100% each and every one of the then "full replacement cost" 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 Improvements exclusive of excavations, foundations and footings "Full Replacement Cost" shall be interpreted Leased Premises is delivered to mean the cost of replacing the improvements without deduction for depreciation or wear and tearTenant), and it at least thirty (30) days before any such insurance policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, Tenant shall deliver to Landlord a duplicate original or certified copy of each such insurance policy.,
Appears in 1 contract
Samples: Shopping Center Lease (Big Buck Brewery & Steakhouse Inc)
Tenant’s Insurance Obligations. (a) Tenant shall not permit the Leased Premises 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 Tenant shall OFFICE LEASE AGREEMENT - Page - 15 ---------------------- immediately, on demand, cease any use which violates the foregoing or to which Landlord's 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 in particular, but without limitation, if the 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 act solely attributable to or arising from the direct acts of Tenant, Tenant agrees to pay as Additional Rent the commercially reasonable increase in Landlord's insurance premiums.
(b) Tenant, at its sole cost and expense, shall obtain procure and continuously maintain in full force and effect during throughout the Term term of this Lease, commencing with the earlier to occur of (a) Commencement Date Lease a policy or (b) the date Tenant first occupies the Premises, policies of insurance covering the Improvements constructed, installed or located on the Premises naming the insuring Landlord, as an additional insuredLandlord's management company and lender, and Tenant against all claims for property damages, personal injury or death of others occurring on or in connection with: (ai) loss or damage by firethe Leased Premises and all personal property therein; (bii) 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 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 destruction, including loss or damage from such other risks or hazards now or hereafter embraced by an "Extended Coverage Endorsement," including, but not limited to, windstorm, hail, explosion, vandalism, riot and civil commotion, damage from vehicles, smoke damage, water damage and debris removal; of use.
(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 All 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 policies shall be procured and continuously maintained by Tenant at Tenantfrom insurance companies reasonably satisfactory to Landlord naming the following as co-insureds: (i) Landlord; (ii) Landlord's sole cost management company, Xxxxxxx-Xxxx Company or its successor; and, (iii) Landlord's mortgage holder, as changed from time to time. Certified copies of such policies, together with receipt for payment of premiums, shall be delivered to Landlord prior to the Commencement Date. Not less than fifteen (15) days prior to the expiration date of any such policies, certified copies of renewal policies and expense. Prior to occupancy evidence of the Premisespayment of renewal premiums shall be delivered to Landlord. All such original and renewal policies shall provide for at least thirty (30) days written notice to Landlord before such policy may be canceled or changed to reduce insurance coverage provided thereby. Copies of such policies and duly executed certificates evidencing insurance coverage, together with copies of receipts for payment of premiums, shall be delivered to Landlord prior to the Commencement Date. Not less than fifteen (15) days prior to the expiration date of any such policies, copies of renewal policies and duly executed certificates evidencing insurance coverage and evidence of the payment of renewal premiums shall be delivered to Landlord. If required of Landlord by its insurance carrier, Tenant shall deliver to Landlord a copy shall, within fifteen (15) days after request therefor provide reasonable information concerning use of such and insurance policycoverages for the Lease Premises.
Appears in 1 contract
Tenant’s Insurance Obligations. Tenant14.1 Tenant shall insure, at its sole cost and own expense, all of its own equipment and other personal property situate on the Leased premises. Tenant shall obtain also insure, at its own expense, the Leased Premises by purchasing and continuously maintain maintaining a single insurance policy in full force which Landlord is listed as a named insured and effect during the Term Leased Premises is insured for at least Five Million Dollars ($5,000,000.00), 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 be provided to Landlord within thirty (30) days of the date of this Lease, commencing with the earlier to occur and thereafter on each yearly anniversary date of (a) Commencement Date or (b) the date of this Lease. The certificate will indicate that coverages are provided by a reputable and responsible insurance company licensed to do business in the Commonwealth of Pennsylvania. The certificate will stipulate that the insurer will give Landlord at least thirty (30) days advance written notice of any impending cancellation or imposition of a major change in such policy.
14.2 Tenant first occupies the Premises, policies of shall be responsible to provide fire and extended coverage insurance covering the Improvements constructed, installed or located on all leasehold improvements on the Premises naming the LandlordLeased premises, as an additional insured, against (a) 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, but not limited to, windstormall of Tenant's equipment, hailtrade fixtures, explosionappliances, vandalismfurniture, riot furnishing and civil commotionpersonal 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 and Tenant each hereby release the other, damage and their respective officers, directors, employees and agents from vehicles, smoke damage, water damage and debris removal; liability or responsibility (cto the other or anyone claiming through or under them by way of subrogation or otherwise) 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) any loss or damage from such other risks liability for damage 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 destruction to the Improvements other than Leased Premises, covered by any insurance policy, even if such loss for flood. At all times, such insurance coverage or damage shall be in an amount equal to 100% have been caused by the fault or negligence of the then "full replacement cost" other party, or anyone for whom such party may be responsible, to the extent of insurance proceeds. Landlord and Tenant each agree that any insurance policy covering 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 Leased Premises will include such a clause 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premises, Tenant shall deliver to Landlord a copy of such insurance policyendorsement.
Appears in 1 contract
Samples: Lease Agreement (Prophet 21 Inc)
Tenant’s Insurance Obligations. (a) Provided Tenant is the Tenant named on the Cover Page hereof and a wholly-owned subsidiary of the Guarantor and Tenant's and Guarantor's net worth are at least equal to Ten 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, 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 its Tenant's sole cost and expense, shall obtain and continuously maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term, 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 force replacement value thereof without deduction for depreciation, and effect during with a deductible amount of not more than Fifty Thousand Dollars ($50,000.00). Any and all proceeds of such insurance, so long as the Term 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 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 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 any coverage which Landlord may carry with any coverage carried by Landlord being excess insurance; (iii) insure and name each of Landlord, 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 an express waiver of any right of subrogation by the insurance company against Landlord, and 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, commencing with on or before the earlier to occur of (a) Commencement Date or (b) the date Tenant first occupies the Premises, policies of insurance covering the Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, against (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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, before any such insurance coverage policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, 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 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 a copy 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 [***], 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 its Tenant's sole cost and expense, shall obtain and continuously maintain in full force effect commencing with the Delivery of Possession Date and effect during continuing throughout the Term of this Lease, commencing 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 [***] of the full replacement value thereof without deduction for depreciation, and with a deductible amount of not more than [***], 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 earlier items so insured; (ii) a commercial general liability policy, including insurance protecting against any and all claims for injury to occur 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 [***] single limit coverage; (aiii) Commencement Date 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 [***] 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 date Tenant first occupies the Premises, policies of insurance covering the Improvements constructed, installed or located on the Premises naming 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 an additional insured, against as their respective interests may appear (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 except with respect to earthquake coverageworkers' compensation insurance); (d) loss from so-called explosion, collapse and underground hazards; and (eiv) loss 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 damage from might arise by reason of any payment under such other risks policy or hazards by reason of a similar any act or dissimilar nature which are now omission of Landlord, its agents, employees or may hereafter be customarily insured against representatives. Neither the issuance of any insurance policy required hereunder, nor the minimum limits specified herein with respect to improvements similar Tenant's insurance coverage, shall be deemed to limit or restrict in constructionany 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, design, general location, use on or before the Commencement Date and occupancy to the Improvements other than loss for flood. At all times, at least thirty (30) days before any such insurance coverage policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, 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 policyrequired to be carried hereunder may be carried under a blanket policy covering the Leased Premises and other locations *** Confidential treatment requested.
Appears in 1 contract
Tenant’s Insurance Obligations. Tenant, at its Its sole cost and expense, shall obtain and continuously maintain in full force and effect during the Term term of this Lease, commencing with the earlier to occur of date that rental (afull or partial) Commencement Date or (b) the date Tenant first occupies the Premisescommences, policies of insurance covering the Improvements constructed, installed or located on the Demised Premises naming the Landlord, as an additional insured, against (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot and civil commotion, damage from vehicles, smoke damage, water damage and debris removal; : (c) loss for damage flood if the Demised Premises are in a designated flood or flood insurance area and required by earthquake if requested by Landlord (provided that Landlord shall reimburse Tenant for the cost of insurance allocable to earthquake coverageLandlord'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 (ef) 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 floodas may be required by Landlord or Landlord's lender(s), subject to sixty (60) days prior written novice to Tenant. At all times, such insurance coverage shall be in an amount equal to one hundred percent (100% %) of the then "full replacement costFull Replacement Cost" of the Improvements exclusive of excavations, foundations and footings Improvements. "Full Replacement Cost" shall be interpreted to mean the cost of replacing the improvements Improvements, without deduction for depreciation 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 sprinkler system deductible or self-insured retention or similar limitation on coverage, such arrangement shall be located in the Improvements, sprinkler leakage insurance shall be procured and continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premises, Tenant shall deliver submitted to Landlord a copy of such insurance policyfor its approval, which may be granted or withheld in Landlord's complete discretion.
Appears in 1 contract
Tenant’s Insurance Obligations. (a) Tenant, at its Tenant’s sole cost and expense, shall obtain and continuously maintain in full force and effect during the Term of this Leaseeffect, commencing with the earlier delivery of possession date and continuing throughout the Term, insurance policies providing for the following coverage: (i) 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 occur time in general use in the State, insuring Tenant’s merchandise, trade fixtures, furnishings, equipment and all items of (a) Commencement Date personal property of Tenant located in, on or (b) the date Tenant first occupies about the Premises, policies and the amount of such insurance covering will be set forth in an “agreed value endorsement” to the Improvements constructedpolicy of such insurance, installed 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 Dollars ($50,000.00); (ii) a commercial general liability policy, naming Landlord and any mortgagee of the Office Building as additional insureds, protecting against any and all claims for injury to persons or located on property occurring in the Premises naming and protecting against assumed or contractual liability under this Lease with respect to the LandlordPremises and the operations of Tenant and any subtenant of Tenant in, as on or about the Premises, with such policy to be in the minimum amount of One Million Dollars ($1,000,000.00) per occurrence, and with an additional insured, against aggregate limit of at least Two Million Dollars (a$2,000,000.00)) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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 such aggregate limit may be satisfied by a combination of insurance allocable to earthquake primary and excess/umbrella coverage); (diii) loss from so-called explosion, collapse workers’ compensation coverage as required by law with statutory limits; (iv) 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 alterations, improvements similar and the like required or permitted to be made by Tenant hereunder, contingent liability and builder’s risk insurance in constructionamounts satisfactory to Landlord.
(b) All insurance policies herein to be procured by Tenant and/or its contractors shall: (i) be issued by insurance companies, designreasonably 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; (iii) insure and name Landlord, general locationLandlord’s advisors, use Landlord’s managing agent and occupancy any parties in interest designated by Landlord as additional insureds or loss payees, as applicable, as their respective interests may appear (except with respect to workers’ compensation insurance); (iv) be primary and non-contributory and (v) contain, in the Improvements other than loss for floodcase 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. At all timesNeither the issuance of any insurance policy required hereunder, such nor the minimum limits specified herein with respect to Tenant’s insurance coverage shall be deemed to limit or restrict in an amount equal any way Tenant’s liability arising under or out of this Lease. With respect to 100% each and every one of the then "full replacement cost" 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 Improvements exclusive of excavations, foundations and footings "Full Replacement Cost" shall be interpreted Premises is delivered to mean the cost of replacing the improvements without deduction for depreciation or wear and tearTenant), and it at least thirty (30) days before any such insurance policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, Tenant shall deliver to Landlord a copy certificate of the insurer certifying that such policy has been issued, providing the coverage required by this Lease and containing the provisions specified herein, together with evidence of payment of all applicable premiums. 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 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 twenty (20) 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 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 Cover Page hereof and a wholly-owned subsidiary of the Guarantor and Tenant's and Guarantor's net worth are at least equal to Ten 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, 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 its Tenant's sole cost and expense, shall obtain and continuously maintain in effect commencing with the Delivery of Possession Date and continuing throughout the Term, 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 force replacement value thereof without deduction for depreciation, and effect during with a deductible amount of not more than Fifty Thousand Dollars ($50,000.00). Any and all proceeds of such insurance, so long as the Term 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 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 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 any coverage which Landlord may carry with any coverage carried by Landlord being excess insurance; (iii) insure and name each of Landlord, 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 an express waiver of any right of subrogation by the insurance company against Landlord, and 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, commencing with on or before the earlier to occur of (a) Commencement Date or (b) the date Tenant first occupies the Premises, policies of insurance covering the Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, against (a) 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, but not limited to, windstorm, hail, explosion, vandalism, riot 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, before any such insurance coverage policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, 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 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 a copy 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. (i) Tenant, at its Tenant's sole cost and expense, shall obtain and continuously maintain in full force effect commencing on the Commencement Date and effect during continuing throughout the Term of this Lease, commencing with insurance policies providing for the earlier to occur of following coverages: (a) Commencement Date or (b) the date Tenant first occupies the Premises, policies of commercial general liability and property damage insurance covering the Improvements constructed, installed or located on the Premises naming the Landlord, as an additional insured, insuring against (a) loss or damage by fireliability 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) loss or damage from such other risks or hazards now or hereafter embraced by an standard "Extended Coverage Endorsement,all risk" includingproperty insurance against fire, but not limited totheft, vandalism, malicious mischief, sprinkler leakage, lighting, earthquake (with commercially reasonable sublimits, currently $10 million), windstorm, hail, explosion, vandalismriot, riot and attending a strike, civil commotion, damage from vehicles, aircraft and vehicles and smoke damage, water damage and debris removalsuch 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 and as are customarily carried by occupants of similar facilities, insuring (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 and equipment of Tenant located in, on or about the Premises (with any and all proceeds of such insurance, so long as this Lease shall remain in effect, to be used only to repair or replace or pay for the items so insured); (c) loss products liability insurance for damage by earthquake if requested by Landlord merchandise offered for sale or lease from the Premises, including liquor liability coverage and coverage for liability arising out of the consumption of food and alcoholic beverages on or obtained at the Premises, of not less than Two Million (provided that Landlord shall reimburse Tenant $2,000,000) Dollars per occurrence for the cost of insurance allocable to earthquake coverage)personal injury and death and property damage; (d) loss from so-called explosion, collapse and underground hazardsworkers' compensation coverage as required by law; 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 Tenant's Work, alterations, improvements similar and the like required or permitted to be made by Tenant hereunder, contingent liability and builder's risk insurance in constructionamounts satisfactory to Landlord in its reasonable judgment, designand (f) business interruption insurance, general locationwith Landlord designated as a co-loss payee, use as its interest may appear, and occupancy (in implementation thereof) including direction that all payments to the Improvements other than loss for flood. At all times, such insurance coverage shall be in extent of an amount equal to 100% Tenant's total Minimum Rent and Taxes obligation for twelve (12) full months under this Lease, be made to Landlord.
(ii) All insurance policies herein to be procured by Tenant shall: (a) be issued by insurance companies reasonably satisfactory to Landlord and authorized to do business in the State (it being agreed that the insurance companies being utilized by Tenant on the date hereof shall be deemed satisfactory to Landlord); (b) 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 therefor shall be excess insurance; and (c) insure and name Landlord and any of its mortgagees and any parties in interest designated by Landlord as additional insureds, as their respective interests may appear (except with respect to workers' compensation insurance). 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 then "full replacement cost" of insurance policies herein required to be procured by Tenant, on or before 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 tearCommencement Date, and it before any such insurance policy 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 continuously maintained by Tenant at Tenant's sole cost and expense. Prior to occupancy of the Premisesexpire, 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 Lease and containing provisions specified herein. 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 otherwise cancel or materially change the coverage provided by such insurance policy. The term "insurance policy" as used 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 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.
(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
