Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance: (i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive; (ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause; (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus; (iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and (v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant. (b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured. (c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible. (d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (NPS Pharmaceuticals Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termwill, at its sole cost and expensecost, during any period that the Tenant occupies the Premises, take out and keep maintain in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancefollowing:
(i) “all risks” insurance against (or its equivalent), including earthquake, flood and sewer backup perils, upon all risks upon merchandise, stock-in-trade, furniture, fixtures, equipment, leasehold improvements and other property of every kind and description and kind located at the Complex, owned by the Tenant, Tenant or for which the Tenant is responsible or legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsliable, fixtures and chattels in an amount of not less than one hundred percent (100%) of at least equal to the full insurable value thereof, calculated on a full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusivebasis;
(ii) property damage“comprehensive form” boiler and machinery insurance (or its equivalent) upon any boilers, pressure vessels or mechanical equipment located at the Premises in such amount as the Landlord may reasonably require from time to time;
(iii) automobile liability insurance to a limit of liability of not less than $2,000,000.00 in any one accident, covering all licensed motor vehicles owned by the Tenant and used in connection with its business carried on, in and from the Premises;
(iv) commercial bodily injury and public property damage liability insurance including (or its equivalent) applying to the operations of the Tenant carried on, in and from the Premises and which will include, without limitation, personal injury liability, product liability, contractual liability, non-owned automobile liability, protective liability and ownerTenant’s and contractors’ protective insurance coverage legal liability with respect to the Leased Premises, coverage to include the business operations conducted occupancy by the Tenant of the Premises; and any other person on the Leased Premises. Such policies shall such insurance will be written on a comprehensive basis with limits for an amount of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause5,000,000.00;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivv) business interruption insurance (or its equivalent) for a minimum period of 12 months in such the amount as which will reimburse the Tenant for direct or indirect loss of earnings and extra expenses attributable to all perils commonly insured against by prudent tenants under Section 7.1(a)(i) or attributable to prevention of access to the Leased Premises as a result of or Building due to any such perils; and
(vvi) any other form or forms of insurance as the Tenant Landlord or the Landlord or any mortgagee Landlord’s Mortgagees may reasonably requires require from time to time including, without limitation, builder’s risk insurance in amounts and such other insurance coverage as would be placed by for perils against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure tenant would protect itself in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantsimilar circumstances.
(b) Each policy All policies of insurance required referred to in this Section 7.1 will include the following provisions:
(i) all property damage policies will contain a waiver of any subrogation rights which the Tenant as aforesaid shall include Tenant’s insurer(s) may have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is, in law, responsible, whether any insured loss or damage is in law responsible whether or not caused by the act, omission or negligence of the Landlord or by those for whom it is whose acts the Landlord is, in law responsiblelaw, responsible or otherwise;
(ii) all policies of liability insurance will name the Landlord and any persons or corporations designated by the Landlord and having an interest in the Complex as additional insureds and provide that each person, firm or corporation insured under such policies will be insured in the same manner and to the same extent as if separate policies had been issued to each; and
(iii) all policies will contain an undertaking by the insurers to notify the Landlord and the Landlord’s Mortgagees, in writing, not less than 30 days prior to any cancellation or other termination of any policy.
(c) All policies of insurance referred to in this Section 7.1 will be underwritten by insurers acceptable to the Landlord and on policy forms satisfactory to the Landlord. The Tenant will deliver to the Landlord certificates of insurance as soon as possible after the placing of each policy and thereafter upon request. Whenever required by the Landlord, the Tenant will provide the Landlord with evidence that all premiums for all insurance policies have been paid.
(d) All policies shall The Tenant will not do or permit anything to be taken out done upon the Premises which might cause any policy of insurance against loss or damage to the Premises or against legal liability for damage to persons or property caused by the ownership, maintenance, use or occupancy of the Premises, or by reason of the conduct of any business carried on thereon, to be invalidated, and, for such purpose, upon receipt of notice in writing from any insurer of the Premises requiring the execution of works or a discontinuance of any operations in order to correct such situation, the Tenant will immediately comply with insurers acceptable the notice.
(e) The Tenant will not do or permit anything to be done or exist upon the Premises that would cause an increase in the cost of the Landlord’s insurance or subject any such insurance to cancellation. The Tenant will pay to the Landlord, acting reasonably on demand, the amount of any such increase of cost due to the Tenant’s breach of this Section 7.1(e).
(f) If the Tenant fails to take out or keep in force any insurance coverage referred to in this Section 7.1, or if any such insurance is not approved by the Landlord and shall be in a form satisfactory from time to time to the Landlord’s Mortgagees, and the Tenant does not correct the situation within 72 hours after written notice by the Landlord setting forth the Landlord’s objections, the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of without assuming any obligation in connection therewith, may effect such insurance coverage and each year on recover all costs and premiums incurred in effecting such insurance coverage from the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Tenant.
Appears in 2 contracts
Samples: Industrial Lease (Very Good Food Co Inc.), Industrial Lease
Tenant’s Insurance. (a) The Tenant shallwill, throughout the Term, and during such other times, if any, as the entire TermTenant occupies the Leased Premises or any portion thereof, at its sole cost and expense, take out and keep maintain, in full force and effect and in the names of the Tenantat all times, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, at least the following insurance:
(ia) “all-risks” insurance against (including flood and earthquake) upon all risks upon property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable liable, or which is installed by or on behalf of the Tenant Tenant, and which is located within the Property and Leased Premises comprising only leasehold improvementsincluding, fixtures but not limited to, fittings, installations, alterations, additions, partitions, Trade Fixtures, and chattels anything in the nature of a Leasehold Improvement (unless the Landlord has specifically insured therefor) as well as the Tenant’s stock-in-trade, furniture and personal property, in an amount of not less than at least one hundred percent (100%) of the full replacement cost thereof, with coverage against at least the perils of fire and standard extended coverage coverage, including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that If there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee will be conclusive. The Landlord shall be conclusivenamed as an additional named insured and the Mortgagee shall be named as a loss payee pursuant to the terms of the standard Insurance Bureau of Canada mortgage clause in such policies;
(iib) property damage, bodily injury broad form boiler and public liability machinery insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive blanket repair and replacement basis with limits for each accident in an amount of not less than $5,000,000.00 per occurrence for bodily injury to any at least one or more persons, or property damage, hundred percent (100%) of the full replacement cost of all Leasehold Improvements and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and of all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical heating and air-conditioning equipment and miscellaneous apparatuselectrical apparatus owned or operated by the Tenant or by others on behalf of the Tenant in the Leased Premises or relating to or serving the Leased Premises. The Landlord shall be named as an additional named insured and the Mortgagee shall be named as a loss payee pursuant to the terms of the standard Insurance Bureau of Canada mortgage clause in such insurance policies;
(ivc) business interruption insurance in such an amount as which will fully reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in Section 10.1 (a)(i) and Section 10.1( a) (ii) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a the result of such perils, and which shall include provision for the payment of the Rent required hereunder and be in a profits form of coverage with an indemnity period of not less than twelve (12) months;
(d) commercial general liability insurance (IBC Form 2100 or better) on an occurrence basis including personal injury liability, bodily injury liability, contractual liability, nonowned automobile liability, employers’ liability and owners’ and contractors’ protective insurance coverage with respect to the Project and the Tenant’s use of same, coverage to include the activities and operations conducted by the Tenant and any other Person. Such policies shall:
(a) be written on a comprehensive basis with inclusive limits of not less than One Million Dollars ($1,000,000) for any one occurrence for bodily injury to any one or more Persons, or property damage, and such higher limits as the Landlord, acting reasonably, or the Mortgagee requires from time to time;
(b) contain a severability of interests clause and a cross-liability clause; and
(vc) the Landlord and the Mortgagee shall be named as additional insureds in such insurance policies;
(e) “all-risks” tenant’s legal liability insurance for the actual cash value of the Leased Premises, including loss of use thereof;
(f) exterior glass insurance; and
(g) any other form or forms of insurance as the Tenant or the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time includingin form, without limitation, builder’s risk in amounts and for insurance and such other insurance coverage as would be placed by risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 2 contracts
Samples: Industrial Lease (Above Food Ingredients Inc.), Industrial Lease (Above Food Ingredients Inc.)
Tenant’s Insurance. (a) 9.1.1 The Tenant shall, throughout and during the entire Term, at its sole cost and expense, will take out and keep in full force and effect and with reputable insurers that are licensed to do business in the names Province of Quebec during the Tenant, Term and such other time as the Landlord and Tenant occupies the Premises or any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancepart thereof:
(ia) insurance against all risks upon property of every description comprehensive general liability with respect to the business carried on, in or from the Premises and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf its use and occupancy of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsincluding, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereofwithout limitation, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily personal injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owneremployer’s and contractors’ protective insurance coverage with respect to the Leased Premisesliability insurance, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than Five Million Dollars ($5,000,000.00 per occurrence for bodily injury to any one or more persons5,000,000.00), or property damage, and such higher limits as the Landlord may from time to time require acting reasonably, for each occurrence in respect of any injury to, death of, or any mortgagee reasonably requires loss suffered by one or more persons;
(b) plate glass insurance in an amount sufficient to replace all plate glass comprises in the Premises and in the doors and windows thereof;
(c) “all risk” property’ insurance, including, without limitation, fire and theft, flood, earthquake, sewer back-up and for such other and further risks as the Landlord may require from time to time, on a replacement cost basis, of the Tenant’s inventory and stock-in-trade, Tenant’s Work as provided for in Schedule “E”, furniture and fixtures, and all alterations, decorations, additions and improvements installed or brought by the Tenant to the Premises and all property owned by the Tenant or for which the Tenant is legally liable;
(d) the Tenant’s legal liability insurance with respect to the Premises in an amount equal to Five Million Dollars ($5,000,000.00) or in such policies higher limits as the Landlord may require from time to time acting reasonably and in accordance with industry norms;
(e) broad form boiler and machinery insurance on a blanket repair and replacement basis of the property insured pursuant to Paragraph 9.1.1 (c) above;
(f) Intentionally Deleted
(g) any other type of insurance or any additional coverage that the Landlord or its Mortgagee may request from time to time, acting reasonably and in accordance with industry norms.
9.1.2 Each insurance policy required of the Tenant as aforesaid shall contain be on terms and conditions, and with such insurers as are reasonably available in the marketplace and will name the Landlord and any Mortgagee as an additional insured and loss payee, as their respective interests appear and will include the Mortgagee’s standard mortgage clause, a waiver of rights of subrogation against the Landlord. If the Landlord is an insured under such policy, a cross-liability and severability of interest clause;
clause providing for coverage in respect of any claim brought by any insured against any other one or more insureds as if a separate policy has been issued to each insured, a provision that breach of the policy by any insured will not affect the policy protection of any other insured, and a provision that the insurer will not cancel or change or refuse to renew the insurance without first giving the Landlord at least ten (iii10) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance days’ prior written notice shall be included in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingpolicy, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the The Tenant shall have no interest in the right Landlord’s insurance. Certificates of insurance shall be remitted to self-insure the Landlord in respect a reasonable amount of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption time after coverage comes into force. Before any such insurance under Section 9.02(a)(iv) provided that policy comes into force, the Landlord shall be remitted confirmation of insurance from insurers. Provided the Tenant shall indemnify and save harmless the Landlord fails to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and cause its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over insurers to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that such coverage confirmation, the Tenant has arranged all Landlord shall following two (2) business days prior written notice, have the right, but not the obligation, to take any such coverage in the name and at the cost of the insurance required to be maintained by it under Section 9.02Tenant.
Appears in 2 contracts
Samples: Lease Agreement (DAVIDsTEA Inc.), Lease Agreement (DAVIDsTEA Inc.)
Tenant’s Insurance. (a) The Tenant shallwill, throughout the Term (and at any other time during which the entire TermTenant is in possession of the Leased Premises), at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holderthe Mortgagee, as their respective interests may appear, the following insurance:
(i) fire and standard extended coverage insurance against including sprinkler leakages (where applicable), earthquake, flood and collapse, in an amount equal to the full replacement cost (new) thereof upon all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable liable, or installed by or on behalf of the Tenant Tenant, and which is located within or on the Property Building, including, without limitation, fittings, installations, alterations, additions, partitions, signs (interior and Leased Premises comprising only exterior) fixtures, leasehold improvements, fixtures stock-in-trade, furniture and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapsemoveable equipment. In the event that If there is a dispute as to the amount which comprises full replacement costcost (new), the decision of the Landlord or any mortgagee the Mortgagee shall be conclusive;
(ii) property damageif applicable, bodily injury broad form boiler and public liability machinery insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive blanket repair and replacement basis with limits for each accident in an amount of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, the replacement cost (new) of all leasehold improvements and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and of all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatuselectrical apparatus owned or operated by the Tenant or by others (other than the Landlord) on behalf of the Tenant in the Leased Premises, or relating to or serving the Leased Premises;
(iviii) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in Sections 7.1(a)(i) and 7.1(a)(ii) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises or the Building as a result of such perils; and;
(viv) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingpublic liability and property damage insurance, without limitationincluding personal injury liability, builder’s risk insurance contractual liability, employers' liability, non-owned automobile liability and such other owners' and contractors' protective insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in with respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased Leased Premises and separately maintained by the Tenant.
(b) Each policy of insurance required 's use of the Tenant as aforesaid shall Building, coverage to include the Landlord activities and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in and any other Person on the Leased Premises and, as appropriate, a severability or performing work on behalf of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Tenant is in law responsible whether or not caused by the act, omission or negligence in any other part of the Landlord Building and the Lands. Such policies will (1) be written on a comprehensive basis with inclusive limits of not less than $5,000,000 for bodily injury to any one or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlordmore Persons, acting reasonably or property damage, and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02higher
Appears in 2 contracts
Tenant’s Insurance. (a) The At all times after the execution of this Lease, Tenant shall, throughout will carry and during the entire Termmaintain, at its sole cost and expenseexpense with insurance companies reasonably acceptable to Landlord that are rated no less than A-, take out and keep in full force and effect and in the names of the TenantClass VII, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
by A.M. Best Company: (i) a commercial general liability insurance policy, including products/completed operations and insurance against assumed or contractual liability under this Lease, for liability arising out of the ownership, use, occupancy or maintenance of the Premises and all risks upon property areas appurtenant thereto, including any portion of every description and kind owned the Common Areas used by the Tenant, Tenant’s invitees, contractors, employees or for which the Tenant is legally liable agents, to afford protection with respect to bodily injury, death or installed by or on behalf property damage (including loss of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount use) of not less than one hundred percent One Million Dollars (100%$1,000,000) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages each occurrence/Two Million Dollars (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
$2,000,000) aggregate; (ii) a property damage, bodily injury insurance policy insuring all Above Standard improvements and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to fixtures in the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability personal property located within the Premises, on the “Special Form,” including theft coverage, written at replacement cost value with replacement cost endorsements, covering all of Tenant’s property, and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance coverage in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all the perils insured against under section (i) above and this section (ii), and other perils commonly insured against by prudent tenants business owners, or attributable to prevention of access to the Leased Premises as Premises, for a result period of such perilsat least eighteen (18) months; and
(iii) a workers’ compensation insurance policy with applicable statutory limits, including employers liability insurance with limits of not less than One Million Dollars ($1,000,000.00); (iv) automobile liability insurance with single limit coverage of at least $1,000,000 for all owned, leased/hired or non-owned vehicles; (v) any if Tenant will serve or sell alcohol at the Project, a liquor liability insurance policy with minimum coverage of One Million Dollars ($1,000,000.00); and (vi) an excess/umbrella liability policy “following form” of not less than Four Million Dollars ($4,000,000), including a “drop down” feature in case the limits of the primary policy are exhausted. Landlord may also require all Outside Contractors to provide in addition to the insurance coverages referenced above such other form or forms of insurance in amounts and types and with such companies as the Tenant or the Landlord or any mortgagee may be reasonably requires from time to time requested by Landlord, including, without limitation, construction all risk/builder’s risk risks (including loss of revenue) insurance, owners and contractors protective liability insurance, professional errors and omissions liability insurance, and insurance covering such contractor’s equipment and tools. Each insurance policy required to be maintained hereunder by Tenant shall include an “Additional Insured Endorsement” in favor of Landlord, Parkway Properties, Inc., Parkway Properties LP and Eola Capital LLC, and their direct and indirect parent companies and subsidiaries and any of their affiliated entities, successors and assigns, as well as their respective current or future directors, officers, employees, partners, members and agents. Tenant’s insurance shall be considered primary, not excess, and non-contributory with Landlord’s insurance policies. Deductible amounts, if any, under such other policies shall be commercially reasonable. An XXXXX 25 certificate of such insurance coverage as would in the most recent edition available and reasonably satisfactory to Landlord, or certified copies of the policies, shall be placed furnished to Landlord on or before the earlier of the Commencement Date or ten (10) days after execution of the Lease, reflecting the limits and endorsements required herein, and renewal XXXXX 25 certificates or certified copies of renewal policies shall be delivered to Landlord at least ten (10) days prior to the expiration date of any policy. Each policy shall be endorsed to provide notice of nonrenewal to Landlord and shall further provide that it may not be altered or canceled without thirty (30) days prior notice to Landlord. Landlord agrees to cooperate with Tenant to the extent reasonably requested by a prudent tenantTenant to enable Tenant to obtain such insurance. Notwithstanding the aforementioned, the Tenant Landlord shall have the right to self-insure require increased limits if, in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Landlord’s reasonable judgment, such increase is necessary. Tenant shall indemnify pay all premiums and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy charges for all of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises said policies, and, as appropriateif Tenant shall fail to make any such payment when due or carry any such policy, a severability of Landlord may, but shall not be obligated to, make such payment or carry such policy, and the amount paid by Landlord, with interest thereon at the Default Rate, shall be repaid to Landlord by Tenant within ten (10) days following demand therefor, and all such amounts so repayable, together with such interest/cross liability clause protecting the , shall be deemed to constitute additional Rent hereunder. Payment by Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights such premium, or the carrying by Landlord of subrogation any such policy, shall not be deemed to waive or indemnity or release Tenant from any other claim over remedy available to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsibleunder this Lease.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 2 contracts
Samples: Lease Agreement (Upland Software, Inc.), Lease Agreement (Upland Software, Inc.)
Tenant’s Insurance. (a) The Tenant shallwill, throughout the entire Term and during any time it occupies the entire TermProperty, at its sole cost and expenseexpense (including the cost of deductibles), take out and keep in full force and effect with insurers licensed to sell commercial insurance in Canada and in the names of the Tenant, the Landlord Landlord, the Mortgagee, the Landlord’s property manager and any mortgagee, chargee, or debenture holderother Person reasonably required by the Landlord, as their respective interests may appear, the following insurance:
(i) : commercial general public liability insurance, including but not limited to, property damage, public liability, personal injury liability, contractual liability, products and completed operations and owners’ and contractors’ protective insurance against coverage, with a limited pollution coverage endorsement, all on an occurrence basis, with respect to any use, occupancy or activities at the Property by the Tenant, the Tenant’s Agents and any other Person performing work on behalf of the Tenant and/or any Tenant’s Agent, with coverage for any occurrence or claim of not less than $5,000,000.00 per occurrence; all-risks insurance upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable liable, or installed by or on behalf of the Tenant and which is located within at the Property including plate glass, fittings, Alterations, anything in the nature of Leasehold Improvements, the Tenant’s Trade Fixtures, furniture and Leased Premises comprising only leasehold improvementsmovable equipment and signage, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, without deduction for depreciation, with coverage against, at least, the perils of fire and standard extended coverage including sprinkler leakages (where applicable), earthquake, sewer back-up, flood and collapse. In ; such insurance will be subject to a replacement cost endorsement; broad form comprehensive boiler and machinery insurance (also known as “equipment break-down” insurance) on all insurable objects located on the event that there is Property or which are the property or responsibility on a dispute as to blanket repair or replacement basis with a replacement cost endorsement and with limits for each accident in an amount not less than the amount which comprises full replacement costcost of all property of every description and kind owned by the Tenant, or for which the decision Tenant is legally liable, or installed by or on behalf of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on which is located at the Leased Premises. Such policies shall be written on a comprehensive basis with limits Property including plate glass, fittings, Alterations, anything in the nature of not less than $5,000,000.00 per occurrence for bodily injury to any one or more personsLeasehold Improvements, or property damagethe Tenant’s Trade Fixtures, furniture and such higher limits as the Landlord or any mortgagee reasonably requires from time to timemovable equipment and signage, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair or replacement and replacement coverage on boilersrental income coverage, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) if applicable; business interruption insurance in such amount amounts from time to time as will reimburse necessary to fully compensate the Tenant for direct or indirect loss of earnings resulting from or attributable to all any of the perils required to be insured against in Subsections (ii) and (iii) above and other perils commonly insured against by prudent tenants tenants, or attributable to interference with or prevention of access to the Leased Premises Property as a result of such perils, with a period of indemnity of not less than 12 months; and
(v) tenants’ legal liability insurance for the full replacement cost of the Property, including loss of use thereof; standard owners’ form of automobile insurance policy providing third party liability insurance on all automobiles owned by or registered in the name of the Tenant with inclusive limits and on such terms as reasonably required by the Tenant, acting as a prudent tenant, from time to time, covering all licensed vehicles owned by or operated or on behalf of the Tenant in connection with its business at the Property; by-law compliance insurance; and any other form or forms of insurance or such higher limits as the Tenant or the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time includingupon not less than 30 days’ notice to the Tenant, without limitation, builder’s risk insurance and provided such other insurance coverage as would similarly be placed carried by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect tenants of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantsimilar premises.
(b) All policies referred to in Subsection (a) shall be with insurers reasonably acceptable to the Landlord. Each policy of the Tenant’s insurance required of policies shall name the Tenant as aforesaid shall include insured and the Landlord and its mortgagee(s) property manager, together with the Mortgagee if required by the Landlord, as additional insureds insureds, as their respective interests may appear arising solely and shall be taken out with insurers and shall be in such form and on such terms as are satisfactory to the Landlord, acting reasonably, from time to time. Without limiting the generality of the operations foregoing, each of the Tenant in Tenant’s insurance policies will contain: the Leased Premises and, standard mortgage clause as appropriate, may be required by any Mortgagee; a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agentsthe property manager, employees the Mortgagee, or those any Person for whom it is in law responsible whether or not caused by the act, omission or negligence any of the Landlord or those for whom it such Persons is in law responsible; an undertaking by the insurer that no material change will be made and the policy will not expire, lapse or be terminated, except upon 30 days’ written notice to the Tenant, the Landlord and to any Mortgagee; a provision stating that the Tenant’s insurance policy will be primary and will not call into contribution any other insurance available to the Landlord; a severability of interests clause and a cross-liability clause; a waiver, in respect of the interests of the Landlord, its property manager and any Mortgagee, of any provision with respect to any breach of any warranties, representations, declarations or conditions contained in the said policy; coverage with respect to the sudden and accidental release of Hazardous Substances; and will protect the Landlord in respect of Claims by the Tenant as though the Landlord.
(c) Certificates of insurance on the Landlord’s standard form or, if required by the Landlord, certified copies of insurance policies shall be delivered to the Landlord forthwith upon request. If the Tenant fails to take out or to keep in force any insurance referred to in this Section 11.1 or should any such insurance not be approved by either the Landlord or the Mortgagee and should the Tenant not rectify the situation within 48 hours after written notice by the Landlord to the Tenant (stating reasons, if the Landlord or the Mortgagee does not approve of the insurance), then the Landlord has the right, without assuming any obligation as a result, to effect the insurance at the sole expense of the Tenant and all costs incurred by the Landlord plus an Administration Fee applied to such costs shall be paid by the Tenant to the Landlord on demand as Additional Rent without prejudice to any other rights or remedies of the Landlord under this Lease. If both the Landlord and Tenant have claims to be indemnified under any such insurance, the proceeds shall be applied first to the settlement of the Landlord’s claim, with the balance to the settlement of the Tenant’s claim.
(d) All The amount of any deductible not received by the Landlord in respect of any insurance proceeds payable under any policies of insurance maintained by the Tenant to be paid to the Landlord shall be payable by the Tenant as Additional Rent. The amount of any deductible not received by the Tenant as proceeds of any policy of insurance shall be for the Tenant’s own account. Deductible amounts under any policies shall be taken out with insurers acceptable not exceed those which a prudent Landlord or Tenant would allow in insuring a similar risk in similar circumstances.
(e) Prior to the Landlord, acting reasonably and shall be in a form satisfactory from time to time Tenant or the Tenant’s Agents being given access to the LandlordProperty or any part of them, acting reasonably. The the Tenant shall provide the Landlord prior covenants and agrees to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all proof of the Tenant’s insurance required to be maintained by it under Section 9.02in accordance with the provisions of Subsection (c) above.
Appears in 2 contracts
Samples: Lease (Milacron Holdings Corp.), Lease Agreement (Milacron Holdings Corp.)
Tenant’s Insurance. Tenant shall obtain, and shall keep in full force and effect, the following insurance, with insurers that are authorized to do business in the State of New Jersey and are rated at least A (aClass X) in Best’s Key Rating Guide:
(i) Commercial General Liability Insurance which shall include premises liability, contractual liability, damage to rented premises, personal and advertising injury and products/completed operations coverage. The policy shall insure against claims for bodily injury, personal injury, death or property damage occurring on, in or about the Premises with limits of not less than $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate. If the policy covers other locations owned or leased by Tenant, such policy must include an aggregate limit per location endorsement.
(ii) Special Form (“All Risk”) Property insuring all equipment, trade fixtures, inventory, fixtures or personal property or any Tenant shallImprovements which are the responsibility of Tenant located on or in the Premises with an agreed amount endorsement and equal to the full replacement cost value of such property. Tenant acknowledges that Landlord will not carry insurance of any kind on Tenant’s equipment, throughout trade fixtures, inventory, fixtures or personal property or any Tenant Improvements which are the responsibility of Tenant, and Landlord shall not be obligated to repair any damage thereto or replace the same.
(iii) Workers’ Compensation Insurance as required by applicable laws of the state in which the Premises is located, including Employers’ Liability Insurance with limits of not less than: (x) $100,000.00 per accident; (y) $500,000.00 disease policy limit; and (z) $100,000.00 disease, each employee.
(iv) Business interruption insurance in such amounts as will reimburse Tenant for direct and indirect loss of earnings attributable to those events commonly insured against by reasonably prudent tenants and/or attributable to Tenant’s ability to access or occupy (all or part of) the Premises for at least one (1) year.
(v) Excess or Umbrella Liability Insurance with limits of not less than $2,000,000.00 per occurrence and in the aggregate providing coverage in excess of, and follow-form to, the primary commercial general liability and employer’s liability insurance required herein.
(vi) Such other insurance as Landlord deems necessary and prudent or as may be required by any Lender or Master Landlord, provided that such insurance is typically carried by tenants occupying buildings located in Xxxxxx County, New Jersey comparable to the Building.
(vii) In addition to the aforementioned insurances, and during any such time as any alterations or work is being performed at the entire TermPremises (except that work being performed by Landlord or on behalf of Landlord), Tenant, at its sole cost and expense, take out shall carry or shall cause to be carried by applicable contractors and keep subcontractors, and shall deliver to Landlord at least ten (10) days prior to commencement of any such alteration or work, evidence of insurance with respect to (A) workers’ compensation insurance covering all persons employed in full force and effect and connection with the proposed alteration or work in the names of the Tenantstatutory limits, the Landlord and any mortgagee(B) general/excess liability insurance, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of commensurate with the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as work to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of performed but not less than $5,000,000.00 2,000,000.00 per occurrence and in the aggregate, for ongoing and completed operations insuring against bodily injury and property damage and naming all additional insured parties as outlined below and required of Tenant and shall include a waiver of subrogation in favor of such parties, (C) builders’ risk insurance, to any one the extent such alterations or more personswork may require, on a completed value form including permission to occupy, covering all physical loss or property damagedamages, in an amount and kind reasonably satisfactory to Landlord, and (D) such higher limits as the Landlord or any mortgagee reasonably requires from time to timeother insurance, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount amounts, as will reimburse the Tenant for direct or indirect loss of earnings attributable Landlord deems reasonably necessary to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builderprotect Landlord’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant interest in the Leased Premises and, as appropriate, a severability from any act or omission of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredTenant’s contractors or subcontractors.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 2 contracts
Samples: Lease Agreement (BTRS Holdings Inc.), Lease Agreement (South Mountain Merger Corp.)
Tenant’s Insurance. The Tenant will maintain the insurance described below throughout the term of this lease, and any renewal thereof, with insurers licensed and approved to operate in the province of Ontario:
(a) The all risks, including earthquake and flood, property insurance in an amount equal to full replacement cost, insuring (a) all property owned by the Tenant shallor for which it is responsible, throughout and during located within the entire Termleased Premises, at its sole cost including but not limited to, fittings, fixtures, additions, alterations, partitions, and expenseall other Landlord's and Tenant's improvements, take out and keep (b) the Tenant's furniture, inventory, trade fixtures and equipment; and,
(b) Public liability insurance in full force a "commercial general insurance" format to include coverage against bodily injury, including death, and effect property damage. Such insurance is to name the tenant as insured and in the names landlord as additional insured;
(i) include extensions of coverage such as personal injury, contractual liability, premises liability, contingent employers liability, owners’ and contractors’ protective liability, products and completed operations, property damage, cross liability and severability of interests clause, liquor liability, breach of condition and non-owned automobile insurance; and,
(ii) cover the Tenant's use of the Premises and Common Areas, if any, including all of the Tenant's and their client’s activities and operations within all areas of the facility and any other Person performing work on behalf of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or those for which whom the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;responsible; and,
(iiiii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis an "occurrence" form with inclusive limits of liability no less than $5,000,000 per occurrence; and,
(c) Include "broad form, tenants legal liability" insurance with limits of liability not less than $5,000,000.00 250,000 per occurrence for bodily injury to occurrence; and,
(d) Include any one or more personsother form of insurance that the Landlord, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, in form, in sums and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct perils or indirect loss of earnings attributable to all perils commonly risks insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by which a prudent tenant. Notwithstanding the aforementioned, the Tenant would insure and shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by name the Landlord as if the Tenant were separately an additional insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out obtain and keep maintain in full force and effect and in at all times with respect to the names of Premises insurance throughout the Tenant, the Landlord Term and any mortgageeextension and or renewal thereof (and such other times, chargee, or debenture holderif any, as their respective interests may appear, Tenant occupies the following insurancePremises) which coverage shall include the following:
(i) commercial general liability insurance against for bodily injury and property damage including the following extensions: owners and contractors protective; pollution coverage with hostile fire coverage only; products and completed operations; personal injury; occurrence basis property coverage; blanket contractual; non-owned automobile liability; severability of interests; cross liability; and employer’s liability, all risks upon property of every description and kind owned by the Tenant, on an occurrence basis with coverage for any one occurrence or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount claim of not less than one hundred percent Five Million (100%$5,000,000.00) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusiveDollars per occurrence;
(ii) “all risks” property damageinsurance covering the Leasehold Improvements, bodily injury and public liability insurance all other property of every description, nature and kind owned by Tenant or for which Tenant is legally liable, which is installed, located or situate in or about the Premises or elsewhere in the Project, including personal liabilitywithout limitation, contractual liabilitytrade fixtures, non-owned automobile liability furnishings, equipment, all inventory or stock in trade and owner’s and contractors’ protective insurance coverage with respect to all signs in, on or about the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of for not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, the full replacement cost thereof and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, shall include a stated amount co-insurance clause and all such policies shall contain a cross-liability and severability breach of interest conditions clause;
(iii) if applicable, broad form blanket comprehensive boiler and comprehensive form machinery insurance on all insurable objects located on the Premises or which are the property or responsibility of Tenant, including repair and or replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusendorsement;
(iv) business interruption insurance, including extra expense insurance, either as an extension to or on the same form as the insurance referred to in subsections 13.3(a)(ii) and 13.3(a)(iii) above, and in such amount amounts from time to time as will reimburse the necessary to fully compensate Tenant for direct or indirect loss of sales or earnings and extra expenses incurred resulting from or attributable to any of the perils required to be insured against under the policies referred to in subsections 13.3(a)(ii) and 13.3(a)(iii) above and all perils commonly circumstances usually insured against by prudent tenants including losses resulting from interference with or attributable to prevention of access to the Leased Premises or the Project as a result of such perilsperils or for any other reason;
(v) plate glass insurance on all internal and external glass within, fronting or forming part of the Premises; however notwithstanding the foregoing, Tenant may elect to self insure for the insurance described in this 13.3(a)(v); and
(vvi) any other insurance against such risks and in such form or forms of insurance and amounts as the Tenant or the Landlord or any mortgagee reasonably requires may from time to time includingreasonably require upon not less than thirty (30) days’ written notice, without limitation, builder’s risk insurance and such other provided Landlord agrees it shall not require Tenant to maintain additional insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementionedunless such additional insurance coverage has become generally accepted insurance, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately generally maintained by the Tenant.
(b) Each policy of insurance comparable tenants or is required as a result of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out particular nature of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredTenant’s business operations.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. The Tenant shall purchase and maintain in force during the Term and any renewal term the following insurance coverage satisfactory to the HRRA:
(a) The Tenant shallduring any periods of construction upon the Subleased Premises, throughout and during the entire Term, at its sole cost and expense, take out and keep property insurance in full force and effect and in the names an amount not less than One Hundred (100%) Percent of the Tenantreplacement value of the improvements upon the Subleased Premises, providing coverage by way of a "builder's all risk" policy, such policy to be satisfactory to the Landlord and any mortgageeHRRA acting reasonably;
(b) comprehensive general liability insurance against, chargeeamong other things, claims for personal injury, death, property damage, or debenture holderthird party or public liability claims arising from any one accident or occurrence upon, in or about the Subleased Premises of and from any cause to an amount of not less Dollars SELECT ONE: Two Million ($2,000,000.00)/Five Million ($5,000,000.00) )] from time to time such greater amounts as are sufficient, as their respective interests may appeardetermined from time to time by the HRRA acting reasonably, to afford equivalent protection against all such claims) in respect of any one accident or occurrence; such general liability insurance coverage to be satisfactory to the following insuranceHRRA acting reasonably;
(c) broad form comprehensive boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount not less than the full replacement costs of all property owned by the Tenant and located in or upon the Subleased Premises; and
(d) from and after completion of construction, property insurance on the Subleased Premises and all fixtures and improvements within the Subleased Premises from loss or damage caused by:
(i) fire and other perils as may from time to time be included in fire insurance against all risks upon property policies generally available to owners of every description and kind owned by commercial premises in the Tenant, or for which the Tenant is legally liable or installed by or on behalf Province of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;Alberta; and
(ii) property damagerisks normally insured against by owners of premises in the Province of Alberta for a development of the size, bodily injury construction, location and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect use similar to the Leased Project. Such insurance shall be for the full replacement value of the Project and all fixtures and improvements within the Subleased Premises, coverage and to include be satisfactory to the business operations conducted HRRA acting reasonably. Each insurance policy referred to in this Section 10.1 shall name the Landlord and the HRRA and any person, firm or corporation designated by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one HRRA as additional insureds or more personsloss payees, or property damageas applicable, and as their interest may appear and such higher limits as policies will contain:
(a) a waiver of any subrogation rights which the Tenant’s insurers may have against the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain the HRRA;
(b) a cross-liability and severability of interest interests clause or a cross liability clause;
(iiic) broad form blanket a clause stating that the Tenant’s insurance policy will be considered as the primary insurance and comprehensive form shall not call into contribution any other insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access that may be available to the Leased Premises as a result of such perilsHRRA or the Landlord; and
(vd) an undertaking by the insurers to notify the HRRA in writing of any other form or forms cancellation of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingpolicy, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(inot less than Thirty (30) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord Days prior to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) cancellation thereof. All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time acceptable to the Landlord, HRRA acting reasonably. The Tenant agrees that certificates of insurance acceptable to the HRRA or if required by the HRRA, certified copies of each such insurance policy, will be delivered to the HRRA as soon as practicable after the placing of the required insuranceon or before the Commencement Date and thereafter, annually thorough the Term on the anniversary of the Commencement Date. All policies shall provide contain an undertaking by the Landlord insurers to notify the HRRA in writing, of any material change, cancellation or termination of any provision of any policy, not less than thirty (30) days prior to the commencement material change, cancellation of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof termination thereof. Lessees shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02carry $2,000,000.00 Commercial Lessees shall carry $5,000,000.00
Appears in 1 contract
Samples: Sublease Agreement
Tenant’s Insurance. Effective as of the earlier of (a) The the date Tenant shallenters or occupies the Premises, or (b) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, Tenant shall maintain the following insuranceinsurance policies:
11.1.1 commercial general liability insurance (i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public personal injury coverage) in amounts of $1,000,000 per occurrence and $2,000,000 in the annual aggregate on a per location basis in primary coverage, with an additional $5,000,000 in umbrella coverage, insuring Tenant (and listing the Landlord Insured Parties as additional insureds), against liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises, operations, independent contractors, products-completed operations, personal injury, advertising injury, liability under assumed contracts, and without implying any consent by Landlord to the installation thereof, the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment (and if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service, distribution or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including personal liquor liability, contractual liabilityif applicable] in such amounts as Landlord may reasonably require);
11.1.2 cause of loss-special risk form (formerly “all-risk”) or its equivalent insurance (including sprinkler leakage, nontheft, boiler and machinery, ordinance and law, sewer back-owned automobile liability up, pipe burst, wind driven rain, water leakage, flood, earthquake, windstorm and owner’s collapse coverage) covering the full value of all alterations and contractors’ protective insurance coverage with respect to improvements and betterments in the Leased Premises, coverage to include the business operations conducted by the Tenant listing Landlord and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits Landlord’s Mortgagee as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clauseadditional loss payees as their interests may appear;
11.1.3 cause of loss-special risk form (iiiformerly “all-risk”) broad form blanket and comprehensive form or its equivalent insurance including repair and replacement coverage on boilerscovering the full value of all furniture, pressure vesselstrade fixtures, electrical and air-conditioning equipment and miscellaneous apparatuspersonal property (including property of Tenant or others) in the Premises or otherwise placed in the Project by or on behalf of a Tenant Party (including Tenant’s Off-Premises Equipment);
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, 11.1.4 builder’s risk or property insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding during the aforementioned, the Tenant shall have the right to self-insure in respect course of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance construction with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02an installation floater where applicable;
Appears in 1 contract
Samples: Lease Agreement (Dirtt Environmental Solutions LTD)
Tenant’s Insurance. Tenant shall maintain the following coverages in the following amounts:
(a) The Tenant shallCommercial General Liability insurance covering claims of bodily injury, throughout personal injury, and during the entire Termproperty damage arising out of Tenant’s operations and contractual liabilities, at its sole cost including coverage formerly known as broad form, on an occurrence basis, with minimum primary limits of $1,000,000 each occurrence and expense, take out $2,000,000 annual aggregate and keep in full force and effect and in the names a minimum excess/umbrella limit of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:$5,000,000.
(b) Property insurance covering (i) insurance against all risks upon office furniture, business and trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s property of every description and kind owned by in the TenantLeased Premises installed by, for, or for which at the expense of Tenant is legally liable or installed by or on behalf of the (“Tenant’s Property”), and (ii) any Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsImprovements (“Tenant-Insured Improvements”), fixtures and chattels in an amount together with business interruption insurance covering periods of not less than one hundred percent (100%1) year in the following amounts: (i) for the first twelve (12) months of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood Term an amount equal to 1 1⁄2 times the Gross Rent ; and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damagefor each succeeding twelve-(12)-month period, bodily injury in amounts not less than the Gross Rent and public liability insurance including personal liabilityTenant’s other operating expenses for the preceding twelve-(12)-month period, contractual liabilityprovided that Tenant may, non-owned automobile liability and owner’s and contractors’ protective insurance at its option, elect not to maintain business interruption coverage, provided that if Tenant does not maintain such coverage, any loss or damage to Tenant which would have been covered by such business interruption coverage with respect shall be deemed, for the purposes of this Lease, to the Leased Premises, coverage to include the business operations conducted be covered by the Tenant and any other person on the Leased Premisesinsurance. Such policies insurance shall be written on a comprehensive basis special cause of loss form (or its then comparable equivalent) for physical loss or damage, for the full replacement cost value (subject to reasonable deductible amounts) without deduction for depreciation of the covered items and in amounts that meet any co-insurance clauses of the policies of insurance, and shall include coverage for damage or other loss caused by fire or other peril, including vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion, and providing business interruption coverage for a period of one year.
(c) Worker’s Compensation and Employer’s Liability or other similar insurance to the extent required by Law. If alcoholic beverages are sold, used, delivered or stored on, in or from the Leased Premises, and such alcoholic beverages shall only be sold, used, delivered or stored if Tenant’s Permitted Use expressly so allows, Tenant shall maintain throughout the Term at its expense, liquor liability insurance or dram shop liability insurance (as applicable) (“Dram Shop Insurance”) with combined single limits of not less than $5,000,000.00 2,000,000 per occurrence for bodily injury to covering any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access claims relating to the Leased Premises as a result manufacture, storage, sale, use or giving away of such perils; and
(v) any alcoholic or other form intoxicating liquor or forms of insurance as the beverage, which claims could be asserted against Landlord, Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsiblePremises.
(d) All policies The minimum limits of insurance required to be carried by Tenant shall not limit Tenant’s liability. Such insurance shall (i) be issued by an insurance company that has an A.M. Best rating of not less than A-VIII; (ii) be in form and content consistent with the requirements of this Lease and reasonably acceptable to Landlord; (iii) may be maintained as part of a blanket policy insuring Tenant and its affiliates at other locations, and (iv) provide that the insurer shall endeavor to provide to Landlord thirty (30) days’ prior notice of any modification or cancellation, except that ten (10) days’ prior notice may be given in the case of nonpayment of premiums. Tenant’s Commercial General Liability Insurance shall (a) name Landlord, Landlord’s managing agent, and any other party designated by Landlord (“Additional Insured Parties”) as additional insureds; and (b) be primary insurance as to all claims thereunder and provide that any insurance carried by Landlord is excess and non-contributing with Tenant’s insurance. Tenant shall be taken out responsible for repairing or restoring the Leased Premises as provided in Section 5.07 and shall designate Landlord as a loss payee with insurers acceptable respect to Tenant’s property insurance on any Tenant-Insured Improvements. Tenant shall deliver to Landlord, on or before the Term Commencement Date and at least fifteen (15) days before the expiration dates thereof, certificates from Tenant’s insurance company on the forms currently designated “XXXXX 28” (Evidence of Commercial Property Insurance) and “XXXXX 25-S” (Certificate of Liability Insurance) or the equivalent. Attached to the XXXXX 25-S (or equivalent) there shall be an endorsement naming the Additional Insured Parties as additional insureds which shall be binding on Tenant’s insurance company and shall expressly require the insurance company to endeavor to provide Landlord and each Additional Insured Party at least thirty (30) days’ prior notice of modification or cancellation, except that ten (10) days’ prior notice may be given in the case of nonpayment of premiums. Upon Landlord’s request, Tenant shall deliver to Landlord, acting reasonably and shall in lieu of such certificates, copies of the policies of insurance required to be in a form satisfactory from time to time to carried under Section 5.03(a) showing that the Landlord, acting reasonably. The Additional Insured Parties are named as additional insureds.
(e) Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of maintain such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all increased amounts of the insurance required to be maintained carried by it Tenant under this Section 9.025.03, and such other types and amounts of insurance covering the Leased Premises and Tenant’s operations therein, as may be reasonably requested by Landlord, but not in excess of the amounts and types of insurance then being required by landlords of buildings comparable to and in the vicinity of the Building. In the event that Tenant fails to timely provide evidence of insurance required to be provided by Tenant hereunder and such failure continues for five (5) business days after Landlord’s written notice to Tenant, Landlord shall be authorized (but not required) to procure such coverage in the amounts stated with all costs thereof to be chargeable to Tenant as Additional Rent, and payable by Tenant upon receipt of written invoice thereof.
Appears in 1 contract
Samples: Lease (NewStar Financial, Inc.)
Tenant’s Insurance. On or before the earlier to occur of (ai) The the Commencement Date; or (ii) the date Tenant shall, commences any work of any type in the Premises pursuant to this Lease (which may be prior to the Commencement Date) and continuing throughout and during the entire Term, Tenant will carry and maintain, at its sole cost and Tenant’s expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance, in the minimum amounts specified below or such other amounts as Landlord may from time to time reasonably request, with insurance companies and on forms reasonably satisfactory to Landlord:
(ia) insurance against all risks upon property of every description Commercial general liability insurance, with a combined single occurrence limit and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount aggregate of not less than one hundred percent $1,000,000. All such insurance will be on an occurrence ISO form including without limitation, bodily injury, property damage, personal injury, advertising injury, products and completed operations liability, and contractual liability coverage for the performance by Tenant of the indemnity agreements set forth in this Lease;
(100%b) A policy of cause of loss-specialty property insurance coverage at least equal to ISO Special Form Causes of Loss and covering all of Tenant’s furniture and fixtures, machinery, equipment, stock and any other personal property owned and used in Tenant’s business and found in, on or about the Project, and any leasehold improvements to the Premises in excess of any initial buildout of the Premises by Landlord, in an amount not less than the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iic) property damageWorker’s compensation insurance insuring against and satisfying Tenant’s obligations and liabilities under the worker’s compensation laws of the state in which the Premises are located, including employer’s liability insurance in the limit of $1,000,000 aggregate;
(d) If Tenant operates owned, hired, or nonowned vehicles on the Project, comprehensive automobile liability will be carried at a limit of liability not less than $1,000,000 combined bodily injury and public property damage;
(e) Umbrella liability insurance including personal liabilityin excess of the underlying coverage listed in paragraphs (a), contractual liability(c) and (d) above, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 4,000,000 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clauseoccurrence/$4,000,000 aggregate;
(iiif) broad form blanket Loss of income and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption extra expense insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings earning attributable to all perils commonly insured against by prudent tenants under the ISO Causes of Loss—Special Form Coverage, or attributable to prevention of access to the Leased Premises as a result of such perils. Such insurance shall provide for an extended period of indemnity to be not less than 12 months; and
(vg) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of All insurance required of the Tenant as aforesaid under this Section 15.3 shall include the Landlord be issued by such good and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant reputable insurance companies qualified to do and doing business in the Leased state in which the Premises and, as appropriate, are located and having a severability policyholder rating of interest/cross liability clause protecting not less than “A-” and a financial rating of “VII” in the Landlord and mortgagee against claims by most current copy of Best’s Insurance Report in the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredform customary to this locality.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Office Lease (Zscaler, Inc.)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termshall maintain, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis coverages with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more personsthe greater of (i) those set forth hereunder, or property damage(ii) those evidenced on the declaration page of the pertinent insurance policy, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) those required by law.
8.04.2.1 Commercial General Liability Insurance issued on terms no less broad form blanket than the most current ISO CG 00 01 occurrence form, covering the insured against claims of bodily injury, personal and comprehensive form insurance advertising injury and property damage (including repair loss of use thereof) arising out of Tenant’s operations, products/completed operations, social or host liquor liability (if applicable), and replacement “insured contracts” (as defined by the most current ISO CG 00 01 form), including a Separation of Insureds provision with no exclusion for cross-liability, and including the Additional Insureds (as defined hereunder) as additional insureds with respect to both ongoing and completed operations coverage on boilersa primary and non-contributory basis, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;for limits of liability of not less than:
(iva) $1,000,000 each occurrence
(b) $2,000,000 annual aggregate per location
(c) $1,000,000 personal and advertising injury
(d) $2,000,000 products-completed operations
8.04.2.2 Property Insurance covering (i) all office furniture, business interruption and trade fixtures, office equipment, free-standing cabinet work, movable partitions, merchandise and all other items of Tenant’s property on the Premises installed by, for, or at the expense of Tenant, and (ii) all Alterations and any other improvements made in the Premises by Tenant (the “New Improvements”). Such insurance shall be written on an “all risks” of physical loss or damage basis, for the full replacement cost value (subject to reasonable deductible amounts) new without deduction for depreciation of the covered items and in amounts that meet any co-insurance clauses of the policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including, but not limited to, hail, windstorm, flood, earthquake, terrorism, vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion.
8.04.2.3 Business Income Interruption for one (1) year plus Extra Expense insurance in such amount amounts as will reimburse the Tenant for actual direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants the risks outlined in Section 8.04.2.2 above or attributable for any forced closing due to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantgovernmental restrictions.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear 8.04.2.4 Auto Liability Insurance covering liability arising solely out of the operations of the Tenant in the Leased Premises andany auto, as appropriateincluding owned (if any), a severability of interest/cross liability clause protecting the Landlord non-owned, leased, and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlordhired autos, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate limit of such insurance not less than $1,000,000 combined single limit each accident for bodily injury and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02property damage.
Appears in 1 contract
Samples: Lease Agreement (Liquidia Corp)
Tenant’s Insurance. (a) The Tenant shall1. To the fullest extent permitted by Law, throughout and during the entire TermTenant, at its sole cost and expense, take out and keep shall maintain in full force and effect and in the names of the Tenanteffect: (a) commercial property insurance covering, at a minimum, the Landlord perils insured under the ISO special cause of loss form, which provides “all risk” coverage (excluding earthquake, flood and any mortgageeother customary exclusions reasonably approved by Landlord), chargee, or debenture holder, as their respective interests may appear, the following insurance:
with respect to: (i) insurance against all risks upon property of every description and kind owned by the Tenantany Alteration Work, or for which the Tenant is legally liable or together with any other fixtures installed by or on behalf of Tenant in the Building, including, but not limited to, special wall and floor coverings, special lighting fixtures, built-in cabinets and bookshelves; and (ii) Tenant’s inventory, contents, furniture, equipment and other personal property of Tenant and which is located within in the Property and Leased Premises comprising only leasehold improvementsPremises, fixtures and chattels in an amount of each case for not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages of such property (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises such property insurance shall be for full replacement cost, cost value of all of Tenant’s property at the decision Premises and the Property); (b) commercial general liability insurance written on the current ISO CG 001 01 Occurrence Form or its equivalent covering liability arising in respect of the Landlord Premises and the conduct or any mortgagee shall be conclusive;
(ii) operation of Tenant’s business therein for premises operations, bodily injury, broad form property damage, bodily advertising injury and public personal injury, including products/completed operations and liability insurance assumed under an insured contract, independent contractors (including personal liabilitytort liability of another assumed in a business contract) and, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premisesextent applicable, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis host liquor liability insurance, with limits of not less than $5,000,000.00 per 2,000,000 aggregate/$1,000,000 each occurrence for bodily injury to any one or more persons(including death), or damage or injury to or destruction of property damage(including the loss of use thereof) with the aggregate applicable on a per location basis, with a $5,000,000 per occurrence/aggregate umbrella policy at least as broad as the commercial general liability, employers liability and, if applicable, automobile liability insurance; (c) workers’ compensation insurance in statutory limits, together with Employers Liability limits of not less than $1,000,000 bodily injury per accident and per illness; (d) if and when Tenant leases or owns automobiles, automobile liability insurance insuring all owned and non-owned and hired automobiles with limits of liability of not less than $1,000,000 combined single limit; (e) business interruption and/or extra coverage as part of its commercial property insurance (provided that in no event shall Landlord be liable for any business interruption or other consequential loss sustained by Tenant, whether or not it is insured by Tenant, even if such loss is caused by the negligence of Landlord, its employees, officers, directors or agents) and such higher insurance shall be for full replacement cost value of Tenant’s responsibility for ongoing rent payments under this Lease in the event of damage to the Property; and (g) pollution and environmental liability insurance covering the environmental risks of Tenant’s business with limits as of not less than One Million Dollars ($1,000,000) per occurrence and not less than Five Million Dollars ($5,000,000) in the aggregate, with respect to environmental contamination and pollution of the Premises caused by Tenant.. Landlord or any mortgagee may periodically require that Tenant reasonably requires increase the aforementioned coverages and limits of liability on a basis consistent with the insurance required to be maintained by comparable tenants in the Comparable Buildings.
2. Tenant’s insurance (excluding worker’s compensation and employer’s liability) shall include Landlord, those of its members of whose identity Tenant has received notice, from time to time, their respective directors, officers, employees and all agents (including the Building’s managing agent) and any mortgagees of the Building whose names and addresses shall have been previously provided to Tenant (the “Landlord Protected Parties”) as additional insureds. Tenant’s insurance policies (including primary, excess and/or umbrella) shall (a) be primary to and non-contributory with any insurance maintained by such policies shall additional insureds, and that the additional insured’s own insurance will only apply in excess of the coverage provided regardless of any policy language to the contrary, and (b) contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement clause for all additional insureds with no cross suits liability exclusion. The coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access provided to the Leased Premises Landlord Protected Parties shall be at least as a result broad as that provided to the first named insured on each policy. In the event any policy provided by Tenant states that coverage provided to an additional insured shall be no broader than that required by contract, or words of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementionedsimilar meaning, the Tenant parties agree that nothing in this Lease shall have be intended to restrict or limit the right to breadth of any such coverage.
3. The deductibles or self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and insured retentions for business interruption Tenant’s insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord must be declared to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of Landlord. If any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it this Lease is written with aggregate limits, Tenant shall actively monitor all claims, incidents and occurrences that may affect such insurance to assure that the application of the aggregate limit will not have the practical effect of reducing the minimum amount of insurance coverage that is available on a per occurrence or per claim basis.
4. Tenant shall deliver to Landlord certificates of insurance evidencing such coverage (and showing the Landlord Protected Parties as additional insureds) prior to taking possession of the Premises. Thereafter, Tenant shall endeavor to deliver to Landlord certificates of insurance evidencing Tenant’s insurance coverage (and showing Landlord Protected Parties as additional insureds) at least thirty (30) days prior to the expiration date of any such policy and shall deliver such certificate, in any event, at least ten (10) days prior to such expiration date. Unless such policy provisions are unavailable in the market, all such insurance policies shall contain a provision that the insurer will provide at least thirty (30) days prior written notification to Landlord prior to cancellation of such policies. Upon notice of cancellation by the insurer, Tenant shall provide immediate notice of same to Landlord.
5. If and to the extent that any type or amount of insurance required under Section 9.02this Lease is not commercially available in the applicable domestic insurance market, then Landlord and Tenant shall reasonably cooperate to amend the requirements hereunder to conform to the amounts and types of insurance so available and customarily required to be maintained by comparable tenants in Comparable Buildings.
Appears in 1 contract
Samples: Lease Agreement (Exicure, Inc.)
Tenant’s Insurance. (a) The On or before the Commencement Date or Tenant’s prior entry into the Premises, Tenant shall, throughout will obtain and during the entire Term, at its sole cost and expense, take out and keep have in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, insurance coverage as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels follows: workers’ compensation in an amount required by law; (ii) commercial general liability with a per occurrence limit of not less than one hundred percent Two Million Dollars (100%$2,000,000) and a general aggregate of Three Million Dollars ($3,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, its agents, designees and lender as additional insureds, an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or contributing with Landlord’s liability insurance; (iii) all risk property insurance for the full replacement cost thereofvalue of all of Tenant’s furniture, with standard extended coverage including sprinkler leakages (where applicable)fixtures, earthquakeequipment, flood alterations, improvements or additions that do not become Landlord’s property upon installation; and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance or any increase in the limits of any of the coverages described above or other forms of insurance as the Tenant Landlord or the mortgagees or ground lessors (if any) of Landlord or any mortgagee may reasonably requires require from time to time includingif in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, without limitation, builder’s risk insurance and such other insurance coverage as would be placed or better (or equivalent rating by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(icomparable rating agency if Best no longer exists) and for business interruption insurance under Section 9.02(a)(ivlicensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing. No policy will be canceled, nonrenewed or materially modified without thirty (30) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if days’ prior written notice by the insurance had been purchased and separately maintained by carrier to Landlord. If the Tenant.
(b) Each policy forms of policies, endorsements, certificates, or evidence of insurance required of the Tenant as aforesaid shall include the by this Article are superseded or discontinued, Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation require other equivalent or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablybetter forms. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all Evidence of the insurance coverage required to be maintained by it Tenant, represented by certificates of insurance issued by the insurance carrier, must be furnished to Landlord prior to Tenant occupying the Premises and at least thirty (30) days prior to the expiration of current policies. Copies of all endorsements required by this Article must accompany the certificates delivered to Landlord. The certificates will state the amounts of all deductibles and self-insured retentions and that Landlord will be notified in writing thirty (30) days prior to cancellation, material change, or non-renewal of insurance. If requested in writing by Landlord, Tenant will provide to Landlord a certified copy of any or all insurance policies or endorsements required by this Article. .B Tenant will not do or allow anything to be done on the Premises which will increase the rate of fire insurance on the Building from that of a general office building. If any use of the Premises by Tenant results in an increase in the fire insurance rate(s) for the Building, Tenant will pay Landlord, as Additional Rent, any resulting increase in premiums. Tenant’s insurance obligations set forth in Section 22 a)(i) and (ii) above shall continue in effect throughout the Term and after the Term as long as Tenant, or anyone claiming by, through or under Section 9.02Tenant, occupies all or any part of the Premises.
Appears in 1 contract
Samples: Lease Agreement (Intelligroup Inc)
Tenant’s Insurance. From and after the Delivery Date (aor such earlier date on which Tenant first accesses the Premises) The through and including the earlier of the Commencement Date and the date of completion of Tenant's Work, Tenant shall, at its sole cost and expense, procure and maintain the insurance coverages required under Article 7.00 of Exhibit E. From and after the earlier of the Commencement Date and the date of completion of Tenant's Work, Tenant shall procure and maintain throughout and during the entire Term, at its sole cost and expense, take out the insurance coverages set forth in this Section 10.1.1.
(a) Tenant shall keep all of its machinery, equipment, furniture, fixtures, plate glass, inventory, goods, personal property (including also property under the care, custody or control of Tenant) and keep business interests which may be located in, upon or about the Premises insured, at Tenant's sole cost and expense, for the benefit of Tenant in an amount equivalent to the full force replacement value or insurable value thereof against loss or damage by fire and effect and such other risk or risks of a similar or dissimilar nature as are now, or may in the names future be, customarily covered with respect to a tenant's machinery, equipment, furniture, fixtures, inventory, goods, personal property and business located in a building similar in construction, general location, use, occupancy and design to the Shopping Center, including, but without limiting the generality of the Tenantforegoing, windstorms, hail, explosions, vandalism, theft, malicious mischief, civil commotion and such other coverage as Tenant may deem appropriate or necessary. Tenant agrees that such policy or policies of insurance shall contain a waiver of subrogation clause as to Landlord, and, anything in this Lease to the contrary notwithstanding, Tenant waives, releases and discharges Landlord and the Landlord Affiliated Entities from all claims or demands whatsoever which Tenant may have or acquire arising out of damage to or destruction of the machinery, equipment, furniture, fixtures, inventory, goods, personal property and business of Tenant occasioned by fire or other cause, whether such claim or demand may arise because of the negligence or fault of Landlord and its agents, contractors, servants, employees, licensees or otherwise, and Tenant agrees to look to the insurance coverage only in the event of such loss.
(b) Tenant shall procure and maintain throughout the Term, at its sole cost and expense, a policy of commercial general liability insurance, insuring Landlord, the Landlord Affiliated Entities and any mortgageeTenant, chargeeagainst all claims, demands or actions arising out of or in connection with Tenant's use or occupancy of the Premises, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf condition of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsPremises, fixtures and chattels in an amount with a combined single limit of not less than Three Million and 00/100 Dollars ($3,000,000 .00) for bodily injury including death of any one hundred percent person or any one accident and in respect to property damaged or destroyed. Tenant agrees to include in such policy contractual liability coverage insuring Tenant's indemnification obligations herein. Any such coverage shall be deemed primary and non-contributing to any liability coverage secured by Landlord.
(100%c) Tenant shall procure and maintain throughout the Term, at its sole cost and expense, Employer's Liability Coverage with an aggregate total of One Million Dollars ($1,000,000).
(d) Tenant shall procure and maintain throughout the Term, at its sole cost and expense, Workers Compensation insurance in accordance with State law. The insurance policy(ies) required under this Section 10.1.1 shall be written by insurance companies reasonably satisfactory to Landlord with an A.M. Best Company rating of at least A-/Vlll or better. The minimum limits of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapseinsurance policy(ies) required under this Section 10.1.1 shall in no way limit or diminish Tenant's liability under Section 10.4. In the event that there is Tenant shall obtain a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person written obligation on the Leased Premisespart of its insurance company to notify Landlord at least thirty (30) days prior to cancellation of any insurance maintained by Tenant under this Section 10.1. Such policies shall be written on or duly executed binders of insurance or a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all certificate evidencing such policies shall contain a cross-liability and severability of interest clause;
be delivered to Landlord at least thirty (iii30) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access days prior to the Leased Premises expiration of the policy term. At such time as a result insurance limits required of such perils; and
(v) any other form or forms of insurance as tenants in shopping centers in the Tenant or area in which the Shopping Center is located are generally increased to greater amounts, Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent require such greater limits as if the insurance had been purchased and separately maintained by the Tenantmay then be customary.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in pay all premiums for, throughout the names of Term and during such other time as Tenant occupies the Tenant, the Landlord and Leased Premises or any mortgagee, chargee, or debenture holder, as their respective interests may appearpart thereof, the following insurance:
(i) comprehensive general liability insurance against all risks including but not limited to property damage, bodily injury liability, contractual liability, non-owned automobile liability and owners' and contractors' protective insurance coverage with respect to the Leased Premises and Tenant's use of the Building and the Lands, coverage to include the activities conducted by Tenant and any other Person on the Leased Premises, and by Tenant, those for whom Tenant is in law responsible and any other Person performing work on behalf of Tenant in any other part of the Building or the Lands. Such policies shall have inclusive limits of at least Two Million ($2,000,000.00) Dollars for each occurrence involving bodily injury, death or property damage, or such higher limits as Landlord may from time to time reasonably require;
(ii) insurance upon property of every kind and description and kind owned by the Tenant, or for which the Tenant is legally liable liable, or installed by or on behalf of Tenant in the Tenant Building, without limitation, stock-in-trade, if appropriate, furniture, fixtures, interior plate glass and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, which amount shall be conclusively determined by Landlord in the event of any dispute with respect thereto. Such coverage shall insure at least against fire and such other perils as are from time to time included in the standard extended "all-risks" coverage including including, without limitation, sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) if appropriate, broad form comprehensive boiler and machinery insurance on a blanket and comprehensive form insurance including repair and replacement coverage on basis with limits for each accident in an amount not less than the full replacement costs of all leasehold improvements and of all boilers, pressure pressure-vessels, electrical and air-conditioning equipment and miscellaneous apparatuselectrical apparatus owned or operated by Tenant or by others (other than Landlord) on behalf of Tenant in or relating to or serving the Leased Premises;
(iv) business interruption insurance in such amount amounts as will are from time to time necessary to reimburse the Tenant for direct or indirect loss of earnings attributable to all any of the perils required to be insured against by Tenant pursuant hereto or any other perils commonly insured against by prudent tenants in similar circumstances or attributable to prevention of access to the Leased Premises or the Building as a result of such perils;
(v) tenant's legal liability insurance for the whole replacement cost of the Leased Premises, including loss of use thereof;
(vi) standard owners' form automobile policy providing third party liability insurance with inclusive limits of not less than one Million ($1,000,000.00) Dollars, and accident benefit insurance, covering all licensed vehicles owned or operated by or on behalf of Tenant; and
(vii) any other form of insurance, in such amounts and against such risks, as Landlord may from time to time reasonably require.
(b) Each of Tenant's insurance policies shall name Landlord and any Persons designated by Landlord as additional named insured as their respective interests may appear and shall contain, as appropriate,
(i) the standard mortgage clause as may be required by any mortgagee of Landlord;
(ii) a waiver of any subrogation rights which Tenant's insurers would have against Landlord or any Person for whom Landlord is in law responsible;
(iii) a severability of interests clause and a cross-liability clause;
(iv) a provision stating that Tenant's insurance policy shall be primary and shall not call into contribution any other insurance available to Landlord; and
(v) any other form or forms a waiver, as respects the interests of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations any mortgagee, of the Tenant any provision in any of Tenant's insurance policies with respect to any breach of any warranties, representations, declarations, or conditions contained in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredsaid policies.
(c) Each policy All policies shall be taken out with such insurers and be in such form as are satisfactory from time to time to Landlord. Tenant shall deliver to Landlord either certificates of insurance taken out in the form designated by Landlord or certified copies of Tenant's insurance policies as soon as practicable after the placement of such insurance, and shall from time to time furnish to Landlord certificates or other evidences acceptable to Landlord as to Tenant's insurance in effect and its renewal or continuation in force, together with such evidence as may be required by the Tenant in accordance with this Lease and each Landlord as to the method of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence determination of the Landlord or those for whom it is in law responsiblefull replacement cost of Tenant's stock-in-trade, furniture, fixtures, interior plate glass and leasehold improvements.
(d) All policies shall contain an undertaking by the insurers that no material change, cancellation or termination of any policy will be taken out made unless Landlord has received not less than thirty (30) days prior written notice thereof, delivered in accordance with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement provisions of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02this Lease.
Appears in 1 contract
Tenant’s Insurance. (a) The At all times after the execution of this Lease, Tenant shall, throughout will cany and during the entire Termmaintain, at its sole cost and expenseexpense with insurance companies reasonably acceptable to Landlord that are rated no less than A-, take out and keep in full force and effect and in the names of the TenantClass VII, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
by A.M. Best Company: (i) a commercial general liability insurance policy, including products/completed operations and insurance against all risks upon property of every description and kind owned by the Tenantassumed or contractual liability under this Lease, or for which the Tenant is legally liable or installed by or on behalf liability arising out of the Tenant ownership, use, occupancy or maintenance of the Premises and which is located within all areas appurtenant thereto, including any portion of the Property and Leased Premises comprising only leasehold improvementsCommon Areas used by Tenant; Tenant’s invitees, fixtures and chattels in an amount contractors, employees or agents, to afford protection with respect to bodily injury, death or property damage (including loss of use) of not less than one hundred percent One Million Dollars (100%$1,000,000) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages each occurrence/Two Million Dollars (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
$2,000,000) aggregate; (ii) a property damage, bodily injury insurance policy insuring all Above Standard improvements and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to fixtures in the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability personal property located within the Premises, on the “Special Form,” including theft coverage, written at replacement cost value with replacement cost endorsements, covering all of the Tenant’s property, and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance coverage in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all the perils insured against under section (i) above and this section (ii), and other perils commonly insured against by prudent tenants business owners, or attributable to prevention of access to the Leased Premises as Premises, for a result period of such perilsat least eighteen (18) months; and
(iii) a worker’s compensation insurance policy with applicable statutory limits, including employers liability insurance with limits of not less than One Million Dollars ($1,000,000.00); (iv) automobile liability insurance with single limit coverage of at least $1,000,000 for all owned, leased/hired or non -owned vehicles; (v) any if Tenant will serve or sell alcohol at the Project, a liquor liability insurance policy with minimum coverage of One Million Dollars($1,000,000.00); and (vi) an excess/umbrella liability policy “following form” of not less than Ten Million Dollars ($10,000,000), including a “drop down” feature in case the limits of the primary policy are exhausted. Landlord may also require all Outside Contractors to provide in addition to the insurance coverages referenced above such other form or forms of insurance in amounts and types and with such companies as the Tenant or the Landlord or any mortgagee may be reasonably requires from time to time requested by Landlord, including, without limitation, construction all risk/builder’s risk risks (including loss of revenue) insurance, owners and contractors protective liability insurance, professional errors and omissions liability insurance, and insurance covering such contractor’s equipment and tools. Each insurance policy required to be maintained hereunder by Tenant shall include an “Additional Insured Endorsement” in favor of Landlord. Tenant’s insurance shall be considered primary, not excess, and non-contributory with Landlord’s insurance policies, and deductible amounts, if any, under such other policies shall be commercially reasonable. An XXXXX 25 certificate of such insurance coverage as would in the most recent edition available and reasonably satisfactory to Landlord, or certified copies of the policies, shall be placed furnished to Landlord on or before the earlier of the Commencement Date or ten (10) days after execution of the Lease, reflecting the limits and endorsements required herein, and renewal XXXXX 25 certificates or certified copies of renewal policies shall be delivered to Landlord at least ten (10) days prior to the expiration date of any policy. Each policy shall be endorsed to provide notice of nonrenewal to Landlord and shall further provide that it may not be altered or canceled without thirty (30) days prior notice to Landlord. Landlord agrees to cooperate with Tenant to the extent reasonably requested by a prudent tenantTenant to enable Tenant to obtain such insurance. Notwithstanding the aforementioned, the Tenant Landlord shall have the right to self-insure require increased limits if, in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Landlord’s reasonable judgment, such increase is necessary. Tenant shall indemnify pay all premiums and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy charges for all of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises said policies, and, as appropriateif Tenant shall fail to make any such payment when due or carry any such policy, a severability of Landlord may, but shall not be obligated to, make such payment or carry such policy, and the amount paid by Landlord, with interest thereon at the Default Rate, shall be repaid to Landlord by Tenant within ten (10) days following demand therefor, and all such amounts so repayable, together with such interest/cross liability clause protecting the , shall be deemed to constitute additional Rent hereunder. Payment by Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights such premium, or the carrying by Landlord of subrogation any such policy, shall not be deemed to waive or indemnity or release Tenant from any other claim over remedy available to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsibleunder this Lease.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and At all times during the entire Term, Tenant will ------------------ carry and maintain, at its sole cost and Tenant's expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance, in the amounts specified below or such other amounts as Landlord may from time to time reasonably request, with insurance companies and on forms satisfactory to Landlord:
(ia) insurance against all risks upon Bodily injury and property of every description and kind owned by the Tenantdamage liability insurance, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount with a combined single occurrence limit of not less than one hundred percent $1,000,000. All such insurance will be on an occurrence commercial general liability form including without limitation, personal injury and contractual liability coverage for the performance by Tenant of the indemnity agreements set forth in ARTICLE XVIII of this Lease. Such insurance shall include waiver ------------- of subrogation rights in favor of Landlord and Landlord's management company.
(100%b) Insurance covering all of Tenant's furniture and fixtures, machinery, equipment, stock and any other personal property owned and used in Tenant's business and found in, on or about the Project, and any leasehold improvements to the Premises in excess of any initial buildout of the Premises by the Landlord, in an amount not less than the full replacement cost thereof, with standard extended cost. Property forms will provide coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In on an open perils basis insuring against "all risks of direct physical loss." All policy proceeds will be used for the event that there is a dispute as to the amount which comprises full repair or replacement cost, the decision of the Landlord property damaged or destroyed, however, if this Lease ceases under the provisions of ARTICLE ------- XX, Tenant will be entitled to any mortgagee shall be conclusiveproceeds resulting from damage to -- Tenant's furniture and fixtures, machinery and equipment, stock and any other personal property;
(iic) property damageWorker's compensation insurance insuring against and satisfying Tenant's obligations and liabilities under the worker's compensation laws of the state in which the Premises are located, including employer's liability insurance in the limit of $1,000,000 aggregate. Such insurance shall include waiver of subrogation rights in favor of Landlord and Landlord's management company.
(d) If Tenant operates owned, hired, or nonowned vehicles on the Project, comprehensive automobile liability will be carried at a limit of liability not less than $1,000,000 combined bodily injury and public property damage;
(e) Umbrella liability insurance including personal liabilityin excess of the underlying coverage listed in paragraphs (a), contractual liability(c) and (d) above, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 2,000,000 per occurrence for bodily injury to any one or more personsoccurrence/$2,000,000 aggregate, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(vf) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of All insurance required of the Tenant as aforesaid under this ARTICLE XVI shall include the Landlord be ----------- issued by such good and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant reputable insurance companies qualified to do and doing business in the Leased state in which the Premises and, are located and having a rating not less than A:VIII as appropriate, a severability rated in the most current copy of interest/cross liability clause protecting Best's Insurance Report in the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredform customary to this locality.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. (a) The From and after the date of delivery of possession of the Premises from Landlord to Tenant shalland throughout the term hereof, throughout Tenant shall carry and during the entire Termmaintain in full force, at its sole cost and own expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following types, amounts and forms of insurance:
(a) Public liability insurance, including product liability insurance and insurance against assumed or contractual liability under this Lease, with respect to the Premises, to afford reasonable protection, for each occurrence, with respect to personal injury or death, and property damage;
(b) All-risk casualty insurance covering events including, but not limited to, vandalism, malicious mischief and special extended peril, burglary, and theft, written at full replacement cost value and with replacement cost endorsement, and covering the Premises to the fullest extent possible and all of Tenant’s property including, without limitations, inventory, trade fixtures, floor coverings, furniture and other property removable by Tenant under the provisions of this Lease;
(c) Fire insurance written at full replacement cost value and with replacement cost endorsement, covering (i) insurance against all risks upon of Tenant’s property including, without limitations, inventory, trade fixtures, floor coverings, furniture and other property removable by Tenant under the provisions of every description this Lease and kind owned by (ii) all leasehold improvements installed in the Tenant, or for which the Tenant is legally liable or installed Premises by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as pursuant to the amount which comprises full replacement cost, the decision of the Landlord Exhibit A or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsibleotherwise.
(d) All policies Any proceeds from any insurance shall be taken out with insurers acceptable used for the repair or replacement of the property damaged or destroyed unless this Lease is terminated pursuant to the Landlordprovisions hereof. If the Premises are not repaired or restored following damage or destruction, acting reasonably and Landlord shall be in a form satisfactory receive any proceeds from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required allocable to be maintained by it under Section 9.02Tenant's immovable improvements.
Appears in 1 contract
Samples: Lease Agreement (Tiger Reef, Inc.)
Tenant’s Insurance. A. Tenant shall carry (a) The Tenant shall, throughout and during the entire Term, at its sole cost expense during the Lease Term):
(I) all-risk property insurance, insuring all improvements and expense, take out and keep in full force and effect and alterations in the names of the TenantPremises, the Landlord and any mortgagee, chargee, whether now existing or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or hereinafter installed by or on behalf of the Tenant and which is located within the Property any and Leased Premises comprising only leasehold improvementsall furniture, fixtures fixtures, equipment, supplies, inventory, contents and chattels other property owned, leased, held or possessed by Tenant and contained therein. Such insurance shall be in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereofof such improvements and property, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires may increase from time to time, without deduction for depreciation, providing protection against all perils included within the classification of fire, extended coverage, vandalism, malicious mischief, special extended peril (all risk), boiler and all such policies shall contain a cross-liability machinery, flood, glass breakage and severability of sprinkler leakage, and naming Landlord as loss payee as its interest clausemay appear;
(iiiII) broad form blanket worker’s compensation and comprehensive form employer’s liability insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against required by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilsapplicable law; and
(vIII) commercial general liability insurance on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of any work being done on the Premises, or arising out of the condition, use or occupancy of the Premises, or other portions of the Building, and covering Tenant’s indemnification obligations imposed by Section 15 of this Lease, the limits of such policy or policies to be in amounts not less than $1,000,000.00 in primary liability coverage and $2,000,000.00 in the generate aggregate (exclusively dedicated to Tenant’s operations in the Building; a “per project” aggregate), along with an excess/umbrella liability policy or policies in amounts not less than $4,000,000.00. All such liability policies shall (a) be written on a form or forms of insurance affording coverage which is at least as broad as the Tenant or the Landlord or current ISO occurrence based form and shall not contain any mortgagee reasonably requires from time non-ISO endorsements which serve to time includingrestrict coverage; (b) shall contain endorsements which (i) delete any employee exclusion on personal injury coverage, without limitation(ii) include employees as additional insureds and (iii) contain cross-liability, builder’s risk insurance waiver of subrogation and such other insurance coverage provisions as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels Landlord may reasonably require and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease shall (i) be written to apply to all bodily injury, property damage, personal injury and each of such policies other covered loss, however occasioned and (ii) shall specifically not contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsiblean electromagnetic field (EMF) exclusion.
(d) All policies shall be taken out with insurers acceptable B. Landlord retains the right, in its reasonable discretion, to increase the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement amount and/or types of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained under this Section 24 by Tenant (to the amounts and/or types of coverage then required by Landlord of tenants entering into new leases in the Building or as being carried by similarly situated tenants in comparable buildings) on not less than thirty (30) days’ notice to Tenant and not more frequently than annually based on such factors as inflation, Tenant’s insurance claims history, the advice of Landlord’s insurance advisors and any other relevant factors (but in no event [i] prior to the second [2nd] anniversary of the Lease Term and [ii] by more than $2,000,000.00 in the aggregate over the remainder of the Lease Term). No insurance policy or policies required to be carried by Tenant will be subject to more than a $10,000.00 deductible limit without Landlord’s prior written consent.
C. All said insurance policies shall be carried with companies licensed to do business in the state in which the Premises are located reasonably satisfactory to Landlord. Tenant shall deliver duly executed certificates of such insurance to Landlord prior to the Commencement Date and shall endeavor to provide renewal certificates at least thirty (30) days prior to the expiration of each respective policy term.
D. Initially, all commercial general liabilities policies (both primary and excess/umbrella policies) shall each name Xxxxx 00 Xxxxx Xxxxxx, LLC and CRG Management, LLC as additional insureds and provide that it is primary to, and not contributing with, any policy carried by Landlord, Landlord’s property manager, or other designated person covering the same loss in connection with this Lease. All coverage for additional insureds shall specifically include coverage for completed operations. Tenant shall be responsible for notifying its insurance carriers in the event of a loss or a potential loss involving any of the additional insureds. In addition, at any time during the Lease Term, Landlord may require Tenant to amend or add any other person or entity, designated by Landlord, as an additional insured on such policy(ies).
E. If Tenant fails to take out or keep in force any insurance required to be carried by Tenant, or to provide evidence of the same, Landlord shall have the right, but shall not be obligated, to obtain such insurance at the sole cost and expense of Tenant, and Tenant shall reimburse Landlord for the cost thereof upon demand. If, due to the failure of Tenant to comply with the foregoing provisions, Landlord is adjudged a co-insurer by its insurance carrier, then any loss or damage Landlord shall sustain by reason thereof shall be borne by Tenant and shall be immediately paid by Tenant upon receipt of a xxxx therefor from Landlord and evidence of such loss. Landlord makes no representation that the minimum limits of liability specified to be carried by Tenant hereunder are adequate to protect Tenant.
F. In the event of a breach of any insurance procurement obligation under Section 9.02this Lease by Tenant or any of its contractors/subcontractors, Tenant shall pay for the Landlord’s (or any other entity that is/should have been included as an additional insured) reasonable attorneys fees, expenses and liability as a result of any claim or lawsuit. Landlord’s commercial general liability and excess liability insurers are deemed to be third-party beneficiaries of the insurance procurement obligations herein and in the event of a breach hereof, such insurers will have the same rights as Landlord against Tenant and its contractors as provided in this Lease.
Appears in 1 contract
Samples: Sublease (Shutterstock, Inc.)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expenseexpense during the Term and during such other period of time that the Tenant occupies the Premises, take out and keep maintain in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancefollowing:
(ia) insurance against glass insurance, with the Landlord as a loss payee, covering all risks upon property of every description glass and kind owned by the Tenant, plate glass in or for which the Tenant is legally liable or installed by or on behalf forming part of the Tenant Premises, including glass windows and which is located within the Property and Leased Premises comprising only leasehold improvementsdoors, fixtures and chattels in an amount of not less than one hundred percent equal to its full insurable value; (100%b) of the full replacement cost thereofcommercial general liability insurance, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
as an additional insured, in reasonable amounts (ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence occurrence) reasonably designated by the Landlord in respect of claims for bodily injury to any one or more personsinjury, death or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to timewhich shall include personal injury, products and completed operations, blanket contractual, non-owned automobile, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket property damage liability; (c) "all risks" insurance, including earthquake and comprehensive form insurance including repair and replacement coverage on boilersflood insurance, pressure vesselscovering the leasehold improvements, electrical and air-conditioning fixtures, furniture, inventory, equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required personal property of the Tenant as aforesaid shall to their full replacement cost value and business interruption. Such insurance will include the Landlord and as a loss payee as its mortgagee(s) as additional insureds as their respective interests interest may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately with respect to insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablyleasehold improvements. The Tenant shall provide make such proceeds available toward the repair or replacement of the insured property if this Lease is not terminated pursuant to any other provisions hereof; (d) comprehensive boiler and machinery coverage, as required, on the equipment installed by the Tenant and business interruption coverage for the failure of such equipment; (e) tenant's legal liability insurance in an amount not less than the replacement cost of the Premises; (f) automobile liability insurance to a limit of liability of not less than $2,000,000 in any one accident, covering all licensed motor vehicles owned by the Tenant and used in connection with its business carried on from the Premises; and (g) such other insurance as the Landlord prior to the commencement of the Fixturing Period with may reasonably designate, in amounts and for risks against which a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02prudent tenant would insure.
Appears in 1 contract
Samples: Lease Agreement (Abgenix Inc)
Tenant’s Insurance. Effective as of the earlier of: (a1) The the date Tenant shallenters or occupies any portion of the Premises; or (2) the Initial Premises Commencement Date, and continuing throughout and during the entire Term, at its sole cost Tenant shall maintain the following insurance policies: (A) commercial general liability insurance in amounts of $3,000,000 per occurrence or, following the expiration of the Initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and expenseoccupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., take out the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company and keep Invesco against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment with an additional insured endorsement in form CG 20 26 11 85 or equivalent; (B)Automobile Liability covering any owned, non-owned, leased, rented or borrowed vehicles of Tenant with limits no less than $3,000,000 combined single limit for property damage and bodily injury; (C) All Risk Property insurance covering the full force value of all Alterations and effect improvements and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee (as defined in Section 12(a)) as additional loss payees as their respective interests may appear; (D) All Risk Property insurance covering the full value of all furniture, the following insurance:
trade fixtures and personal property (i) insurance against all risks upon including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which Party (including Tenant’s Off-Premises Equipment) it being understood that no lack or inadequacy of OFFICE LEASE AGREEMENT CentrePort/Radiant Systems, Inc. 16 insurance by Tenant shall in any event make Landlord subject to any claim by virtue of any theft of or loss or damage to any uninsured or inadequately insured property; (E) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels not already included in an amount of Tenant’s commercial general liability insurance policy); (F) worker’s compensation insurance in amounts not less than one hundred percent (100%) of the full replacement cost thereofstatutorily required, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability Employers’ Liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than Three Million Dollars ($5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
3,000,000); (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivG) business interruption insurance in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants under Section 11(a)(2)(C) or attributable to the prevention of access to the Leased Premises Building or Premises; (H) in the event Tenant performs any alterations or repairs in, on, or to the Premises, to the extent not covered by the All Risk Property insurance required under Section 11(a)(2)(D) hereinabove, Builder’s Risk Insurance on an All Risk basis (including collapse) on a completed value (non-reporting) form, or by endorsement including such coverage pursuant to Section 11(a)(2)(C) hereinabove, for full replacement value covering all work incorporated in the Building and all materials and equipment in or about the Premises; and (I) such other insurance or any changes or endorsements to the insurance required herein, including increased limits of coverage, as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord Landlord, or any mortgagee or lessor of Landlord, may reasonably requires require from time to time includingtime, without limitationbut only in the event and to the extent such coverages are commonly required by like landlords of similar properties and coverage is commercially available in the insurance industry. Tenant’s insurance shall provide primary coverage to Landlord and shall not require contribution by any insurance maintained by Landlord, builderwhen any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord’s risk insurance policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance, with an additional insured endorsement in form CG 20 26 11 85 or equivalent, and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten (10) days prior to the aforementionedearlier of the Initial Premises Commencement Date or the date Tenant enters or occupies any portion of the Premises, the and at least fifteen (15) days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(inotify Landlord at least thirty (30) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer days before cancellation of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form, and issued by companies with insurers acceptable a Best’s rating of A:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, and such failure continues for a period of two (2) Business Days following the date of written notice thereof from Landlord to Tenant, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming premium costs thereof, plus an administrative fee of ten percent (10%) of such cost. It is expressly understood and agreed that the foregoing minimum limits of insurance coverage shall not limit the liability of Tenant has arranged all for its acts or omissions as provided in this Lease. All of the Tenant’s insurance required to be maintained by it under Section 9.02policies may contain commercially reasonable deductibles and self-insured retentions.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall, during the entire Term hereof, procure and keep in full force and effect and force, in the names of amounts set forth on the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
Data Sheet: (i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public commercial general liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased PremisesPremises and the operations of Tenant in, coverage to include on or about the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 Premises per occurrence for combined single limit, broad form/extended bodily injury to any one or more personsinjury, or death and property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-; (ii) product liability and severability of interest clause;
coverage (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builderliquor liability coverage for acts arising out of the serving and/or consumption of food and/or alcoholic beverages on or obtained at the Premises, if part of the Permitted Use) per occurrence combined single limit, broad form/ extended bodily injury, death and property damage; (iii) commercial automobile liability insurance covering all owned, non-owned, hired or borrowed vehicles of Tenant, or any vehicle used by Tenant’s employees, in connection with the operation of its business from the Premises, per occurrence combined single limit, broad form/ extended bodily injury, death and property damage; (iv) property insurance at full replacement value including coverage against fire, smoke, lightning, windstorm and hail, explosion, theft, vandalism, malicious mischief, falling objects, water damage which does not exclude backup from sewers or drains and/or sprinkler leakage, plate glass, earth movement, and flood insuring Tenant’s merchandise, trade fixtures, furnishings, mechanical, electronic, or other service equipment, and all other items of Personal Property of Tenant located on or in the Premises; (v) business interruption and extra expense insurance covering no less than twelve (12) months of loss of income; (vi) builders risk insurance and such other insurance during any construction, alteration, or fit-out project undertaken by Tenant as required in Exhibit B; (vii) workers’ compensation coverage as would required by law and including Employer’s Liability Insurance in the amounts set forth on the Data Sheet per each accident, per each employee by disease, with a policy aggregate by disease in the amount set forth on the Data Sheet; and (viii) professional liability insurance in commercially reasonable amounts if the Permitted Use includes any medical, veterinary, pharmacy, chiropractor, dentistry, legal, CPA or accounting, psychology, psychiatry or therapist, or other similar uses. If Landlord reasonably deems it necessary to increase the amounts or limits of insurance required to be placed carried by a prudent tenant. Notwithstanding the aforementionedTenant hereunder, the Tenant shall have so increase the right to self-insure in respect of its chattels amounts or limits and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that shall provide Landlord with policies or certificates indicating the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantincreased amounts or limits.
(b) Each policy All policies of insurance required to be carried by Tenant pursuant to this Section 11.01 shall be written by insurance companies of adequate financial capacity satisfactory to Landlord with a Best’s rating and Financial Size Category of not less than A-/VII and authorized to do business in the state in which the Development is located. Any such insurance required of Tenant hereunder may be furnished by Tenant under any blanket policy carried by it or under a separate policy therefor. An insurance certificate (and endorsements where same become necessary) certifying that such policy has been issued, providing the coverage required and all of the Tenant as aforesaid provisions specified in this Section 11.01, shall include be delivered to Landlord prior to the Landlord Delivery Date, and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant such insurance information shall also be provided in the Leased Premises and, as appropriate, a severability of interestconnection with all renewals. ROS/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.Impossible Kicks 13 Form Rev. [02/2023]
(c) Each Tenant’s general liability insurance policy shall: (i) be primary and non-contributing with respect to any policies carried by Landlord and that any coverage carried by Landlord be excess insurance; and (ii) include Landlord and the parties set forth on the Data Sheet of insurance taken out by the Tenant in accordance with this Lease and each of such any other parties designated by Landlord from time to time as additional insured entities. All insurance policies required to be carried by Tenant pursuant to this Section 11.01 shall contain the following clauses and provisions: (w) a release and waiver by the insurer of any rights right to subrogation against Landlord and other additional insured entities (as set forth on the Data Sheet), its agents, employees and representatives which arises or might arise by reason of subrogation any payment under such policy or indemnity by reason of any act or any other claim over to which such insurer might otherwise be entitled against the omission of Landlord, its agents, employees or those representatives; (x) a severability of interest clause or endorsement; (y) a provision that the insurer will not cancel or change the coverage provided by such policy without giving Landlord thirty (30) days’ prior written notice; and (z) such policy shall be an “occurrence form” policy. With respect to any policy of insurance required in this Section 11.01, Tenant shall be responsible for whom any deductible or self-insured retention amounts and the defense and indemnity obligations set forth in this Lease in the event that an insurer does not participate in the defense and/or indemnity of a claim tendered by Landlord pending exhaustion of a deductible or self-insured retention amount, it is in law responsible whether or not caused by being the act, omission or negligence intent of the Landlord parties that the additional insured entities shall be fully insured from the first dollar of any claimed loss or those for whom it is in law responsibleexpense.
(d) All policies In the event that Tenant fails to procure or to maintain, at the times and for the duration specified in this Section 11.01, any insurance required by this Section 11.01, or fails to carry insurance required by law or governmental regulation, Landlord may (but shall not be required to) at any time or from time to time, and without notice to Tenant, procure such insurance and pay the premiums therefor, and the cost of same, plus a fifteen percent(15%) administrative fee shall be taken out with insurers payable upon Landlord’s demand.
(e) Tenant will not do or suffer to be done, or keep or suffer to be kept, anything in, upon or about the Premises which will violate Landlord’s policies of hazard or liability insurance, or which will prevent Landlord from procuring such policies in companies acceptable to Landlord. If anything done, omitted to be done or suffered by Tenant to be kept in, upon or about the Landlord, acting reasonably and Premises shall cause the rate of fire or other insurance on the Premises or on other property of Landlord or of others within the Development to be in a form satisfactory increased beyond the minimum rate from time to time applicable to the Premises or to any property for the use or uses made thereof, Tenant will pay the amount of any such increase upon Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02’s demand.
Appears in 1 contract
Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord Landlord, and any mortgageethe Landlord's mortgagees, chargee, or debenture holder, as their respective interests may appearif any, the following insurance:
(ia) insurance against all risks upon property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent per cent (100%) of the full replacement cost thereof, with coverage against the perils of fire and standard extended coverage coverage, including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iib) property damagebroad form boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount not less than the replacement cost of all leasehold improvements and of all boilers, bodily injury pressure vessels, air conditioning equipment and miscellaneous electrical apparatus owned or operated by the Tenant or by others (other than the Landlord) on behalf of the Tenant in the Leased Premises or relating to or serving the Leased Premises;
(c) public liability and property damage insurance including personal injury liability, contractual liability, non-owned automobile liability and owner’s owners' and contractors’ ' protective insurance coverage with respect to the Leased Premises, coverage Premises and the Tenant's use of the Premises to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with inclusive limits of not less than Two Million Dollars ($5,000,000.00 per occurrence 2,000,000) for bodily injury to any one or more persons, persons or property damagedamage and to provide that it shall not be invalidated as respects the interests of the Landlord and the Landlord's mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies. All such policies must contain a severability of interests clause, a cross liability clause and such higher limits as shall be primary and shall not call into contribution any other insurance available to the Landlord or any mortgagee reasonably requires from time to timethe Landlord's mortgagee. The Tenant agrees that certificates of insurance or, and all if required by the Landlord or the Landlord's mortgagee, certified copies of each such insurance policy, will be delivered to the Landlord as soon as practicable after the placing of the required insurance. All such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained an undertaking by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include insurers to notify the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is 's mortgagees in law responsible whether or writing not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
less than thirty (d30) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord days prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required any material change, cancellation, failure to be maintained by it under Section 9.02renew, or termination thereof.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout shall procure and during the entire Termmaintain policies of insurance, at its sole cost and expense, take out during the Term with terms, coverages and keep in full force and effect and in the names of the Tenant, the companies satisfactory to Landlord and any mortgageewith such reasonable increases in limits as Landlord may from time to time request, chargee, or debenture holder, as their respective interests may appear, but initially Tenant shall maintain the following insurancecoverages insuring:
(ia) insurance against Tenant and Landlord from all risks upon property of every description and kind owned by the Tenantclaims, demands or for which the Tenant is legally liable or installed by actions made by, or on behalf of, any person or persons, firm or corporation and arising from, related to or connected with the Leased Premises, for injury to or death of the Tenant any person and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels for damage to property in an amount of not less than one hundred percent One Million Dollars ($1,000,000.00) per claim and not less than Five Million Dollars ($5,000,000.00) in the aggregate. Tenant's insurance will include contractual liability coverage recognizing this Lease and products and completed operations liability.
(b) Insurance against loss or damage from external explosion or breakdown of boilers, air conditioning equipment and miscellaneous electrical apparatus, if any, in the Leased Premises, in an amount not less than One Million Dollars ($1,000,000.00), with loss or damage payable to Landlord and Tenant as their interests may appear.
(c) Full coverage for breakage of all plate glass, including but not limited to, doors, windows, transoms and all lettering applied thereon.
(d) Insurance against all worker's compensation claims.
(e) All leasehold improvements, contents and Tenant's trade fixtures, machinery, equipment, furniture and furnishings, in the Leased Premises to the extent of at least One Hundred Percent (100%) of the full their replacement cost thereofagainst loss or damage by fire, with lightning, wind storm, aircraft, vehicles, smoke, explosion, riot or civil commotion as provided by the standard fire and extended coverage including sprinkler leakages (where applicable)insurance, earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance vandalism and such other insurance malicious mischief, special extended coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantsprinkler leakage endorsements.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. Tenant shall procure and maintain policies of insurance, at its own cost and expense, insuring:
(a) The Tenant shallLandlord Protected Parties as "additional insureds", throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any Landlord's mortgagee, chargeeif any, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable given written notice, and Tenant Protected Parties, from all claims, demands or installed actions made by or on behalf of any person or persons, firm, corporation or entity and arising from, related to or connected with the Tenant and which is located within Leased Premises, Tenant's use thereof or operations therein, or on the Property and Leased Premises comprising only leasehold improvementsnon-taxiway portions of the common areas of the Real Estate for bodily injury to or personal injury to or death of any person, fixtures and chattels or more than one (1) person, or for damage to property in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse$3,000,000.00 combined single limit per occurrence/aggregate. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability Said insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on an "occurrence" basis and not on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage"claims made" basis, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such liability policies shall include products and completed operations liability insurance. If at any time during the term of this Lease, Tenant owns or rents more than one location, the policy shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access an endorsement to the Leased Premises as a result of such perils; and
(v) any other form effect that the aggregate limit in the policy shall apply separately to each location owned or forms of insurance as the Tenant or the rented by Tenant. Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right right, exercisable by giving written notice thereof to self-insure Tenant, to require Tenant to increase such limit if, in respect of its chattels Landlord's reasonable judgment, the amount thereof is insufficient to protect the Landlord Protected Parties and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant Protected Parties from judgments which might result from such claims, demands or actions. Tenant shall indemnify cause its liability insurance to include contractual liability coverage fully covering the indemnity set forth above and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantin Section 13.1 below.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord All contents and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant Tenant's trade fixtures, machinery, equipment, furniture and furnishings in the Leased Premises and, to the extent of at least ninety percent (90%) of their replacement cost under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as appropriate, a severability insured against under Special Form ("all risk" coverage). Said insurance shall contain an endorsement waiving the insurer's right of interest/cross liability clause protecting the subrogation against any Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredProtected Party.
(c) Each policy Tenant Protected Parties from all worker's compensation claims, including employer's liability with minimum limits of $500,000.00 per occurrence.
(d) Landlord and Tenant against breakage of all plate glass utilized in the improvements on the Leased Premises.
(e) Tenant agrees to maintain, at its own expense, for the benefit of itself, Tenant's Protected Parties and Landlord's Protected Parties, excess and/or umbrella liability insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release types and waiver with limits not less than Twenty Five Million Dollars ($25,000,000.00) as may be approved by the insurer Landlord, insuring against liability for damage or loss to property, and against liability for personal injury or death, arising from acts or omissions of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the LandlordTenant, its agents, employees or those for whom it is invitees. Said excess and/or umbrella policies shall include all liability policies in law responsible whether or not caused by the actSection 6.2(a), omission or negligence of the Landlord or those for whom it is employer's liability in law responsibleSection 6.2(c) and hangar liability in Section 6.2(e) as underlying policies.
(df) All policies Automobile liability naming Landlord as additional insured with minimum of $1,000,000.00 limits for property damage, death or bodily injury. This policy shall be taken out with insurers acceptable to for the Landlordbenefit of Tenant and Landlord for any claims, acting reasonably and demands or actions made by or on behalf of any person or persons, firm, corporation, or entity arising from the control, operation or use of any vehicle by Tenant or Tenant's Protected Parties on or about the Real Estate. The automobile policy shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year listed as an underlying policy on the anniversary date thereof shall umbrella policy referred to in Section 6.2(e). Tenant agrees to provide the Landlord with a further certificate confirming that notice of any self-insurance programs and Landlord shall have the Tenant has arranged all right to approve any such programs. Any insurance deductibles or self-insurance amounts shall be the responsibility of the Tenant, and any deductibles or self-insurance required to amounts in excess of $250,000 shall be maintained approved in advance by it under Section 9.02Landlord.
Appears in 1 contract
Samples: Industrial Space Lease (Value City Department Stores Inc /Oh)
Tenant’s Insurance. (a) The Tenant shall, To take out and keep in force throughout the Term and during such other time as the entire TermTenant occupies the Building or a part thereof, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) public liability insurance against all risks upon property of every description and kind owned by in the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent FIVE MILLION DOLLARS (100%$5,000,000.00) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute or such greater amount as to the amount which comprises full replacement cost, the decision of the Landlord may determine from time to time in respect of bodily injury, including death, to one or any mortgagee shall be conclusivemore persons and property damage;
(ii) property damageall risk insurance covering all the contents of the Building including, bodily injury but not being limited to, merchandise, inventory, stock in trade, furniture, plate glass, fixtures and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect improvements which the Tenant installs in the Building to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clausefull replacement value thereof;
(iii) broad form blanket automobile liability insurance to a limit of liability of not less than FIVE MILLION DOLLARS ($5,000,000.00) in any one accident, covering all licensed motor vehicles owned by the Tenant and comprehensive form insurance including repair and replacement coverage used in connection with the business carried on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;from the Building; and
(iv) business interruption all other insurance in such amount amounts and upon such terms as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained determined by the Landlord, its insurance advisors or its mortgagee. The Tenant.
's insurance policies referred to under this paragraph (b1) Each policy of insurance required of the Tenant as aforesaid shall include name the Landlord and its mortgagee(s) any persons, firms or corporations designated by the Landlord as additional named insureds thereunder as their respective interests may appear arising solely out appear, shall contain a waiver of all rights of subrogation against the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross Landlord and cross-liability clause protecting the Landlord and mortgagee any other insured designated by it against claims by the Tenant as if the Landlord were separately and such other insured and protecting the Tenant against claims designated by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease , and each of such policies shall contain a release and waiver by clause that the insurer of any rights of subrogation will not cancel, change or indemnity or any other claim over refuse to which such insurer might otherwise be entitled against renew the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of insurance without first giving the Landlord or those for whom it is in law responsible.
and insured party so designated thirty (d30) days' prior written notice. All policies shall of insurance will be taken out placed with insurers acceptable to the Landlord, acting reasonably Landlord and shall be in a form satisfactory from time to time to the LandlordLandlord and the Tenant will promptly deliver to the Landlord copies or certificates of such policies. If the Tenant fails to take out or keep in force any policy of insurance referred to in this paragraph (1), acting reasonably. The the Landlord may do so and pay the premium and in that event the Tenant shall provide pay to the Landlord prior the amount so paid as additional rent which shall be due and payable by the Tenant to the commencement of the Fixturing Period with a certificate of such insurance and each year Landlord on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02demand.
Appears in 1 contract
Tenant’s Insurance. Commencing on or before the Early Entry Date and at all times thereafter through the entire Term hereof, Tenant shall carry insurance with terms, coverages and in companies having a Best’s Rating of at least A- VII Landlord with such increases in limits and/or coverages as Landlord may from time to time request (provided, however, that (i) such increases are commensurate with similar industrial buildings in the same geographic areas as the Premises, and (ii) such insurance is available at commercially reasonable rates), but initially with the following coverages in the following amounts and otherwise subject to such commercially reasonable deductible amounts: (a) The Tenant shallAll Risk Property Insurance/ Special Causes of Loss policy form or equivalent, throughout and during terrorism, in an amount for the entire Termfull replacement cost of all additions, at its sole cost improvements and expense, take out alterations to the Premises and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed Exterior Area made by or on behalf of Tenant or any Tenant Parties, if any, and of all Tenant’s office furniture, trade fixtures, office equipment, merchandise, goods, inventory and all other personal property on the Premises or Exterior Area, with loss or damage payable to Landlord, as loss payee, and Tenant and which as their interests may appear. If the Premises is located within in a Federal Flood Zone A coverage for Flood is required; (b) Insurance for breakage of interior glass in the Property Premises, if any; (c) Workers’ compensation insurance for all employees in the statutory amounts, and Leased Premises comprising only leasehold improvementsEmployers Liability in the amount of at least $500,000 each accident/$500,000 policy limit/$500,000 each employee; (d) Commercial General Liability Insurance not less than (1) $1,000,000 each occurrence; (2) $2,000,000 products/completed operation aggregate; (3) $2,000,000 general aggregate; and (4) $1,000,000 personal injury and advertising injury limit with a deductible not greater than $10,000.00 per occurrence. Landlord, fixtures the other Landlord Parties and chattels any mortgagee, if required, must be named an additional insured on a primary and non-contributory basis; (e) Business Interruption Insurance in an amount of not less than one hundred percent equal to twelve (100%12) months of the full replacement cost thereofinitial Base Rent due hereunder for a period of twelve (12) months; (f) Business Auto Liability Insurance for owned, with standard extended coverage including sprinkler leakages (where applicable)hired, earthquakeand non-owned vehicles on an “any auto” basis, flood combined single limit for bodily injury and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public in the amount of at least $1,000,000 each accident; (g) Umbrella Liability Insurance in excess of the underlying liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective limits of the aforementioned insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 10,000,000 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantaggregate.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Single Tenant Industrial Building Lease (Hims & Hers Health, Inc.)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall obtain and keep in full force the following insurance:
(a) Commercial general liability insurance coverage on an "occurrence basis" against claims for personal injury, including, without limitation, bodily injury, death, and effect broad form property damage, in combined single limits of not less than $1,000,000 per occurrence and a $2,000,000 aggregate with coverage to include a per location endorsement, contractual liability, fire legal liability in the names amount of $500,000, and other broad form endorsements that would be carried by a prudent individual conducting a business similar to Tenant's business. All such insurance policies shall name Tenant as the Tenant, the named insured thereunder and shall name Landlord and any mortgageeLandlord's mortgagees as additional insureds thereunder, chargee, or debenture holder, all as their respective interests may appear, the following insurance:;
(ib) insurance Worker's Compensation and Employer's Liability insurance, with a waiver of subrogation endorsement waiving rights of subrogation against all risks upon property of every description Landlord, in form and kind owned amount satisfactory to Landlord and at minimum is equal to that required by the law of Virginia;
(c) Special Causes of Loss Insurance insuring the Leasehold Improvements and Tenant's interest in the Premises and all property located in the Premises, or for which the Tenant is legally liable or installed by or on behalf of the Tenant including furniture, equipment fittings, installations, fixtures, supplies and which is located within the Property any other personal property, Leasehold .Improvements and Leased Premises comprising only leasehold improvementsalterations ("Tenant's Property"), fixtures and chattels in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereof----------------- value, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the it being understood that no lack or inadequacy of insurance by Tenant shall in any event that there is a dispute as make Landlord subject to the amount which comprises full replacement cost, the decision any claim by virtue of the Landlord any theft or loss or damage to any mortgagee shall be conclusiveuninsured or inadequately insured property;
(iid) property damageDuring the course of construction of any work performed by Tenant or on Tenant's behalf pursuant to Exhibit "B" or any alterations by Tenant until completion thereof, bodily injury Builder's Risk Insurance on a "special causes of loss" basis (including collapse) on a completed value (non-reporting) form for full replacement value covering all work incorporated in the Building and public all materials and equipment in or about the Premises;
(e) Auto liability insurance including personal liabilitycoverage for owned, contractual liability, hired and non-owned automobile liability and owner’s and contractors’ protective insurance coverage vehicles with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils1,000,000 combined single limit; and
(vf) any other Excess liability coverage in the amount of $10,000,000 which will follow form or forms and respond to and increase the limits of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingcoverages described in Sections 12.01(a), without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and), as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) above. ----------------------------------- All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably issued by companies having a Best's rating of at least A-XI and shall be in a amounts, and in form satisfactory from time to time to Landlord and Landlord's lender. All policies shall contain in endorsement or agreement by the Landlordinsurer that any loss shall be payable in accordance with the terms of such policy notwithstanding any act or negligence of Tenant which might otherwise result in a forfeiture of said insurance, acting reasonablyand the further agreement of the insurer waiving all rights of setoff, counterclaim or deduction against Tenant. The Tenant shall provide will deliver certificates of insurance evidencing each policy to Landlord as soon as practicable after the Landlord placing of the required insurance, but not later than ten (10) days prior to the commencement date Tenant takes possession of all or any part of the Fixturing Period with a certificate of such insurance Premises, and on each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the Commencement Date. All policies shall contain an undertaking by their insurers to notify Landlord and Landlord's lender in writing, by registered or certified U.S. Mail, return receipt requested, not less than thirty (30) days before any material change, reduction in the scope or limits of coverage, cancellation, or other termination thereof. All policies shall name Landlord and Landlord's manager as additional insureds and shall be evidenced as such on a Certificate of Insurance issued to Landlord. Landlord reserves the right to periodically review the insurance coverages required by this Section 12.01 and to revise such requirements to ------------- reflect insurance industry practices or require other forms or amounts of insurance as may be reasonably required to be maintained by it under Section 9.02reflect changes in insurance industry practices.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and At all times during the entire Termterm hereof, at its sole cost and expense, take out and keep Tenant shall maintain in full force and effect with respect to the Premises and Tenant’s use thereof, commercial general liability insurance, naming Landlord, Landlord’s agent and Landlord’s mortgagee (and such other parties as Landlord may request in the names of the writing) as additional insureds, covering injury to persons in amounts at least equal to $2,000,000.00 per occurrence and $2,000,000.00 general aggregate. In addition to commercial general liability insurance, Tenant shall also be responsible, at Tenant’s own cost, the Landlord to keep and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
maintain (i) insurance against in respect of and covering Tenant’s own furniture, furnishings, equipment and other personal property, and all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed improvements made by or on behalf of Tenant, all insured for the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage against all risks and hazards, including but not limited to sprinkler leakages and leakage damage, and theft (where applicablecollectively, “Personal Property Insurance”), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability workers’ compensation insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to and covering all employees and agents of Tenant in accordance with applicable law. With respect to Tenant’s commercial general liability insurance and Personal Property Insurance, (i) no insurance coverage shall contain a deductible in excess of $50,000.00 and $10,000.00, respectively, without the Leased Premisesprior written consent of Landlord (which consent will not be unreasonably withheld), (ii) all deductibles shall be paid by Tenant, assumed by Tenant, for the account of Tenant, and at Tenant’s sole risk, (iii) Tenant’s insurer shall be licensed or authorized to do business in the State of New Jersey and shall have a policyholder rating of at least A- and be assigned a financial size category of at least Class IX as rated in the most recent edition of “Best’s Key Rating Guide” for insurance companies or a rating of at least AAA as rated by Standard & Poor’s, (iv) such insurance coverage provided shall be endorsed to include be primary to any and all insurance carried by Landlord, with Landlord’s insurance being excess, secondary and non-contributing, (v) Landlord, and provided Landlord delivers written notice to Tenant of the business operations conducted by identity thereof, Landlord’s manager of the Building and all holders of a deed to secure debt or other such security instrument and the landlord under any underlying lease shall be an additional insured on all such policies, and (vi) all policies of liability insurance specified in this Lease shall specifically insure Tenant’s contractual liability under this Lease. Tenant shall also carry, at Tenant’s own cost and expense, such other insurance, in amounts and for coverages and on such other terms as Landlord may from time to time deem commercially reasonable and appropriate, provided that such coverages and amount are consistent with those being required of landlords of other comparable properties in the geographic area in which the Property is located. Tenant assumes all risk of loss of any other person on or all of its personal property. Each of the Leased Premises. Such foregoing policies shall be require the insurance carrier to give at least thirty (30) days prior written on a comprehensive basis with limits notice (ten (10) days in the case of not less than $5,000,000.00 per occurrence for bodily injury non-payment) to Landlord and to any one or more persons, or property damagemortgagee named in an endorsement thereto of any cancellation thereof, and each such higher limits as policy shall be issued by an insurer and in a form satisfactory to Landlord. Tenant shall lodge with Landlord at or prior to the Commencement Date evidence of the insurance required hereunder acceptable to Landlord, together with evidence of paid-up premiums, which evidence shall include, if required by Landlord, a duplicate original of such commercial general liability insurance policy, certificates of insurance for Personal Property Insurance and such workers’ compensation insurance, and duplicate originals or certificates of such insurance that Landlord or any mortgagee reasonably requires may require Tenant to carry from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
lodge with Landlord renewals thereof at least fifteen (iii15) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord days prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02expiration.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall, at all times, commencing with the date upon which the Leased Premises shall be made available for Tenant’s Work, procure, pay for and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
effect: (i) a commercial general liability policy (ISO form or equivalent which shall have no exclusions or limitations that differ from ISO), including insurance against all risks upon property of every description and kind owned by the Tenant, assumed or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public contractual liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage under this Lease with respect to the Leased Premises, coverage to include Premises and the business operations conducted by the of Tenant and any other person subtenants of Tenant in, on or about the Leased Premises in which the limits with respect to bodily injury, personal liability, advertising injury and property damage shall be not less than Two Million and 00/100ths Dollars ($2,000,000.00) per occurrence (an excess liability policy may be used to increase the general liability limit); (ii) special form (“all risk”) property insurance, including business interruption and theft and, if applicable, boiler and machinery coverage (or equipment breakdown), written at replacement cost value in an adequate amount to avoid coinsurance and a replacement cost endorsement insuring Tenant’s merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and including property of Tenant’s customers located on or in the Leased Premises. Such policies shall be written on a comprehensive basis ; (iii) workers’ compensation coverage in accordance with State statutory limits and employers liability insurance of not less than One Million and 00/100ths Dollars ($5,000,000.00 1,000,000.00) per accident; (iv) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builder’s risk insurance, in amounts satisfactory to Landlord; (v) product liability coverage, including, without limitation, 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 ($2,000,000.00) per occurrence for bodily personal injury to any one or more persons, or and death and property damage; (vi) the insurance required under Exhibit B; and (vii) such insurance as may from time to time be required by city, and county, state or federal laws, codes, regulations or authorities, together with such higher other insurance as is reasonably necessary or appropriate under the circumstances. The minimum limits of coverage as the Landlord or any mortgagee reasonably requires set forth in this paragraph may from time to time, and all such policies shall contain at Landlord’s option, be increased by not more than t n percent (10%) per annum, on a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse cumulative basis with uch increase to occur not more often than once during e ch Lease Year dur ng the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result erm hereof. The deductibles under any of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time policies to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed carried by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels not exceed Fifty Thousand and trade fixtures under Section 9.02(a)(i) and for business interruption 00/100ths Dollars ($50,000.00). Tenant may not use a self insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantor a self insured retention without Xxxxxxxx’s written approval.
(b) Each policy All policies of insurance required to be carried by Tenant pursuant to this Section 11.01 shall be written by responsible insurance companies authorized to do business in the State and acceptable to Landlord. Any such insurance required of Tenant hereunder may be furnished by Tenant under any blanket policy carried by it or under a separate policy therefor; provided, however, that: (1) any such blanket policy carried with respect to the Tenant as aforesaid insurance required under subparagraphs (i), (iv), (v), (vi) and (vii) of Section 11.01(a) shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in contain a “per location” endorsement assuring that any aggregate limit under such blanket policy shall apply separately to the Leased Premises and that Tenant shall provide written notice to Landlord if the available portion of such aggregate is reduced to less than the minimum amounts required under Section 11.01(a) by either payment of claims or the establishment of reserves for claims (whereupon Tenant shall be obligated to take immediate steps to increase the amount of its insurance coverage in order to satisfy the minimum requirements set forth above), and (2) any such blanket policy carried with respect to the property insurance required under subparagraph (ii) of Section 11.01(a) shall contain an “agreed value” endorsement with respect to all of the items of property identified in such subparagraph. A copy of each paid-up policy evidencing such insurance (appropriately authenticated by the insurer) 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, shall be delivered to Landlord prior to the commencement of the term of this Lease and, as appropriateupon renewals, a severability not less than thirty (30) days prior to the expiration of interest/cross liability clause protecting the such coverage. Landlord may, at any time, and mortgagee against claims from time to time, inspect and/or copy any and all insurance policies required to be procured by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.hereunder. S16 COMMON AREA CHARGE
(c) Each policy of evidencing insurance taken out required to be carried by the Tenant in accordance with pursuant to this Lease Section 11.01 shall provide coverage on an occurrence basis (and each of such policies not on a “claims-made” basis) and shall contain the following provisions and/or clauses: (i) a release provision that such policy and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord, and that any coverage carried by Landlord shall be excess insurance; (ii) a provision including Landlord, the beneficial ownership entity of the Shopping Center (if any), the managing agent of the Shopping Center and any other parties in interest designated by Landlord or such beneficial ownership entity (if any), as additional insureds (except with respect to workers’ compensation insurance); (iii) a waiver by the insurer of any rights right of subrogation against Landlord, the underlying lessor, if any, and their respective agents, employees and representatives which arises or indemnity might arise by reason of any payment under such policy or by reason of any other claim over to which such insurer might otherwise be entitled against the act or omission of Landlord, its agents, employees or those for whom it is in law responsible whether representatives; (iv) a separation of insureds clause; (v) a provision that the insurer will not cancel, materially change or not caused fail to renew the coverage provided by such policy without first giving Landlord and the actunderlying lessor, if any, thirty (30) days’ prior written notice; and (vi) a provision (to the extent available) that no act or omission of Landlord shall affect or negligence limit the obligation of the Landlord or those for whom it is in law responsibleinsurer to pay the amount of any loss sustained.
(d) All policies shall be taken out with insurers acceptable In the event that Tenant fails to procure, maintain and/or pay for, at the Landlordtimes and for the durations specified in this Section 11.01, acting reasonably and shall be in a form satisfactory any insurance required by this Section, or fails to carry insurance required by law or governmental regulation, Landlord may (but without obligation to do so) at any time or from time to time to the Landlordtime, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of and without notice, procure such insurance and each year pay the premiums therefor, in which event Tenant shall repay to Landlord all sums so paid by Landlord together with interest thereon as provided elsewhere herein and any costs or expenses incurred by Landlord in connection therewith, within ten (10) days following Landlord’s written demand to Tenant for such payment.
(e) Tenant shall not carry any stock of goods or do anything in or about the Leased Premises which will in any way tend to increase the insurance rates on the anniversary date thereof Shopping Center, the regional retail development, the Leased Premises and/or the building of which they are a part and/or the contents thereof. If Tenant installs any electrical equipment that overloads the lines in the Leased Premises, Tenant shall provide at its own expense make whatever changes are necessary to comply with the Landlord with a further certificate confirming that the Tenant has arranged all requirements of the Landlord’s insurance required to be maintained by it under Section 9.02underwriters and governmental authorities having jurisdiction.
Appears in 1 contract
Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Tenant’s Insurance. Tenant shall maintain during the Term and any renewal thereof or later occupation of the Premises insurance with respect to its interest in the Premises, the fixtures and Improvements made by or on behalf of Tenant in the Premises, and all operations of Tenant in and from the Premises. Tenant’s insurance shall be in amounts equal to those maintained by prudent tenants of similar premises and shall, without limiting the foregoing, cover the following risks:
(a) The Tenant shall“all risks” (including flood and earthquake, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(iif available on reasonable commercial terms) insurance against all risks upon coverage for property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property Building, including, without limitation, all of Tenant’s furniture and Leased Premises comprising only movable equipment and all leasehold improvementsimprovements and other Improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iib) “all risks” Tenant’s legal liability insurance in an amount not less than the full replacement cost of the Premises;
(c) comprehensive general liability insurance including, but not limited to property damage, bodily public liability, personal injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and ownercontractor’s and contractors’ protective insurance coverage coverage, all on an occurrence basis with respect to the Leased Premisesuse, coverage occupancy, activities or things on the Premises and with respect to include the business operations conducted by the Tenant use and occupancy of any other person on part of the Leased Premises. Such policies shall be written on a comprehensive basis Building by Tenant or any of its employees, agents, contractors or persons for whom Tenant is in law responsible with limits coverage of not less than Five Million Dollars ($5,000,000.00 per 5,000,000.00) for each occurrence for involving bodily injury to any one or more personsinjury, death or property damage, and damage (or for such higher limits as the Landlord or any mortgagee may reasonably requires require from time to time, and all such policies shall contain a cross-liability and severability of interest clause);
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivd) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or and indirect loss of earnings attributable to all the perils insured against in subparagraph 9.1 ((a) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilstenants; and
(ve) any such other form or forms of insurance coverage as Landlord, the Tenant Trustee or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord Mortgagee may require having regard to the same extent as if the risks which are customarily insured against by prudent tenants of like premises. Such insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02include:
Appears in 1 contract
Samples: Standard Office Lease (Learning Tree International Inc)
Tenant’s Insurance. Tenant shall procure, keep in force and pay for insurance covering all claims and demands for injury to or death of persons or damage to property arising out of or related to Tenant’s occupancy of the Premises. Insurance shall not be in amounts less than the following: $1,000,000 combined single limit per occurrence, Coverage A $1,000,000 personal and advertising injury liability, Coverage B $1,000,000 products/completed operations liability aggregate $ 5,000 medical payments $ 50,000 fire damage legal liability $2,000,000 general aggregate The general liability insurance is to be written on the 2001 Insurance Services Office form or its equivalent. UMBRELLA LIABILITY $5,000,000 each occurrence $5,000,000 aggregate WORKERS’ COMPENSATION Coverage B Employer’s Liability - $500,000 bodily injury by accident, each accident $500,000 bodily injury by disease, each employee $500,000 bodily injury by disease, policy aggregate AUTOMOBILE LIABILITY $1,000,000 Combined single limit, each accident applying to all owned, hired and non-owned automobiles GLASS COVERAGE Covering interior glass windows in the Premises, if any, in such reasonable amounts as may be established from time to time by Landlord. CONTENTS AND LEASEHOLD IMPROVEMENTS COVERAGE Adequately insuring all property situated in the Building or elsewhere on the Property and belonging to or removable by Tenant. TENANT IMPROVEMENTS COVERAGE Including (i) property insurance on a “Special Form” (formerly “All Risk” form) (including earthquake and flood in reasonable amounts as determined by Landlord) in an amount not less than 100% of the then full replacement cost of Tenant’s Improvements (as defined in paragraph (a) The Tenant shallof Article 13.0, throughout and during the entire Term“CASUALTY”), at its sole cost and expense(ii) insurance for loss or damage or loss of use (direct or indirect) from steam boilers, take out and keep in full force and effect and pressure vessels or similar apparatus now or hereafter installed in the names of the Tenant, the Landlord and any mortgagee, chargeeBuilding, or debenture holderelsewhere on the Property, in the minimum amount of $5,000,000.00 or in such greater amounts as their respective interests may appear, are then customary for properties similar to the following insurance:
Property and (iiii) insurance against all risks upon property abatement or loss of every description and kind owned by the Tenant, rent in case of loss under this paragraph or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels other peril similarly insured against in an amount equal to Rent payments to be made by Tenant for eighteen months based on the Rent paid or payable for the most recent complete Lease Year. The phrase “replacement cost” shall mean the actual replacement cost of Tenant’s Improvements, including and increased costs of construction endorsement (if available) and the cost of debris removal and the cost of architectural, engineering and other expenses in connection with repairing and restoring Tenant’s Improvements. BUSINESS INTERRUPTION COVERAGE Providing such coverage as is customarily carried by responsible and prudent life science/bio- technology/medical device tenants in the Boston/Cambridge/Waltham Massachusetts markets. All insurance coverages required pursuant to this Section shall not be less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits amounts as may from time to time be customarily carried by responsible and prudent tenants of comparable premises in the Boston/Cambridge/Waltham market area and as may be required by Landlord or any mortgagee reasonably requires from time to time, . Provided that the Premises are separately scheduled on any such policy or policies and all such policies shall contain a cross-liability and severability of interest clause;
(iiithe coverage(s) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable provided fulfills Tenant’s obligations to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of provide insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingset forth in this Lease, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required pursuant to this Section may be maintained provided by it under Section 9.02means of a policy or policies of blanket insurance covering additional items or additional locations.
Appears in 1 contract
Samples: Building Lease (D8 Holdings Corp.)
Tenant’s Insurance. Tenant shall maintain the following insurance policies:
(a1) The Tenant shallCommercial general liability insurance on the current ISO CG 00 01 12 07 occurrence form or equivalent acceptable to Landlord in amounts of Three Million Dollars ($3,000,000.00) per occurrence, throughout Three Million Dollars ($3,000,000.00) personal injury and during advertising injury, Three Million Dollars ($3,000,000.00) products-completed operations aggregate and Three Million Dollars ($3,000,000.00) general aggregate with defense costs provided in addition to policy limits, insuring Tenant, as well as Landlord (including both Talon Portfolio Services, LLC, a Washington limited liability company, as general receiver, and W2007 Seattle Office 110 Atrium Place Realty, LLC, a Delaware limited liability company), Landlord’s property management company, Landlord’s asset management company and, if requested in writing by Landlord, and any of Landlord’s Mortgagees (collectively, the entire Term“Additional Insureds”) thereunder and under Tenant’s commercial excess or umbrella liability policy, at its sole cost if any, against all liability for personal injury, bodily injury (including mental anguish and expensedeath) or property damage or destruction (including loss of use thereof) arising from the use and occupancy of the Premises, take out the Building and keep in all areas appurtenant thereto, including the Parking Facility and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s equipment or other property that may be located on the grounds of the Property (other than inside the Premises),
(2) Primary “special form” perils property damage insurance covering the full force value of all alterations, additions and effect improvements and betterments in the names of Premises, including the TenantTenant Improvements and other Alterations, the naming Landlord and any mortgagee, chargee, or debenture holder, each of Landlord’s Mortgagees as additional loss payees as their respective interests may appear, the following insurance:,
(i3) Primary “special form” perils property damage insurance against covering the full value of all risks upon furniture, trade fixtures, electronic data and media, business records, and personal property (including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Property by or on behalf of Tenant; any assignees claiming by, through, or under Tenant; any subtenants claiming by, through, or under Tenant; and any of their respective agents, contractors, employees, licensees, guests and invitees (each a “Tenant Party”), without deduction for depreciation,
(4) Workers’ compensation insurance as required by the Tenant State of Washington, together with employers’ liability insurance of at least One Million Dollars ($1,000,000.00) for each accident for bodily injury by accident, One Million Dollars ($1,000,000.00) each employee for bodily injury by disease, and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels One Million Dollars ($1,000,000.00) policy limit for bodily injury by disease,
(5) Business income with extra expense insurance in an amount reasonably acceptable to Landlord, and
(6) Comprehensive automobile insurance, and if necessary, commercial umbrella insurance, with a limit of not less than one hundred percent Three Million Dollars (100%$3,000,000.00) each accident, which automobile insurance shall cover liability arising out of the full replacement cost thereof, with standard extended coverage any automobile (including sprinkler leakages (where applicable), earthquake, flood hired and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile automobiles), insuring the Additional Insureds as additional insureds thereunder. For the avoidance of doubt, any Additional Insured will be required to provide the insurer reasonable evidence of such Additional Insured’s interest in the subject insurance policy. All of Tenant’s insurance shall be primary insurance as to all claims thereunder and provide that any insurance carried by any of the Additional Insureds is excess over, and non-contributing with, any insurance of Tenant. Tenant shall furnish to Landlord certificates of such insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance coverages required hereunder (including copies of endorsements) at least ten (10) days prior to the earlier of the Commencement Date or the date Tenant first enters upon or occupies the Premises, and at least ten (10) days prior to each renewal of said insurance (and such liability insurance certificates or other evidence shall include an endorsement or policy excerpt showing that Tenant’s coverage is primary and owner’s and contractors’ protective insurance coverage non-contributing with respect to any insurance afforded to any of the Leased Premises, coverage to include the business operations conducted by the Additional Insureds). Tenant and any other person shall obtain a written obligation on the Leased Premisespart of each insurance company to endeavor to notify Landlord and each of Landlord’s Mortgagees at least forty-five (45) days before cancellation or material change of any such insurance policies (ten [10] days in the event of nonpayment of premiums). Such policies Tenant shall carry and maintain during the Term, at its expense such increased amounts of insurance required to be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damagecarried under this Section 14.1, and such higher limits other types and amounts of insurance covering the Premises and Tenant’s operation therein, as the may be reasonably requested by Landlord or any mortgagee reasonably requires from time to time, but not in excess of the amounts and types of insurance then being required by landlords of the Comparison Buildings. If the use or occupancy of the Premises includes any activity or matter that is or may be excluded from coverage under a commercial general liability policy (e.g., the sale, service or consumption of alcoholic beverages), Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance activity or matter in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of Landlord may reasonably require. All such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out in form, and issued by companies with insurers acceptable an A.M. Best rating of A-VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein within five business days after Landlord’s written request, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year on Tenant shall pay to Landlord within thirty (30) days after Tenant’s receipt of an invoice from Landlord, together with reasonable supporting evidence, the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all premium costs thereof, plus an administrative fee of the insurance required to be maintained by it under Section 9.02five percent (5%) of such cost.
Appears in 1 contract
Samples: Office Lease (Bsquare Corp /Wa)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out obtain and keep maintain in full force and effect at all times throughout the Term and in the names of the Tenantsuch other times, the Landlord and any mortgagee, chargee, or debenture holderif any, as their respective interests may appear, the following insuranceTenant occupies the Leased Premises or any portion thereof:
(i) commercial general liability insurance against all risks upon property of every description and kind owned by the Tenantincluding, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of but not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as limited to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily public liability, personal injury and public liability insurance including personal liability, contractual liability, products and completed operations, non-owned automobile liability and owner’s owners’ and contractors’ protective insurance coverage coverage, all on an occurrence basis, with respect to any use, occupancy, activities or things on the Leased Premises and with respect to the Leased Premises, coverage to include use and occupancy of any other part of the business operations conducted Building by the Tenant and or any other person on of its servants, agents, contractors or persons for whom the Leased Premises. Such policies shall be written on a comprehensive basis Tenant is in law responsible, with limits coverage for any one occurrence or claim of not less than Three Million ($5,000,000.00 per occurrence for bodily injury to any one 3,000,000.00) Dollars or more persons, or property damage, and such higher limits other amount as the Landlord or may reasonably require upon not less than one (1) month’s notice at any mortgagee reasonably requires time;
(ii) insurance, in respect of such perils as are from time to timetime covered in an all risks policy not less broad than the standard commercial property floater policy with the exclusions relating to earthquake and flood removed therefrom, covering the leasehold improvements, trade fixtures, furnishings, equipment, stock-in-trade, storefront and store facing materials and all such policies shall contain signs in, on or about the Leased Premises, for not less than the full replacement cost thereof and with a cross-liability and severability of interest clausereplacement cost endorsement;
(iii) broad form comprehensive boiler and machinery insurance on all insurable objects located on the Leased Premises or which are the property or responsibility of the Tenant on a blanket repair or replacement basis with a replacement cost endorsement and comprehensive form insurance including repair with limits for each accident in an amount not less than the full replacement cost of all Leasehold Improvements, trade fixtures, furnishings, equipment, stock-in-trade, storefront and replacement coverage store facing materials and all signs in, on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusor about the Leased Premises;
(iv) business interruption insurance either as an extension to or on the same form as the insurance referred to in subsections 4.12 (a) (ii) and (ii) above, and in such amount amounts from time to time as will reimburse necessary to fully compensate the Tenant for direct or indirect loss of sales or earnings resulting from or attributable to any of the perils required to be insured against under the policies referred to in subsections 4.12 (a) (ii) and (ii) above and all perils commonly circumstances usually insured against by prudent cautious tenants including losses resulting from interference with or attributable to prevention of access to the Leased Premises or the Building as a result of such perilsperils or for any other reason;
(v) tenant’s legal liability insurance for the full replacement cost of the Leased Premises, and the loss of use thereof;
(vi) leasehold interest insurance to fully protect the Tenant for loss of its interest in this Lease and its Leasehold Improvements in the event of termination of this Lease pursuant to Section 6.10, whether or not there is any damage or destruction to the Leased Premises;
(vii) standard owners’ form of automobile insurance policy providing third party liability insurance on all automobiles owned by or registered in the name of the Tenant with inclusive limits and on such terms as reasonably required by the Landlord from time to time, covering all licensed vehicles owned by or operated by or on behalf of the Tenant;
(viii) plate glass insurance on all internal and external glass;
(ix) by law compliance insurance; and
(vx) any other form or forms of insurance against such risks and in such amounts as the Tenant or the Landlord or any mortgagee reasonably requires mortgagee, debenture holder or other secured creditor of the Landlord may from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(ireasonably require upon not less than thirty (30) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantdays’ written notice.
(b) Each policy of insurance required of the Tenant as aforesaid Tenant’s insurance policies shall include name the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims any others designated by the Landlord as if additional named insureds with the Tenant were separately insured.
Landlord as loss payee, as their interests may appear under the policies referred to in subsections 4.12 (ca) Each policy of insurance taken out by the Tenant in accordance with this Lease (ii), (iii), (viii) and, where applicable, (ix) above, and each of such the Tenant’s insurance policies shall contain contain, as deemed appropriate by the Landlord:
(i) the mortgage clause as may be required by any mortgagee, debenture holder or other secured creditor of the Landlord;
(ii) if available at no extra cost, a release and waiver by the insurer of any rights of subrogation subrogation, or indemnity indemnity, or any other claim over over, to which such insurer might otherwise be entitled against the Landlord, its agents, Landlord or any agents or employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those any other person for whom it the Landlord is in law responsible.;
(diii) an undertaking by the insurer that no material change adverse to the Landlord or the Tenant or the mortgagee, debenture holder or other secured creditor of the Landlord or the Tenant will be made and the policy will not lapse or be cancelled or terminated, except after not less than thirty (30) days’ written notice to the Landlord and the Tenant and the mortgagee, debenture holder or other secured creditor of either of them of the intended change, lapse, cancellation or termination;
(iv) a provision stating that the Tenant’s insurance policy shall be primary and shall not call into contribution any other insurance available to the Landlord;
(v) a disputed loss endorsement or agreement, where applicable;
(vi) a severability of interests clause and a cross-liability endorsement clause for liability policies, where applicable; and
(vii) a waiver, in respect of the interests of the Landlord and of any mortgagee, debenture holder or other secured creditor of the Landlord, of any provision in any such insurance policies with respect to any breach of any warranties, representations, declarations or conditions contained in the said policies. All of the Tenant’s insurance policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a such form and on such terms as are satisfactory to the Landlord from time to time to the Landlord, acting reasonably. time.
(c) The Tenant shall provide ensure that the Landlord prior shall at all times be in possession of either certificates of insurance in the form designated or approved by the Landlord or certified copies of the Tenant’s insurance policies which are current and in force in good standing including such certificates or other evidence satisfactory to the commencement Landlord as to the Tenant’s insurance in effect and its renewal or continuation in force together with such evidence as may be required by the Landlord as to the method of determination of the Fixturing Period with a certificate full replacement cost of such insurance the Leasehold Improvements, trade fixtures, furnishings, equipment, stock-in-trade, plate glass, storefront and store facing materials and signs and full particulars of the full replacement cost of each year on of the anniversary date thereof shall provide same, and if the Landlord with a further certificate confirming reasonably concludes that the full replacement cost has been underestimated or understated, the Tenant has arranged shall forthwith arrange for any consequent increase in coverage required pursuant to this Section 4.12.
(d) The Tenant hereby releases the Landlord and its servants, agents, employees, contractors and those for whom the Landlord is in law responsible from all losses, damages and claims of any kind in respect of which the insurance Tenant is required to be maintained by it under Section 9.02maintain insurance or is otherwise insured.
Appears in 1 contract
Samples: Sublease Agreement (Intellon Corp)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, shall take out and keep in full force and effect and in at its cost throughout the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, Term the following insurance:
(i) insurance against all risks upon (including flood and earthquake) property of every description and kind owned by the Tenantinsurance, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsas per industry standards, fixtures and chattels in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereof, subject to a by-law endorsement and a stated amount co-insurance clause, upon the Properties (including foundations and excavations) and all Leasehold Improvements, Trade Fixtures, equipment, chattels and contents therein and thereof with standard extended coverage including sprinkler leakages reasonable deductions of up to three percent (where applicable), earthquake, flood and collapse3%) of the replacement cost of such property. In the event that If there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord’s insurer or such other independent expert as the Landlord or any mortgagee shall engage to render such decision, shall be conclusive;
(ii) property damagecomprehensive boiler and machinery insurance on a blanket repair and replacement basis with a by-law endorsement and limits for each accident in an amount not less than the full replacement cost of the Buildings and of all boilers, bodily injury pressure vessels, air-conditioning and public liability insurance including personal liability, contractual liability, non-mechanical equipment and miscellaneous electrical apparatus owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted or operated by the Tenant and any other person or by others (including the Landlord) on behalf of the Leased Premises. Such policies shall be written on a Tenant in or at the Properties, or relating to or serving the Properties;
(iii) comprehensive basis with limits general liability insurance of not less than Seven Million Dollars ($5,000,000.00 per occurrence for 7,000,000.00) combined limit in respect of bodily injury to any one or more persons, or death and property damage, and or such higher limits as the Landlord acting reasonably or any mortgagee the Mortgagee acting reasonably requires from time to time, arising out of the Tenant’s use and all such policies shall contain occupancy of the Properties, including coverage for the sudden and accidental release of Hazardous Substances, with the Landlord and those designated by the Landlord as additional named insureds, a severability of interests and a cross-liability clause and severability of interest clause;
(iii) with the following extensions: owner’s protective, products and completed operations, occurrence property damage, broad form property damage including completed operations, employer’s liability, broad form automobile, non-owned automobile including contractual liability, personal injury, blanket written contractual, and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusintentional acts to protect persons or property;
(iv) business interruption standard owner’s form of automobile insurance in such amount as will reimburse providing third party liability insurance on all automobiles operated by the Tenant with inclusive liability limits of Three Million Dollars ($3,000,000.00);
(v) twelve (12) months direct and indirect loss of earnings insurance for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable under Sections 6.1(a)(i) and 6.1(a)(ii), including with respect to prevention of access to the Leased Premises as a result of such perilsProperties; and
(vvi) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably Landlord, acting reasonably, requires from time to time includingin form, without limitation, builder’s risk in amounts and for insurance and such other insurance coverage as would be placed by risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantowner or tenant would insure.
(b) Each policy of insurance required of the Tenant as aforesaid All policies shall include name the Landlord and any Mortgagee as an additional named insured, as its mortgagee(s) as additional insureds as their respective interests interest may appear arising solely out of the operations of the Tenant in the Leased Premises andappear, and shall contain, as appropriate, the Mortgagee’s standard mortgage clause and a severability waiver of interest/cross liability clause protecting any subrogation rights which the Tenant’s insurers may have against the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is in law responsible responsible, whether or not any damage is caused by the act, omission or negligence of the Landlord or those for whom it the Landlord is in law responsible.
(dc) All policies (i) shall be taken out with insurers acceptable to the Landlord, acting reasonably and ; (ii) shall be in a form satisfactory from time to time to the Landlord; (iii) shall be non-contributing with, acting reasonablyand shall apply only as primary and not as excess to any other insurance available to the Landlord or the Mortgagee; and (iv) shall not be invalidated as respects the interests of the Landlord or of the Mortgagee and by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies. All policies shall contain an undertaking by the insurers to notify the Landlord and the Mortgagee in writing not less than thirty (30) days prior to any material change, cancellation or termination thereof.
(d) The Tenant shall provide agrees that (i) certificates of insurance on the Landlord’s standard form or, if required by the Landlord prior or the Mortgagee, certified copies of each such insurance policy, will be delivered to the commencement Landlord as soon as practicable after the placing of the Fixturing Period with a certificate required insurance, and (ii) no review or approval of any such insurance and each year on the anniversary date thereof shall provide certificate by the Landlord with a further certificate confirming shall derogate from or diminish the Landlord’s rights or the Tenant’s obligations contained in this Lease.
(e) The Tenant agrees that if the Tenant fails to take out or to keep in force any such insurance referred to in this Section 6.1, or should any such insurance not be approved by either the Landlord or the Mortgagee and should the Tenant not commence to diligently rectify (and thereafter not proceed diligently to rectify) the situation within forty-eight (48) hours after notice by the Landlord to the Tenant, the Landlord has arranged all the right, without assuming any obligation in connection therewith, to effect such insurance at the cost of the insurance Tenant and all outlays by the Landlord shall be immediately paid by the Tenant to the Landlord, without prejudice to any other rights and remedies of the Landlord under this Lease.
(f) The Tenant hereby releases the Landlord and those for whom the Landlord is in law responsible from all losses, damages and claims of any kind whatsoever in respect of which the Tenant is required to be maintained by it under Section 9.02maintain insurance hereunder or as otherwise insured.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shallBy the Commencement Date, throughout and continuing during the entire Term, at its sole cost and expense, take out Tenant shall obtain and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appeareffect, the following insuranceinsurance with limits of coverage as set forth in Section 1.14 of the Summary:
(ia) insurance against Special Form (formerly known as “all risks risk”) insurance, including fire and extended coverage, sprinkler leakage, vandalism, malicious mischief upon property of every description and kind owned by Tenant and located in or on the TenantPremises, or for which the Tenant is legally liable or installed by or on behalf of Tenant including, without limitation, furniture, equipment and any other personal property, and any Alterations (but excluding the initial Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsImprovements), fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is shall be a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee the Mortgagees of Landlord shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantpresumptive.
(b) Each policy of Commercial general liability insurance required of coverage on an occurrence basis, including personal injury, bodily injury (including wrongful death), broad form property damage, operations hazard, owner’s protective coverage, contractual liability (including Tenant’s indemnification obligations under this Lease), liquor liability (if Tenant serves alcohol on the Tenant as aforesaid shall include the Landlord Premises), products and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the completed operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredliability.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease Commercial Automobile Liability covering all owned, hired and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsiblenon-owned automobiles.
(d) All policies shall Workers’ compensation, in statutory amounts and employer’s liability, covering all persons employed in connection with any work done in, on or about the Premises for which claims for death, bodily injury or illness could be taken out with insurers acceptable to the asserted against Landlord, acting reasonably Tenant or the Premises.
(e) Umbrella liability insurance on an occurrence basis, in excess of and following the form of the underlying insurance described in Sections 14.1(b) and 14.1(c) and the employer’s liability coverage in Section 14.1(d) which is at least as broad as each and every area of the underlying policies. Such umbrella liability insurance shall include pay on behalf of wording, concurrency of effective dates with primary policies, blanket contractual liability, application of primary policy aggregates, and shall be in a form satisfactory from time provide that if the underlying aggregate is exhausted, the excess coverage will drop down as primary insurance, subject to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year customary commercially reasonable deductible amounts imposed on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02umbrella policies.
Appears in 1 contract
Samples: Commercial Lease (Orchard Supply Hardware Stores Corp)
Tenant’s Insurance. (a) The Tenant shall, shall throughout the period that the Tenant is given possession of the Leased Premises and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appeareffect, the following insurance:
(i) all-risk property insurance against all risks in an amount equal to the full replacement cost thereof upon property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable liable, or installed by or on behalf of the Tenant and which is located within the Property Complex including, without limitation, Leasehold Improvements, tenant’s fixtures, the Tenant’s stock-in-trade, furniture and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event personal property provided that if there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee Landlord, acting reasonably, shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will well reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in Section 7.01(a)(i) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises or the Building as a result of such perils; and;
(viii) comprehensive general and legal liability insurance, including personal injury liability, contractual liability and owners’ and contractors’ protective insurance coverage with respect to the Leased Premises and the Tenant’s use of the Complex, coverage to include the activities and operations conducted by the Tenant and any other form person for whom the Tenant is in law responsible. Such policies shall be written on a compressive basis with inclusive limits of not less than Five Million Dollars ($5,000,000) for bodily injury to any one or forms of insurance more persons or property damage, and such higher limits as the Tenant Landlord, acting reasonably, or the Landlord or any mortgagee reasonably Mortgagee requires from time to time includingand is customary in the real estate industry at the time, without limitationand shall contain a severability of interests clause and a cross-liability clause; and
(iv) any other form of insurance which the Landlord, builder’s risk insurance acting reasonably, requires from time to time in form, in amounts and such other insurance coverage as would be placed by for risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.All policies shall:
(ci) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall reasonably;
(ii) be in a form satisfactory from time to time to the Landlord, acting reasonably;
(iii) be non-contributing with and shall apply only as primary and not as excess to any other insurance available to the Landlord or the Mortgagee;
(iv) not be invalidated as respects the interests of the Landlord and of the Mortgagee by reason of any breach or violation of any warranties, representations or conditions contained in the policies;
(v) contain any undertaking by the insures to notify the Landlord and the Mortgagee in writing not less than thirty (30) days prior to any material change, cancellation or termination thereof; and
(vi) name the Landlord and the Mortgagee as additional insured parties, as their interests may appear, and, in respect of property damage insurance, incorporate the Mortgagee’s standard mortgage clause.
(c) Certificates of insurance on the Landlord’s standard form or in a form satisfactory to the Landlord, acting reasonably, evidencing the Tenant’s compliance with its insurance obligations hereunder, or if required by the Mortgagee certified copies of each such insurance policy will be delivered to the Landlord as soon as practicable after the placing of the required insurance. Provided that no review or approval of any such insurance certificate by the Landlord shall derogate from or diminish the Landlord’s rights or the Tenant’s obligations contained in this Article.
(d) If the Tenant fails to take out or keep in force any insured referred to in this Section 7.01, or should any such insurance not be approved by either the Landlord or the Mortgagee and should the Tenant not commence to diligently rectify (and thereafter proceed to diligently rectify) the situation within two (2) Business Days after written notice by the Landlord to the Tenant (stating, if the Landlord or the Mortgagee does not approve of such insurance, the reasons therefor), the Landlord has the right without assuming any obligation in connection therewith to effect such insurance at the sole cost of the Tenant and all outlays by the Landlord shall be paid by the Tenant to the Landlord on demand as Additional Rent without prejudice to any other rights and remedies of the Landlord under this Lease.
(e) The Tenant shall provide agrees that in the Landlord prior event of damage or destruction to the commencement of Leasehold improvements in the Fixturing Period with a certificate Leased Premises covered by insurance pursuant to Section 7.01(a)(i), unless the Lease is terminated pursuant to Section 9.01 or Section 9.02 hereof, the Tenant shall use the proceeds of such insurance and each year on for the anniversary date thereof shall provide purpose of repairing or restoring such Leasehold Improvements. In the event of damage to or destruction of the Complex or the Building entitling the Landlord with a further certificate confirming that to terminate the Lease pursuant to Section 9.01(b) or 9.02, then if the Leased Premises have also been damaged or destroyed, the Tenant has arranged shall forthwith pay to the Landlord all of its insurance proceeds relating to the insurance required Leasehold Improvements in the Leased Premises and if the Leased Premises have not been damaged or destroyed, the Tenant shall upon demand deliver to be maintained by it under Section 9.02the Landlord in accordance with the provisions of this Lease the Leasehold Improvements and the Leased Premises.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout shall purchase and during the entire Termmaintain or otherwise cause to be maintained, at its sole cost and expense, take out the following insurance during the entire Term and keep in full force and effect and in the names any period Tenant (or any party claiming by, through, or under Tenant) occupies any portion of the TenantPremises, for the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property benefit of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property Landlord with terms and Leased Premises comprising only leasehold improvementscoverages reasonably satisfactory to Landlord, fixtures and chattels in an amount with insurers having a minimum A.M. Best’s rating of not less than one hundred percent at least A-VIII, (100%or its equivalent if such guide ceases to be published) of the full replacement cost thereof, and with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with minimum limits of not less than $5,000,000.00 per occurrence the greater of (i) those set forth hereunder; (ii) those evidenced on the declaration page of the pertinent insurance policy; and (iii) those required by law, unless otherwise approved in writing by Landlord:
A. Commercial Property Insurance - Coverage shall be maintained covering property damage to the entire Premises (as herein defined). Such coverage shall insure the full replacement cost, without deduction for bodily injury to any one or more personsdepreciation, of the Property, Buildings, improvements, betterments, alterations, fit-out, personal property, machinery, equipment, office furniture, trade fixtures, office equipment, contents, products, molds, and all other personal property in, on, or property about the Property and Buildings including the roof and rooftop equipment (all the foregoing, including for the avoidance of doubt the Buildings, the “Premises”). Such insurance shall name Xxxxxx as the named insured, with Landlord and Xxxxxxxx’s mortgagee(s) named as additional insureds and loss payees as their interests may appear. Such policy shall (i) be written on “special form” basis (also referred to as “all risk”) including, but not limited to coverage for the perils of fire, explosion, smoke, aircraft, vehicles, civil commotion, hail, windstorm, named storm, theft, water damage, sewer backup, vandalism, malicious mischief, sprinkler leakage, debris removal, and such higher limits other endorsements as the Landlord or any mortgagee shall reasonably requires request from time to time, and all such policies shall ; (ii) not contain a crossany co-liability and severability of interest clause;
insurance requirements or penalties; (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilersnot contain any deductibles exceeding one hundred thousand dollars $100,000 per occurrence, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
unless otherwise approved by Landlord; (iv) include coverage for business interruption, with a limit sufficient to cover not less than twelve (12) months from time of loss and containing a 365 day extended period of indemnity. It is understood and agreed that Tenant assumes all risk of damage to its own property (including its business interruption) arising from any cause whatsoever, including, without limitation, loss by theft, water damage, vandalism, and the other perils listed in the foregoing subsection (i). As a condition to the commencement of any Alterations, either Tenant shall maintain (or cause to be maintained), or if the applicable contract for such Alterations is in Landlord’s name pursuant to Section 8 of the Work Letter, Landlord shall maintain (or cause to be maintained), during any period when Tenant is performing Alterations: builder’s risk insurance on a 100% replacement cost (and completed value, non-reporting) coverage basis, including hard and soft costs coverages with such endorsements as Landlord may reasonably require. Such builder’s risk insurance shall protect and insure Landlord, Landlord’s agents, Tenant and Xxxxxx’s contractors, as their interests may appear, against loss or damage by fire, water damage, vandalism and malicious mischief, and such other risks as are customarily covered by so-called “special form” builder’s risk coverage. Such builder’s risk coverage shall be approved by Landlord and may be provided by Landlord at the mutual agreement of Tenant and Landlord.
B. Commercial General Liability Insurance - Coverage shall be issued on a form that is equivalent to the most recently filed ISO CG 00 01 occurrence form, with limits of liability not less than what is listed in the chart above. Such policy shall include coverage for premises/operations, bodily injury (including death and mental anguish), personal and advertising injury, property damage, host liquor liability (unless separately insured), damage to Premises rented to Tenant and insured contracts (as defined by the most recently filed CG 00 01 form or equivalent).
C. Intentionally Deleted;
D. Loss of income or business interruption insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises Property as a result of such perils; and, but in no event in an amount less than the total gross revenues of Tenant from the Property for twelve (12) months, and shall include a 365-day extended period of indemnity;
(v) any other form E. Loss of income or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(ivcovering loss of Rents due to fire and the risks now or hereafter embraced by Extended Coverage for the annual amount of Rents for a minimum of one (1) provided that year, and the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid rental value shall include the Landlord Base Rent and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out any other payments payable under the terms of this Lease. Said insurance shall provide that in the event this Lease is terminated or in the event Rent is abated by reason of an insured loss, the period of indemnity for such coverage shall be extended beyond the date of the operations completion of repairs or replacement of the Tenant in Property, to provide for one full year’s loss of Rent from the Leased Premises and, as appropriate, a severability date of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of any such loss. Said insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer an agreed valuation provision in lieu of any rights coinsurance clause, and the amount of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies coverage shall be taken out with insurers acceptable adjusted annually to reflect the Landlordprojected Rent otherwise payable by Tenant, acting reasonably and shall be in a form satisfactory from time to time to for the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02next twelve (12) month period];
Appears in 1 contract
Samples: Lease Agreement (Faraday Future Intelligent Electric Inc.)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, shall carry (at its sole cost and expense, take out and keep in full force and effect and in expense during the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
Term): (i) fire and extended coverage insurance against insuring Tenant's improvements to the Premises and any and all risks upon furniture, equipment, supplies, contents and other property owned, leased, held or possessed by Tenant and contained therein, such insurance coverage to be equal to the full replacement value of every description such improvements and kind owned property, as such may increase from time to time; (ii) worker's compensation insurance required by the TenantState of Georgia; and (iii) commercial general liability coverage on an occurrence basis for injury to or death of a person or persons and for damage to property occasioned by or arising out of the condition, use, or for which the Tenant is legally liable or installed by or on behalf occupancy of the Tenant Premises, or other portions of the Complex, including contractual liability and which is located within the Property such other coverages and Leased Premises comprising only leasehold improvementsendorsements as are reasonably required by Landlord, fixtures and chattels in an amount such policy to have a combined single limit of not less than one hundred percent Three Million and No/100 Dollars (100%$3,000,000) for any bodily injury or property damage occurring as a result of or in connection with the full replacement cost thereofabove. Landlord and Landxxxx'x xroperty manager, with standard extended coverage including sprinkler leakages (where applicable)asset manager, earthquakeand their respective partners, flood officers, shareholders, policyholders, employees, attorneys and collapse. In the event that there is a dispute as to the amount which comprises full replacement costagents, the decision of the Landlord or any mortgagee and employees shall be conclusive;named additional insureds on the policies required hereunder and such policies shall provide that the coverage thereunder is primary to, and not contributing with, any policy carried by any such additional insured.
(iib) property damage, bodily injury and public liability Tenant shall have included in all policies of insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage respectively obtained by it with respect to the Leased Premises, coverage to include the business operations conducted Complex or Premises a waiver by the insurer of all right of subrogation against Landlord in connection with any loss or damage thereby insured against, and Landlord shall have included in all property insurance policies required to be maintained by Landlord under this Lease a waiver by the insurer of all right of subrogation against Tenant in connection with any loss or damage thereby insured against. To the full extent permitted by law, Landlord as to its property insurance policies and any Tenant as to all its policies, each waives all right of recovery against the other person on for, and agrees to release the Leased Premises. Such other from liability for, loss or damage to the extent such loss or damage results from a cause covered by valid and collectible insurance in effect at the time of such loss or damage; provided however, that the foregoing release by each party is conditioned upon the other party's carrying insurance with the above described waiver of subrogation to the extent required above, and if such coverage is not obtained or maintained by either party, then the other party's foregoing release shall be deemed to be rescinded until such waiver is either obtained or reinstated.
(c) All said insurance policies shall be carried with companies licensed to do business in the State of Georgia reasonably satisfactory to Landlord having a Best's Rating of A XII or better and shall be noncancellable and nonamendable except after thirty (30) days' written on a comprehensive basis with limits notice to Landlord. At Landlord's request, duly executed certificates of not less than $5,000,000.00 per occurrence for bodily injury such insurance shall be delivered to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access prior to the Leased Premises as a result Commencement Date and at least thirty (30) days prior to the expiration of such perils; and
(v) any other form or forms of insurance as the Tenant or the each respective policy term. Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure periodically review the coverages required hereunder and if Landlord deems it reasonably necessary to require additional coverage resulting from inflation or from increases in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that jury verdicts or other economic conditions in the jurisdiction where the Property is located, Tenant shall indemnify and save harmless obtain the Landlord to the same extent as if the insurance had been purchased and separately maintained coverage requested by the TenantLandlord.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. At its own expense the Tenant shall take out and thereafter maintain in force at all times during the Term and at all times when the Tenant is in possession of the Leased Premises insurance policies as follows:
(a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon insurance on Leasehold improvements and on all other property of every description description, nature and kind owned by the Tenant, Tenant or for which the Tenant is legally liable liable, which is installed, located or installed situate within the Leased Premises or elsewhere in the Project, including without limitation, all inventory or stock-in-trade in an amount not less than the full replacement cost thereof without deduction for depreciation; such insurance shall be subject to a replacement cost endorsement and shall include a stated amount co-insurance clause and a breach of conditions clause;
(b) comprehensive or commercial general bodily injury and property damage liability insurance to respond to any and all incidents occurring in the Leased Premises in the minimum amount of $3,000,000 per occurrence including the following extensions: owners and contractors protective; limited pollution coverage endorsement; products end completed operations; personal injury; occurrence basis property damage; blanket contractual and non-owned automobile liability; such insurance shall include the Landlord and the Landlord's agent and nominee (if any) as named additional insureds, and shall protect the Landlord and the Landlord's agent and nominee (if any) in respect of all Claims, including Claims by the Tenant, as if the Landlord and the Landlord's agent and nominee (if any) were separately insured; such insurance shall include cross liability and severability of interest clauses;
(c) boiler and machinery insurance, if applicable, including repair or replacement endorsement in an amount satisfactory to the Landlord and providing coverage with respect to all objects introduced into the Leased Premises by or on behalf of the Tenant or otherwise constituting Leasehold improvements;
(d) plate glass insurance on all internal and which is located external glass within or fronting the Property and Leased Premises comprising only leasehold improvementsPremises; however, fixtures and chattels notwithstanding the foregoing, the Tenant may elect to self-insure for the insurance described in an amount this Subsection 9.02(d);
(e) business interruption insurance on the profit form providing all risks coverage with a period of indemnity of not less than one hundred percent 12 months and subject to a stated amount co-insurance clause; and
(100%f) any other form of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood Insurance in such amounts and collapse. In the event that there is a dispute against such risks as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee may from time to time reasonably require. The Tenant acknowledges and agrees that it shall be conclusive;
(ii) solely responsible for insuring the Leasehold Improvements, its equipment and stock and any other property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to or brought into the Leased Premises, coverage to include the business operations conducted Premises by the Tenant and any other person on whether affixed to the Leased PremisesBuilding or not. Such The insurance policies referred to in this Section shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury subject to any one or more persons, or property damage, and such higher limits as the Tenant, or the Landlord acting reasonably, or any mortgagee reasonably requires of the Landlord's interest in the Project may require from time to time. The policies of insurance referred to in Subsections 9.02(a), (b), (c), (d), (e) and all such policies (f) shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required waiver of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights insurer's right of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled as against the Landlord. The Tenant hereby waives its right of recovery against the Landlord, its agents, employees or and those for whom it the Landlord is in law responsible whether or not caused with respect to occurrences required to be insured against by the act, omission or negligence of Tenant hereunder. Any and all deductibles in the Landlord or those for whom it is in law responsible.
(d) All Tenant's insurance policies shall be taken out with insurers acceptable borne solely by the Tenant and shall not be recovered or attempted to be recovered from the Landlord. In addition, all such policies shall be noncontributing with, and will apply only as primary and not excess to, any insurance proceeds available to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02.
Appears in 1 contract
Tenant’s Insurance. At its own expense the Tenant shall take out and thereafter maintain in force at all times during the Term and at all times when the Tenant is in possession of the Leased Premises insurance policies as follows:
(a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon insurance on Leasehold Improvements and on all other property of every description description, nature and kind owned by the Tenant, Tenant or for which the Tenant is legally liable liable, which is installed, located or installed situate within the Leased Premises or elsewhere in the Project, including without limitation, all inventory or stock-in-trade in an amount not less than the full replacement cost thereof without deduction for depreciation; such insurance shall be subject to a replacement cost endorsement and shall include a stated amount co-insurance clause and a breach of conditions clause;
(b) commercial general liability insurance to respond to any and all incidents occurring in the Leased Premises in the minimum amount of $3,000,000 per occurrence including the following extensions: owners and contractors protective; limited pollution coverage endorsement; products and completed operations; personal injury; occurrence basis property damage; blanket contractual and non-owned automobile liability; such insurance shall include the Landlord and the Landlord's agent and nominee (if any) as named additional insureds, and shall protect and indemnify the Landlord and the Landlord's agent and nominee (if any) in respect of all Claims, including Claims by the Tenant, as if the Landlord and the Landlord's agent and nominee (if any) were separately insured; such insurance shall include cross liability and severability of interest clauses;
(c) boiler and machinery insurance, if applicable, including repair or replacement endorsement in an amount satisfactory to the Landlord and providing coverage with respect to all objects introduced into the Leased Premises by or on behalf of the Tenant or otherwise constituting Leasehold Improvements;
(d) plate glass insurance on all internal and which is located external glass within or fronting the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount Premises;
(e) business interruption insurance on the profit form providing all risks coverage with a period of indemnity of not less than one hundred percent twelve (100%l2) months and subject to a stated amount co-insurance clause; and
(f) any other form of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood insurance in such amounts and collapse. In the event that there is a dispute against such risks as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee may from time to time reasonably require. The Tenant acknowledges and agrees that it shall be conclusive;
(ii) solely responsible for insuring the Leasehold Improvements, its equipment and stock and any other property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to or brought into the Leased Premises, coverage to include the business operations conducted Premises by the Tenant and any other person on whether affixed to the Leased PremisesBuilding or not. Such The insurance policies referred to in this Section shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury subject to any one or more persons, or property damage, and such higher limits as the Tenant, or the Landlord acting reasonably, or any mortgagee reasonably requires of the Landlord's interest in the Project may require from time to time. The policies of insurance referred to in Subsections 9.02(a), (b), (c), (d), (e), and all such policies (f) shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required waiver of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights insurer's right of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled as against the Landlord. The Tenant hereby waives its right of recovery against the Landlord, its agents, employees or and those for whom it the Landlord is in law responsible whether or not caused with respect to occurrences required to be insured against by the act, omission or negligence of Tenant hereunder. Any and all deductibles in the Landlord or those for whom it is in law responsible.
(d) All Tenant's insurance policies shall be taken out with insurers acceptable borne solely by the Tenant and shall not be recovered or attempted to be recovered from the Landlord. In addition, all such policies shall be non-contributing with, and will apply only as primary and not excess to, any insurance proceeds available to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02.
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Samples: Sublease Agreement (Strategy International Insurance Group Inc)
Tenant’s Insurance. Effective as of the earlier of: (a1) The the date Tenant shallenters or occupies the Premises; or (2) the Commencement Date, and continuing throughout and during the entire Term, at Tenant shall maintain the following insurance policies: (A) commercial general liability insurance in amounts of $5,000,000 per occurrence, which shall apply on a per location basis, or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company and Onyx against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment with an additional insured endorsement in form CG 20 26 11 85 (or its sole cost equivalent); (B) Automobile Liability covering any owned, non-owned, leased, rented or borrowed vehicles of Tenant with limits no less than $5,000,000 combined single limit for property damage and expense, take out bodily injury; (C) All Risk Property insurance covering the full value of all Alterations and keep in full force improvements and effect and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee (as defined in Section 12(a)) as additional loss payees as their respective interests may appear; (D) All Risk Property insurance covering the full value of all furniture, the following insurance:
trade fixtures and personal property (i) insurance against all risks upon including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which Party (including Tenant’s Off-Premises Equipment) it being understood that no lack or inadequacy of insurance by Tenant shall in any event make Landlord subject to any claim by virtue of any theft of or loss or damage to any uninsured or inadequately insured property; (E) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels not already included in an amount of Tenant’s commercial general liability insurance policy); (F) worker’s compensation insurance in amounts not less than one hundred percent (100%) of the full replacement cost thereofstatutorily required, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability Employers’ Liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than Five Million Dollars ($5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
5,000,000); (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivG) business interruption insurance in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants under Section 11(a)(2)(C) or attributable to the prevention of access to the Leased Premises Building or Premises; (H) in the event Tenant performs any alterations or repairs in, on, or to the Premises, Builder’s Risk Insurance on an All Risk basis (including collapse) on a completed value (non-reporting) form, or by endorsement including such coverage pursuant to Section 11(a)(2)(C) hereinabove, for full replacement value covering all work incorporated in the Building and all materials and equipment in or about the Premises; and (I) such other insurance or any changes or endorsements to the insurance required herein, including increased limits of coverage, as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord Landlord, or any mortgagee or lessor of Landlord, may reasonably requires require from time to time includingtime. Requirements for $5,000,000 liability limits under the applicable policies set forth above may be satisfied through a combination of primary, without limitationumbrella and excess liability coverage. Tenant’s commercial general liability insurance shall provide primary coverage to Landlord and shall not require contribution by any insurance maintained by Landlord, builderwhen any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord’s risk insurance policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance, with an additional insured endorsement in form CG 20 26 11 85 (or its equivalent), and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten (10) days prior to the aforementionedearlier of the Commencement Date or the date Tenant enters or occupies the Premises, the and at least fifteen (15) days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(inotify Landlord at least thirty (30) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, days before cancellation or a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer material change of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form, and issued by companies with insurers acceptable a Best’s rating of A:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming premium costs thereof, plus an administrative fee of five percent (5%) of such cost. It is expressly understood and agreed that the foregoing minimum limits of insurance coverage shall not limit the liability of Tenant has arranged all of the insurance required to be maintained by it under Section 9.02for its acts or omissions as provided in this Lease.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, Tenant and the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
: (i) insurance against all risks upon property of every description and kind owned by the TenantTenant (other than leasehold improvements), or for which the Tenant is legally liable liable, or installed by or on behalf of the Tenant Tenant, and which is located within the Property and Leased Premises comprising only leasehold improvementsBuilding, including, without limitation, furniture, fittings, installations, alterations, additions, partitions, fixtures and chattels anything in the nature of a leasehold improvement, in an amount of not less than one hundred percent (100%) 90% of the full (new) replacement cost thereof, with coverage against at least, the perils of fire and standard extended coverage including sprinkler leakages leaks (where applicable), earthquake, flood and collapsecollapse and multi-peril on the contents. In the event that If there is a dispute as to the amount which comprises full (new) replacement cost, the decision of the Landlord or any mortgagee the Mortgagee shall be conclusive;
; (ii) property damage, bodily injury and public liability and property damage insurance on an occurrence basis including personal injury liability, contractual liability, non-owned and owned automobile liability and owner’s owners' and contractors’ ' protective insurance coverage with respect to the Leased Premises, Premises and the Tenant's liability insurance; said coverage to include the business activities and operations conducted by the Tenant and any other person Person on the Leased Premises, and by the Tenant and any other Person performing work on behalf to the Tenant and those for whom the Tenant is in law responsible in any other part of the Building. Such policies shall be written on a comprehensive basis with inclusive limits of not less than one million dollars ($5,000,000.00 per occurrence 1,000,000.00) for bodily injury to any one or more persons, Persons or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee Mortgagee reasonably requires from time to time includingand shall not be invalidated with respect to the interests of the Landlord and of the Mortgagee by reason of any breach or violation of any warranties, without limitationrepresentations, builder’s risk insurance declarations or conditions contained in the policies. All such policies must contain a severability of interests clause, a cross-liability clause and such shall be primary and shall not call into contribution any other insurance coverage available to the Landlord or the Mortgagee; (iii) business interruption and extra expense insurance in such amount as would be placed by a prudent tenant. Notwithstanding the aforementionedTenant would obtain; (iv) plate glass insurance, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by Leased Premises are located on the Tenantground floor of the Building.
(b) Each policy of insurance All policies required to be written on behalf of the Tenant as aforesaid pursuant to Sections 9.01 (a) (i), 9.01 (a) (ii), 9.01 (a) (iii), 9.01 (a) (iv) and 9.01 (a) (v) shall:
(i) Contain the Mortgagee's standard mortgage clause and shall include contain a waiver of any subrogation rights which the Tenant's insurers may have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is in law responsible responsible, whether or not any such damage is caused by the act, omission or negligence of the Landlord or those for whom it the landlord is in law responsible. (ii) Name the Landlord as Additional Named Insured.
(dc) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably Landlord and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide agrees that certificates of insurance on the Landlord's standard form or, if required by the Landlord or the Mortgagee, certified copies of each such insurance policy, will be delivered to the Landlord as soon as practicable after the placing of the required insurance. All policies shall contain an undertaking by the insurers to notify the Landlord and the Mortgagee in writing not less than thirty (30) days prior to any material change, cancellation, termination thereof.
(d) The Tenant agrees that if the commencement Tenant fails to take out or to keep in force any such insurance referred to in this Section 9.01, or should any insurance not be approved by either the Landlord or the Mortgagee and should the Tenant not rectify the situation within forty-eight (48) hours after written notice by the Landlord to the Tenant (stating if the Landlord or the Mortgagee does not approve of such insurance, the reasons therefor) the Landlord has the right without assuming any obligation in connection therewith, to effect such insurance at the sole cost of the Fixturing Period with a certificate of such insurance Tenant and each year all outlays by the Landlord shall be immediately paid by the Tenant to the Landlord as Rent on the anniversary date thereof shall provide first day of the next month following said payment by the Landlord with a further certificate confirming that the Tenant has arranged all without prejudice to any other rights and remedies of the insurance required to be maintained by it Landlord under Section 9.02this lease.
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Tenant’s Insurance. (a) The Tenant shall, throughout shall effect and maintain during the entire Term, Term at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(ia) “all risks” insurance against including flood, earthquake, and sewer back up upon all risks upon property of every description and kind owned by the Tenant, Tenant or by others and for which property the Tenant is legally liable or installed by or on behalf of the Tenant and which is responsible located within in the Property and Leased Premises comprising only leasehold improvementsincluding equipment, furniture, fixtures and chattels Leasehold Improvements and Tenant’s legal liability in an amount of not less than one hundred percent (100%) of the full amounts sufficient to fully cover, on a replacement cost thereofbasis, with standard extended coverage including sprinkler leakages all such items (where applicable)for the avoidance of doubt, earthquakeTenant is not responsible for insuring the Structural Components or the Building Systems, flood and collapse. In which are the event that there is a dispute as to the amount which comprises full replacement cost, the decision responsibility of the Landlord or any mortgagee shall be conclusivepursuant to Section 11.4 below);
(iib) property damage, bodily injury and public comprehensive general liability insurance including on an occurrence basis, against claims for bodily injury, personal liabilityinjury, economic loss and property damage arising from occurrences in or about the Property or arising from or in any way relating to the Tenant’s use or occupancy of the Premises or the Property, contractual liabilityliability (including coverage of the indemnities provided for in this Lease), non-owned automobile liability and owner’s owner and contractors’ contractors protective insurance coverage with respect liability, in amounts which are from time to time acceptable to a prudent tenant in the Leased Premises, coverage to include community in which the business operations conducted Property is located (as reasonably determined by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of Landlord), but not less than $5,000,000.00 per occurrence for bodily injury to CDN 5,000,000 in respect of each occurrence;
(c) any one or more persons, or property damage, and such higher limits as other form of insurance that the Landlord or any mortgagee Mortgagee may reasonably requires require from time to timetime in form, amounts and all such for insurance risks reasonably acceptable to the Landlord and any Mortgagee, including but not limited to:
(i) Business interruption insurance to cover fixed costs including rental expense, extra expenses and/or expediting expenses, in the event of temporary interruption of operations due to an insured loss; and
(ii) Boiler and machinery insurance including production machinery under the Tenant’s control. All policies shall name the Landlord as “additional insured” and shall contain a clause providing the Landlord thirty (30) days notice of any material change, non-renewal or cancellation of insurance policies. All policies shall be recorded as being primary, contain cross-liability and severability of interest clause;
(iii) broad form blanket provisions, and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse shall contain a waiver of subrogation against the Landlord. Should the Tenant fail to maintain any of the insurance required pursuant to this Section 11.1 and should such default continue for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access two Business Days after notice to the Leased Premises as a result of such perils; and
(v) Tenant, then in addition to any other form or forms of insurance as the Tenant or rights and remedies, the Landlord or any mortgagee reasonably requires from time may, but shall have no obligation to, elect to time including, without limitation, builder’s risk obtain the required insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable upon demand pay to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to as Rent, the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement ’s cost of the Fixturing Period with a certificate of obtaining such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02insurance.
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Tenant’s Insurance. (a) The On or before the Commencement Date or Tenant’s prior entry into the Premises, Tenant shall, throughout will obtain and during the entire Term, at its sole cost and expense, take out and keep have in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, insurance coverage as their respective interests may appear, the following insurancefollows:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels workers’ compensation in an amount required by law; (ii) commercial general liability with a per occurrence limit of not less than one hundred percent Two Million Dollars (100%$2,000,000) and a general aggregate of Three Million Dollars ($3,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, its agents, designees and lender as additional insureds, an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or contributing with Landlord’s liability insurance; (iii) all risk property insurance for the full replacement cost thereofvalue of all of Tenant’s furniture, with standard extended coverage including sprinkler leakages (where applicable)fixtures, earthquakeequipment, flood alterations, improvements or additions that do not become Landlord’s property upon installation; and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance or any increase in the limits of any of the coverages described above or other forms of insurance as the Tenant Landlord or the mortgagees or ground lessors (if any) of Landlord or any mortgagee may reasonably requires require from time to time includingif in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, without limitation, builder’s risk insurance and such other insurance coverage as would be placed or better (or equivalent rating by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(icomparable rating agency if Best no longer exists) and for business interruption insurance under Section 9.02(a)(ivlicensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing. No policy will be canceled, nonrenewed or materially modified without thirty (30) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if days’ prior written notice by the insurance had been purchased and separately maintained by carrier to Landlord. If the Tenant.
(b) Each policy forms of policies, endorsements, certificates, or evidence of insurance required of the Tenant as aforesaid shall include the by this Article are superseded or discontinued, Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation require other equivalent or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablybetter forms. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all Evidence of the insurance coverage required to be maintained by it under Section 9.02Tenant, represented by certificates of insurance issued by the insurance carrier, must be furnished to Landlord prior to Tenant occupying the Premises and at least thirty (30) days prior to the expiration of current policies. Copies of all endorsements required by this Article must accompany the certificates delivered to Landlord. The certificates will state the amounts of all deductibles and self-insured retentions and that Landlord will be notified in writing thirty (30) days prior to cancellation, material change, or non-renewal of insurance. If requested in writing by Landlord, Tenant will provide to Landlord a certified copy of any or all insurance policies or endorsements required by this Article.
Appears in 1 contract
Tenant’s Insurance. On or before the earlier to occur of (ai) The the Commencement Date; or (ii) the date Tenant shall, commences any work of any type in the Premises pursuant to this Lease (which may be prior to the Commencement Date) and continuing throughout and during the entire Term, Tenant will carry and maintain, at its sole cost and Tenant’s expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance, in the minimum amounts specified below or such other amounts as Landlord may from time to time reasonably request, with insurance companies and on forms reasonably satisfactory to Landlord:
(ia) insurance against all risks upon property of every description Commercial general liability insurance, with a combined single occurrence limit and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount aggregate of not less than one hundred percent $1,000,000. All such insurance will be on an occurrence ISO form including without limitation, bodily injury, property damage, personal injury, advertising injury, products and completed operations liability, and contractual liability coverage for the performance by Tenant of the indemnity agreements set forth in this Lease;
(100%b) A policy of cause of loss-specialty property insurance coverage at least equal to ISO Special Form Causes of Loss and covering all of Tenant’s furniture and fixtures, machinery, Park Ten Plaza – RigNet, Inc. Table of Contents equipment, stock and any other personal property owned and used in Tenant’s business and found in, on or about the Project, and any leasehold improvements to the Premises in excess of any initial buildout of the Premises by Landlord, in an amount not less than the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iic) property damageWorker’s compensation insurance insuring against and satisfying Tenant’s obligations and liabilities under the worker’s compensation laws of the state in which the Premises are located, including employer’s liability insurance in the limit of $1,000,000 aggregate;
(d) If Tenant operates owned, hired, or nonowned vehicles on the Project, comprehensive automobile liability will be carried at a limit of liability not less than $1,000,000 combined bodily injury and public property damage;
(e) Umbrella liability insurance including personal liabilityin excess of the underlying coverage listed in paragraphs (a), contractual liability(c) and (d) above, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 4,000,000 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clauseoccurrence/$4,000,000 aggregate;
(iiif) broad form blanket Loss of income and comprehensive form extra expense insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) contingent business interruption income insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings earning attributable to all perils commonly insured against by prudent tenants under the ISO Causes of Loss - Special Form Coverage, or attributable to prevention of access to the Leased Premises as a result of such perils. Such insurance shall provide for an extended period of indemnity to be not less than 12 months; and
(vg) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of All insurance required of the Tenant as aforesaid under this Section 15.3 shall include the Landlord be issued by such good and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant reputable insurance companies qualified to do and doing business in the Leased state in which the Premises and, as appropriate, are located and having a severability policyholder rating of interest/cross liability clause protecting not less than “A” and a financial rating of “VIII” in the Landlord and mortgagee against claims by most current copy of Best’s Insurance Report in the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredform customary to this locality.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Office Lease (RigNet, Inc.)
Tenant’s Insurance. The Tenant, at its cost, will obtain and keep in force throughout the Term
(a) The Tenant shall“all risk” property insurance (including drain and sewer backup, throughout earthquake and during flood insurance) on a replacement cost basis, covering all the entire Term, at its sole cost and expense, take out and keep in full force and effect and Tenant’s property in the names of the Tenant, the Landlord Premises and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within in the Property and Leased Premises comprising only leasehold improvementsPremises, including its furniture, equipment, fittings, trade fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereofstock-in-trade, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as but excluding Leasehold Improvements which are affixed to the amount which comprises full replacement cost, Premises and owned by the decision of the Landlord or any mortgagee shall be conclusiveLandlord;
(iib) property damagecommercial general liability insurance (including broad form tenant’s legal liability and contractual liability to cover the responsibilities assumed under sections 10.2 and 19.9 hereof) against claims for personal injury, bodily injury injury, death or property damage occurring upon or in or about the Premises and public liability insurance including personal liabilityLands, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, such coverage to include the business activities and operations conducted by the Tenant and any other person on those for whom the Leased PremisesTenant is in law responsible. Such policies shall will be written on a comprehensive basis with inclusive limits of not less than $5,000,000.00 5,000,000 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits limit as the Landlord or any mortgagee reasonably Landlord, acting reasonably, requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivc) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils, all written on a gross earnings form; and
(vd) any other form or forms of insurance and such higher limits as the Tenant or the Landlord Landlord, acting reasonably, or any mortgagee reasonably of the Landlord, requires from time to time includingin form, without limitation, builder’s risk in amounts and for insurance and such other insurance coverage as would be placed by risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Lease (D-Wave Quantum Inc.)
Tenant’s Insurance. Effective as of the earlier of (a) The the date Tenant shallenters or occupies the Premises, or (b) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, Tenant shall maintain the following insuranceinsurance policies:
(i1) commercial general liability insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, injury and non-owned automobile and hired vehicle coverage) in amounts of $1,000,000 per occurrence in primary coverage, with an additional $5,000,000 in umbrella coverage or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability and owner’s and contractors’ protective insurance coverage with respect policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the Leased commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant (and naming as additional insureds Landlord, Landlord’s property management company, Landlord’s asset management company and, if requested in writing by Landlord, Xxxxxxxx’s Mortgagee), against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (2) cause of loss-special risk form (formerly “all-risk”) insurance (including, but not limited to, sprinkler leakage, ordinance and law, sewer back-up, pipe burst, wind- driven rain, water leakage, flood, earthquake, windstorm and collapse coverage) covering the full value of all alterations and improvements and betterments in the Premises, coverage naming Landlord and Landlord’s Mortgagee as additional loss payees as their interests may appear, (3) cause of loss-special risk form (formerly “all-risk”) insurance covering the full value of all furniture, trade fixtures, equipment and personal property (including property of Tenant or others) in the Premises or otherwise placed in the Project by or on behalf of a Tenant Party (including Tenant’s Off-Premises Equipment), (4) contractual liability insurance sufficient to include the cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not already included in Tenant’s commercial general liability insurance policy), (5) commercial auto liability insurance (if applicable) covering automobiles owned, hired or used by Tenant in carrying on its business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 1,000,000 combined single limit for each accident, insuring Tenant (and naming as additional insureds Landlord, Xxxxxxxx’s property management company, Xxxxxxxx’s asset management company and, if requested in writing by Landlord, Xxxxxxxx’s Mortgagee), (6) worker’s compensation insurance as required by applicable state law and employer’s liability insurance with limits not less than $1,000,000 per occurrence for bodily injury to any one or more persons, or property damageaccident, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv7) business interruption insurance in an amount reasonably acceptable to Landlord. Tenant’s insurance shall be primary and non-contributory when any policy issued to Landlord provides duplicate or similar coverage, and in such amount as circumstance Landlord’s policy will reimburse the be excess over Tenant’s policy. Tenant for direct or indirect loss of earnings attributable shall furnish to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result Landlord certificates of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten days prior to the aforementionedearlier of the Commencement Date or the date Tenant enters or occupies the Premises (in any event, within ten days of the effective date of coverage), and at least 15 days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the notify Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, at least 30 days before cancellation or a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer material change of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form reasonably satisfactory to Landlord and issued by companies with insurers acceptable an A.M. Best rating of A+:VIII or better. However, no review or approval of any insurance certificate or policy by Landlord shall derogate from or diminish Landlord’s rights or Tenant’s obligations hereunder. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all premium costs thereof, plus an administrative fee of the insurance required to be maintained by it under Section 9.0215% of such cost.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall, during the entire Term hereof, procure and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
force: (i) Commercial General Liability Insurance with respect to the Premises and the operations of Tenant in, on or about the Premises, in which the limits shall be not less than Three Million Dollars ($3,000,000.00) per occurrence combined single limit, broad form/extended bodily injury, death and property damage, and business automobile liability insurance covering all owned, non-owned and hired or borrowed vehicles of Tenant used in connection with the operation of its business from the Premises, in which the limits shall be not less than One Million Dollars ($1,000,000.00) per occurrence combined single limit, insuring for bodily injury, death and property damage; (ii) plate glass insurance, at full replacement value; (iii) insurance against fire, extended coverage, vandalism, malicious mischief, water damage which does not exclude backup from sewers or drains and/or sprinkler leakage, and such other additional perils including earthquake and flood as now are or hereafter may be included in a standard extended coverage endorsement from time to time in general use in the county in which the Development is located, insuring Tenant's merchandise, trade fixtures, furnishings, equipment and all risks upon other items of personal property of every description and kind owned by Tenant located on or in the TenantPremises, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsincluding steam boiler insurance, fixtures and chattels if applicable, in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereof, with standard extended ; (iv) workers' compensation coverage as required by law and including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to Employer's Liability Insurance in the amount which comprises full replacement costof Two Million Dollars ($2,000,000.00) each accident, the decision of the Landlord or any mortgagee shall be conclusive;
Two Million Dollars (ii$2,000,000.00) property damageeach employee, bodily injury and public liability insurance including personal liabilityby disease, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage Two Million Dollars ($2,000,000.00) policy aggregate by disease; (v) with respect to alterations, improvements and the Leased like required or permitted to be made by Tenant under this Lease, contingent liability and builders' risk insurance; in an amount satisfactory to Landlord; (vi) the insurance required under Exhibit B, and (vii) product liability coverage (including, without limitation, if this Lease covers Premises in which food and/or beverages are sold and/or consumed, liquor liability coverage for acts arising out of the serving and/or consumption of food and/or alcoholic beverages on or obtained at the Premises, coverage to include the business operations conducted extent obtainable), for not less than Three Million Dollars ($3,000,000.00) combined single limit, bodily injury, death and property damage. In addition, if Landlord deems it necessary to increase the amounts or limits of insurance required to be carried by Tenant hereunder, Landlord may reasonably increase said amounts or limits, and Tenant shall so increase the amounts or limits of the insurance required to be carried by Tenant hereunder and any other person on shall provide Landlord with policies or certificates indicating the Leased Premises. Such increased amounts or limits as provided in this Section 11.01.
(b) All policies of insurance required to be carried by Tenant pursuant to this Section 11.01 shall be written on by insurance companies of adequate financial capacity satisfactory to Landlord with a comprehensive basis with limits Best's rating and Financial Size Category of not less than $5,000,000.00 per occurrence for bodily injury A-/VII and authorized to do business in the state in which the Development is located. Any such insurance required of Tenant hereunder may be furnished by Tenant under any one blanket policy carried by it or more personsunder a separate policy therefor. An insurance certificate (and endorsements where same become necessary) together with a copy of the policy declaration page from Tenant's insurer, certifying that such policy has been issued, provides the coverage required by this Section 11.01 and contains all of the provisions specified in this Section 11.01 (including, without limitation, naming of additional insured entities as required by Section l1.01(c) below and a statement that no deductible or property damageself-insured retention applies to such policy), shall be delivered to Landlord, at the address set forth on the Data Sheet prior to the commencement of the Term of this Lease, and such higher limits insurance information shall also be provided in connection with all renewals, not less than thirty (30) days prior to the expiration of the term of each such policy. As often as the any such policy shall expire or terminate, renewal or additional policies shall be procured and maintained by Tenant in like manner and to like extent. Landlord or may, at any mortgagee reasonably requires time, and from time to time, inspect and copy any and all such insurance policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the required to be procured by Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredhereunder.
(c) Each policy evidencing insurance required to be carried by Tenant pursuant to this Section 11.01 shall contain the following clauses and provisions: (i) a provision that such policy and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord and that any coverage carried by Landlord be excess insurance; (ii) a provision including Landlord and the parties set forth on Exhibit C of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain any other parties designated by Landlord from time to time as additional insured entities; (iii) a release and waiver by the insurer of any rights right to subrogation against Landlord and other additional insured entities (as set forth on Exhibit C), its agents, employees and representatives which arises or might arise by reason of subrogation any payment under such policy or indemnity by reason of any act or any other claim over to which such insurer might otherwise be entitled against the omission of Landlord, its agents, employees or those for whom representatives; (iv) a severability of interest clause or endorsement; (v) a provision that the insurer will not cancel or change the coverage provided by such policy without giving Landlord thirty (30) days' prior written notice; and (vi) such policy shall be an "occurrence form" policy. Any policy of insurance required to be carried by Tenant that names the parties set forth in this Section 11.01(c) (ii) as additional insured entities shall not be subject to a deductible or self insured retention, it is in law responsible whether or not caused by being the act, omission or negligence intent of the Landlord parties that such insurance shall fully and completely insure such additional insured entities for all loss or those for whom it is in law responsibleexpense.
(d) All policies In the event that Tenant fails to procure or to maintain, at the times and for the duration specified in this Section 11.01, any insurance required by this Section 11.01, or fails to carry insurance required by law or governmental regulation, Landlord may (but shall not be required to) at any time or from time to time, and without notice to Tenant, procure such insurance and pay the premiums therefor, and the cost of same, plus a fifteen percent (15%) administrative fee shall be taken out with insurers acceptable to the Landlord, acting reasonably deemed Additional Rent and shall be payable upon Landlord's demand.
(e) Tenant will not do or suffer to be done, or keep or suffer to be kept, anything in, upon or about the Premises which will violate Landlord's policies of hazard or liability insurance or which will prevent Landlord from procuring such policies in a form satisfactory companies acceptable to Landlord. If anything done, omitted to be done or suffered by Tenant to be kept in, upon or about the Premises shall cause the rate of fire or other insurance on the Premises or on other property of Landlord or of others within the Shopping Center to be increased beyond the minimum rate from time to time applicable to the Premises or to any property for the use or uses made thereof, Tenant will pay, as Additional Rent, the amount or any such increase upon Landlord's demand.
(f) In the event Tenant retains any security guard contractor to service the Premises, acting reasonablyTenant shall cause Landlord to receive a customary waiver of subrogation under the worker's compensation insurance policy covering such security guard. The Tenant shall provide Landlord with written notice if any such security guard is to carry a firearm upon the Premises or Development, and in such event, Landlord shall have the right to impose additional reasonable insurance requirements upon Tenant and/or such security guard, which shall be complied with by Tenant and Tenant shall provide Landlord with evidence of such compliance prior to the commencement of the Fixturing Period with a certificate posting of such insurance security guard at the Premises. Notwithstanding the foregoing, Landlord shall have the sole and each year on absolute right to prohibit any person (including any security guard) from carrying a firearm upon the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Premises, Shopping Center and/or Development.
Appears in 1 contract
Samples: Lease (Melt Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termwill, at its sole cost and expenseexpense during the Term and during such other period of time that the Tenant occupies the Premises, take out and keep maintain in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancefollowing:
(i) “all risks” insurance against upon all risks upon merchandise, stock-in-trade, furniture, fixtures, equipment, Leasehold Improvements, and other property of every kind and description and kind located at the Premises, owned by the Tenantby, or for which the Tenant is legally liable made or installed by or on behalf of the Tenant and any sub-tenant or licensee or for which the Tenant is located within the Property and Leased Premises comprising only leasehold improvementsresponsible or legally liable, fixtures and chattels in an amount of not less than one hundred percent (100%) of at least equal to the full insurable value of them, calculated on a stated amount co-insurance and replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusivebasis;
(ii) property damageautomobile liability insurance to a limit of liability of not less than $2,000,000 in any one accident, covering all licensed motor vehicles owned by the Tenant and used in connection with its and its licensee’s or sub-tenant’s business carried on from the Premises;
(iii) comprehensive bodily injury and public property damage liability insurance including applying to the operations of the Tenant and its licensee or sub-tenant carried on from the Premises and that will include, without limitation, personal injury liability, product liability, contractual liability, non-owned automobile liability, and protective liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include occupancy of the business operations conducted Premises by the Tenant Tenant; and any other person on the Leased Premises. Such policies shall such insurance will be written on a comprehensive basis with limits for an amount of not less than $5,000,000.00 5,000,000 per occurrence for bodily injury to any one or more personsoccurrence, or property damage, and such higher limits amount as the Landlord or any mortgagee reasonably requires may from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatustime reasonably require;
(iv) tenant’s all-risks legal liability insurance in an amount not less than the replacement cost of the Premises;
(v) broad form comprehensive boiler and machinery insurance on all boilers and pressure vessels in the Premises;
(vi) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly required to be insured against by prudent tenants or attributable to prevention of access to the Leased Premises as Tenant under this Lease; and P a result of such perils; andg e | 17
(vvii) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee may reasonably requires require from time to time including, without limitation, builder’s risk insurance in amounts and such other insurance coverage as would be placed by for perils against which a prudent tenant. Notwithstanding tenant acting reasonably would protect itself in similar circumstances.
(b) All policies of insurance referred to in this clause 8.1 will include the aforementionedfollowing provisions:
(i) the policies will not be affected or invalidated by any act, omission, or negligence of any person that is not within the knowledge or control of the insured under this Lease;
(ii) subject to subclause 11.1(b), all property damage policies written on behalf of the Tenant shall have the right to self-insure in respect will contain a waiver of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided any subrogation rights that the Tenant shall indemnify and save harmless Tenant’s insurers may have against the Landlord and against those for whom the Landlord is, in law, responsible, whether any insured loss or damage is caused by the act, omission, or negligence of the Landlord, or by those for whose acts the Landlord is, in law, responsible, or otherwise;
(iii) all policies of liability insurance will include the Landlord and any persons, firms, or corporations affiliated with the Landlord and designated by the Landlord as additional insureds and will provide that each person, firm, or corporation insured under such policies will be insured in the same manner and to the same extent as if the insurance separate policies had been purchased and separately maintained issued to each; and
(iv) all policies will contain an undertaking by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include insurers to give the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out not less than 30 days’ prior written notice of any cancellation or other termination of it, or any change that restricts or reduces the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims coverage afforded by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredit.
(c) Each policy The Tenant agrees that certificates of insurance taken out or, if required by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity Landlord or any other claim over of the Landlord’s Mortgagees, certified copies of each policy will be delivered to which such insurer might otherwise be entitled against the Landlord as soon as is practicable after the placing of them. The Tenant will, when required by the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of promptly provide to the Landlord or those evidence that all premiums for whom it is in law responsibleall insurance policies have been paid.
(d) All policies shall be taken out with insurers acceptable For good and valuable consideration, and subject to clause 8.4, the Landlord, acting reasonably Tenant hereby releases and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide relieves the Landlord prior to and those persons for whom the commencement Landlord is, in law, responsible, from liability and responsibility for, and waives its entire claim for recovery of any loss or damage whatsoever arising out of or incident to, the occurrence of any of the Fixturing Period with a certificate of such perils covered by, or that would be covered by, the insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming policies that the Tenant has arranged all is obligated to obtain and maintain in force under the terms of this Lease. P a g e | 18
(e) The Tenant will not do or permit anything to be done upon the Premises whereby any policy of insurance against loss or damage to the Premises or against legal liability for damage to persons or property caused by the ownership, maintenance, use, or occupancy of the Premises, the Land, or the Building, or by reasons of the conduct of any business carried on by them, may be invalidated; and for such purpose, upon receipt of notice in writing from any insurer of the Premises, the Land, or the Building requiring the execution of works or a discontinuance of any operations in order to correct such situation, the Tenant will comply with it.
(f) The Tenant agrees that if the Tenant fails to take out or keep in force any insurance required coverage referred to be maintained in this clause 8.1, or if any such insurance is not approved by it under Section 9.02the Landlord and the Landlord’s Mortgagees, and the Tenant does not rectify the situation within 72 hours after written notice by the Landlord to the Tenant specifying the Landlord’s objections, then the Landlord will have the right, without assuming any obligation in connection with it, to effect such insurance coverage and will have the right to recover all costs and premiums incurred in effecting such insurance coverage from the Tenant pursuant to clause 8.1.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shallwill, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and maintain, in the names of the Tenant, the Landlord Landlord, and any mortgagee, chargee, or debenture holder, the Mortgagee as their respective interests may appear, the following insurance:
(i) insurance against upon all risks upon property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable liable, or which is installed by or on behalf of the Tenant Tenant, and which is located within the Property and Leased Premises comprising only leasehold improvementsProject including, but not limited to, fittings, installations, alterations, additions, partitions, trade fixtures, fixtures and chattels anything in the nature of a leasehold improvement as well as the Tenant's stock-in-trade, furniture and personal property, in an amount of not less than one hundred percent at least ninety (10090%) percent of the full replacement cost thereof, with coverage against at least the perils of fire and standard extended coverage coverage, including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that If there is a dispute as to the amount which comprises full replacement costcosts, the decision of the Landlord or any mortgagee shall will be conclusive;
(ii) property damage, bodily injury broad form boiler and public liability machinery insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive blanket repair and replacement basis with limits for each accident in an amount of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, at least ninety (90%) percent of the full replacement cost of all leasehold improvements and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and of all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical heating and air-conditioning equipment and miscellaneous apparatuselectrical apparatus owned or operated by the Tenant in the Leased Premises or relating to or serving the Leased Premises; (it being understood, however, that the Tenant is not required to take out or maintain insurance on any part of the HVAC System of the Project);
(iviii) business interruption insurance in such an amount as which will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in Section 10.01 (a) (i) and Section 10.01 (a) (ii) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises or the Project as a the result of such perils; and;
(viv) comprehensive general liability insurance including personal injury liability, contractual liability, non-owned automobile liability, employer's liability and owners' and contractors' protective insurance coverage with respect to the Leased Premises and the Tenant's use the Common Areas and Facilities, coverage to include the activities and operations conducted by the Tenant and any other form or forms of insurance as Persons on the Leased Premises, and by the Tenant or the Landlord or and any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required Person performing work on behalf of the Tenant as aforesaid shall include and those for whom the Landlord Tenant and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations any other Person performing work on behalf of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Tenant is in law responsible whether or not caused by the act, omission or negligence in any other part of the Landlord or those for whom it is in law responsible.
(d) All Project. Such policies shall (1) be taken out written on a comprehensive basis with insurers acceptable inclusive basis with inclusive limits of not less than $2,000,000.00 for bodily injury to the Landlordany one or more Persons, acting reasonably or property damage, and shall be in a form satisfactory from time to time to such higher limits as the Landlord, acting reasonably. The Tenant shall provide , or the Landlord prior Mortgagee requires from time to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02time; and
Appears in 1 contract
Samples: Lease (Astris Energi Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termwill, at its sole cost and expensecost, during any period that the Tenant occupies the Premises, take out and keep maintain in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancefollowing:
(i) “all risks” insurance against (or its equivalent), including earthquake, flood and sewer backup perils, upon all risks upon merchandise, stock-in-trade, furniture, fixtures, equipment, leasehold improvements and other property of every kind and description and kind located at the Premises, owned by the Tenant, Tenant or for which the Tenant is responsible or legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsliable, fixtures and chattels in an amount of not less than one hundred percent (100%) of at least equal to the full insurable value thereof, calculated on a full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusivebasis;
(ii) property damage“comprehensive form” boiler and machinery insurance (or its equivalent) upon any boilers, pressure vessels or mechanical equipment located at the Premises in such amount as the Landlord may reasonably require from time to time;
(iii) automobile liability insurance to a limit of liability of not less than $2,000,000.00 in any one accident, covering all licensed motor vehicles owned by the Tenant and used in connection with its business carried on, in and from the Premises;
(iv) commercial bodily injury and public property damage liability insurance including (or its equivalent) applying to the operations of the Tenant carried on, in and from the Premises and which will include, without limitation, personal injury liability, product liability, contractual liability, non-owned automobile liability, protective liability and ownerTenant’s and contractors’ protective insurance coverage legal liability with respect to the Leased Premises, coverage to include the business operations conducted occupancy by the Tenant of the Premises; and any other person on the Leased Premises. Such policies shall such insurance will be written on a comprehensive basis with limits for an amount of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause5,000,000.00;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivv) business interruption insurance (or its equivalent) for a minimum period of 12 months in such the amount as which will reimburse the Tenant for direct or indirect loss of earnings and extra expenses attributable to all perils commonly insured against by prudent tenants under Section 7.1(a)(i) or attributable to prevention of access to the Leased Premises as a result of due to any such perils;
(vi) insurance against all risks of physical loss or damage to the Building, including the perils of fire, flood and earthquake, in amounts equal to the full insurable value thereof calculated on a replacement cost basis, and subject to deductibles typically arranged by and available to reasonably prudent owners of properties similar to the Building at the time such coverage is placed; and
(vvii) any other form or forms of insurance as the Tenant Landlord or the Landlord or any mortgagee Landlord’s Mortgagees may reasonably requires require from time to time including, without limitation, builder’s risk insurance in amounts and such other insurance coverage as would be placed by for perils against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure tenant would protect itself in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantsimilar circumstances.
(b) Each policy All policies of insurance required referred to in this Section 7.1 will include the following provisions:
(i) all property damage policies will contain a waiver of any subrogation rights which the Tenant as aforesaid shall include Tenant’s insurer(s) may have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is, in law, responsible, whether any insured loss or damage is in law responsible whether or not caused by the act, omission or negligence of the Landlord or by those for whom it is whose acts the Landlord is, in law responsiblelaw, responsible or otherwise;
(ii) all policies of liability and Building insurance will name the Landlord and any persons or corporations designated by the Landlord and having an interest in the Premises as additional insureds and provide that each person, firm or corporation insured under such policies will be insured in the same manner and to the same extent as if separate policies had been issued to each; and
(iii) all policies will contain an undertaking by the insurers to notify the Landlord and the Landlord’s Mortgagees, in writing, not less than 30 days prior to any cancellation or other termination of any policy.
(c) All policies of insurance referred to in this Section 7.1 will be underwritten by insurers acceptable to the Landlord and on policy forms satisfactory to the Landlord. The Tenant will deliver to the Landlord certificates of insurance as soon as possible after the placing of each policy and thereafter annually. Whenever required by the Landlord, the Tenant will provide the Landlord with evidence that all premiums for all insurance policies have been paid.
(d) All policies shall The Tenant will not do or permit anything to be taken out done upon the Premises which might cause any policy of insurance against loss or damage to the Premises or against legal liability for damage to persons or property caused by the ownership, maintenance, use or occupancy of the Premises, or by reason of the conduct of any business carried on thereon, to be invalidated, and, for such purpose, upon receipt of notice in writing from any insurer of the Premises requiring the execution of works or a discontinuance of any operations in order to correct such situation, the Tenant will immediately comply with insurers acceptable the notice.
(e) The Tenant will not do or permit anything to be done or exist upon the Premises that would cause an increase in the cost of the Landlord’s insurance or subject any such insurance to cancellation. The Tenant will pay to the Landlord, acting reasonably on demand, the amount of any such increase of cost due to the Tenant’s breach of this Section 7.1(e).
(f) If the Tenant fails to take out or keep in force any insurance coverage referred to in this Section 7.1, or if any such insurance is not approved by the Landlord and shall be in a form satisfactory from time to time to the Landlord’s Mortgagees, and the Tenant does not correct the situation within 72 hours after written notice by the Landlord setting forth the Landlord’s objections, the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of without assuming any obligation in connection therewith, may effect such insurance coverage and each year on recover all costs and premiums incurred in effecting such insurance coverage from the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Tenant.
Appears in 1 contract
Samples: Industrial Lease
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall, during the entire term hereof, procure, pay for and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
effect: (i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability and property damage insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased PremisesPremises and the operations of Tenant in, coverage to include the business operations conducted by the Tenant and any other person on or about the Leased Premises. Such policies , in which the limits with respect to public liability shall be written on a comprehensive basis with limits of not less than One Million Dollars ($5,000,000.00 1,000,000) per occurrence for bodily personal injury and death and in which the limits with respect to any one or more personsproperty damage liability shall not be less than Five Hundred Thousand Dollars ($500,000); (ii) insurance against vandalism, or property damage, malicious mischief and such higher limits other additional perils as the Landlord now are or any mortgagee reasonably requires from time to time, and all such policies shall contain hereafter may be included in a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement standard extended coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires endorsement from time to time includingin general use in the county in which the Leased Premises are located, without limitationinsuring tenant's merchandise, builder’s risk insurance trade fixtures, equipment and such all other insurance items of personal property of Tenant located on or in the Leased Premises, in an amount equal to not less than eighty percent (80%) of the actual replacement cost thereof; and (iii) xxxxxxx'x compensation coverage as would be placed required by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantlaw.
(b) Each policy All policies of insurance required of to be carried by Tenant pursuant to this Section 10.01 shall be written by responsible insurance companies authorized to do business in the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant state in which the Leased Premises andare located, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the shall name Landlord as if the Tenant were separately an additional insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of Provided the insurance required to be maintained by Tenant pursuant to Section 10.01 (a) is in full force and effect and remains so, Landlord waives, releases, and discharges Tenant to the extent of insurance coverage maintained by Tenant. All claims or demand whatsoever which Landlord may have or acquire in the future arising out of damage to or destruction of the Leased Premises occasioned by fire or extended coverage risks whether such claim or demand may arise because of the negligence of Tenant, its agents or employees or otherwise, and Landlord agrees to look only to the insurance coverage to the extent of such coverage in the event of such loss.
(d) Landlord and Tenant hereby each release the other from any and all liability or responsibility to the other or any one claiming through or under them by way of subrogation or otherwise for any insured loss or damage to property caused by fire or other casualty, whether such loss, damage, fire or other insured event shall have been caused by the negligence but not willful misconduct of the other party, provided, however, that this release shall be applicable and in force and effect only with respect to loss or damage occurring during such time as the releasor's policies of insurance shall contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the right of the releasor to recover thereunder and shall apply only to the extent of the respective insurance coverages. Landlord and Tenant that each will request its insurance carriers to include in its policies such a clause or endorsement provided that if an additional premium shall be charged therefore, each party shall advise the other thereof and of the amount of such additional premium, and the other party, at its election, may pay but shall not be obligated to do so. If both parties cannot obtain such a waiver subrogation at reasonable commercial rates, then both parties shall be released from their obligation to obtain such a waiver. Each party will be deemed to have provided within their respective insurance policies a waiver of subrogation until notice is provided that waiver of subrogation has not been obtained and the policy for which it under Section 9.02has not been obtained.
Appears in 1 contract
Samples: Lease Agreement (Genvec Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and own expense, take out and keep in full force and effect and in during the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insuranceTerm:
(i) inclusive limits commercial general liability insurance, which shall include coverage for personal injury, contractual liability, non-owned automobile liability insurance against and owned automobile insurance covering bodily injury, death and property damage, all risks upon on an occurrence basis with respect to the business carried on in the Premises and the Tenant’s use and occupancy of the Premises, with coverage for any one occurrence or claim of not less than Five Million Dollars ($5,000,000.00) or such other amount as the Landlord and Tenant may from time to time agree to, acting reasonably, at any time during the Term;
(ii) tenant’s legal liability on an “all risk” format in an amount not less than the full replacement cost of the Leasehold Improvements.
(b) “all risks” insurance including earthquake, flood and sewer backup perils covering all property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is liable, located within the Property Premises, including, but not limited to, Leasehold Improvements, trade fixtures, and Leased Premises comprising only leasehold improvementsfurniture and equipment, fixtures and chattels in an amount of burglary insurance with respect to the Building for not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is which insurance shall include a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusiveby-law endorsement;
(iic) property damagewhen applicable, bodily injury and public liability if not insured under subsection 10.1(b), comprehensive boiler and machinery insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of for each accident in an amount not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, full replacement costs of all Leasehold Improvements and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and of all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical heating, ventilating and air-conditioning equipment and miscellaneous apparatuselectric apparatus owned or operated by the Tenant or by others (other than the Landlord) on behalf of the Tenant in the Premises, or relating to or serving the Premises;
(ivd) business interruption “Extra Expense” insurance for a minimum period of twelve (12) months in such the amount as which will reimburse the Tenant for direct or indirect loss of earnings extra expenses attributable to all perils commonly insured against by prudent tenants under subsection 10.2(b) or attributable to prevention of access to the Leased Premises as a result of any such perils; and
(ve) any insurance against such other form or forms of insurance perils and in such amounts as the Tenant or the Landlord or any mortgagee reasonably requires may from time to time includingreasonably require upon not less than sixty (60) days’ notice, without limitation, builder’s risk insurance and such other insurance coverage as would requirement to be placed by a prudent tenant. Notwithstanding made on the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided basis that the Tenant shall indemnify and save harmless required insurance is customary at the Landlord time in the City of Vancouver for tenants of buildings similar to the same extent as if the insurance had been purchased and separately maintained by the TenantBuilding.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Lease (Ritchie Bros Auctioneers Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall purchase and keep maintain in full force effect throughout the Term, policies of insurance, for the benefit of Tenant and effect the Landlord Parties with terms, coverages, limits (including deductibles) and in companies satisfactory to Landlord (which companies shall be licensed to do business in the names state where the Property is located and have an “A.M. Best’s” rating of the “A-X” or higher; provided, however, that such rating shall be satisfied if Tenant’s insurance company carries reinsurance by endorsement from a company with an A+ or better rating), the and with such increases in limits and with coverages as Landlord and any mortgageemay from time to time reasonably request, chargee, or debenture holder, as their respective interests may appear, but initially Tenant shall maintain the following insurancecoverages in the following amounts:
(i) Commercial General Liability Insurance on a primary and non-contributory basis (with broad form commercial general liability endorsement), insuring Tenant and naming the Landlord Parties and any other parties designated by Landlord from time to time as additional insureds, covering, without limitation, any liability for bodily injury, personal injury, including death, and property damage arising out of Tenant’s operations, acts, omissions, assumed liabilities or use of the Premises, having a combined single limit of at least Two Million Dollars ($2,000,000).
(ii) Property Insurance including, but not limited to, fire, sprinkler leakage, vandalism and all other risks of direct physical loss as insured against under special broad form coverage endorsement (y) in amounts which, together with the amounts of insurance against coverage which Landlord is required to maintain pursuant to Section 11(a) above, would cover the full replacement cost of all risks upon additions, improvements and alterations to the Premises and providing that the Landlord Parties and any other parties designated by Landlord from time to time are loss payees or additional insureds as their interests may appear, and (z) covering all office furniture, trade fixtures, office equipment, machinery, movable partitions, wall and floor coverings, inventory, merchandise and all other items of Tenant’s property on the Premises (collectively, “Tenant’s Property”). Such insurance shall be written on an “all risks” of every description physical loss or damage basis, for the full replacement cost value of the covered items and kind owned by in amounts that meet any coinsurance clause of the policies of insurance. In the event of a loss, the proceeds of such insurance shall be used for the repair or replacement of the property insured; except that if this Lease is terminated following a casualty, the proceeds applicable to the Property shall be paid to Landlord and the proceeds applicable to Tenant’s Property shall be paid to Tenant.
(iii) “Worker’s Compensation Insurance covering all employees, agents and contractors of Tenant performing work in, on, or with respect to the Premises, in amounts not less than those required by Law.
(iv) Employers liability insurance covering all employees, agents and contractors of Tenant performing work in, on or with respect to the Premises, in amounts not less than One Million Dollars ($1,000,000) for which the each accident and One Million Dollars ($1,000,000) for diseases of each employee, agent and contractor.
(v) Extra expense and business interruption insurance with limits not less than twelve (12) months of Base Rent and Tenant is legally liable or installed by or on behalf Reimbursement Amount, naming Landlord as loss payee, as its interest may appear.
(vi) Automobile Insurance covering all owned, non-owned and hired automobiles with limits of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount liability of not less than one hundred percent One Million Dollars (100%$1,000,000) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damageperson, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;One Million Dollars ($1,000,000) for property damage for each accident.
(iiivii) broad form blanket Umbrella or Excess Liability coverage in amounts not less than Three Million Dollars ($3,000,000). Tenant shall concurrently with Tenant’s execution of this Lease and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingthereafter upon insurance renewals, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right furnish to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy certificates of insurance required of the Tenant as aforesaid shall include the Landlord evidencing such coverage and its mortgagee(swith renewal certificates no less than thirty (30) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord days prior to the commencement of the Fixturing Period with a certificate expiration of such policies, which certificates of insurance shall state that such insurance coverage may not be amended, changed or canceled without at least thirty (30) days’ prior written notice to Landlord and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Tenant.
Appears in 1 contract
Tenant’s Insurance. (a) The On or before the Commencement Date or Tenant's prior entry into the Premises, Tenant shall, throughout will obtain and during the entire Term, at its sole cost and expense, take out and keep have in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, insurance coverage as their respective interests may appear, the following insurancefollows:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels workers’ compensation in an amount required by law; (ii) commercial general liability with a per occurrence limit of not less than one hundred percent Three Million Dollars (100%$3,000,000) and a general aggregate of Five Million Dollars ($5,000,000) for bodily injury and property damage on an occurrence basis and containing an endorsement naming Landlord, Mxxx-Xxxx Realty, L.P., Mxxx-Xxxx Realty Corporation, their respective affiliates, subsidiaries, agents, designees and lender, if any, as additional insureds, an aggregate limit per location endorsement, and no modification that would make Tenant’s policy excess or contributing with Landlord’s liability insurance; (iii) all risk property insurance for the full replacement cost thereofvalue of all of Tenant’s furniture, with standard extended coverage including sprinkler leakages (where applicable)fixtures, earthquakeequipment, flood alterations, improvements or additions that do not become Landlord’s property upon installation; and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance or any increase in the limits of any of the coverages described above or other forms of insurance as the Tenant Landlord or the mortgagees or ground lessors (if any) of Landlord or any mortgagee may reasonably requires require from time to time includingif in the reasonable opinion of Landlord or said mortgagees or ground lessors said coverage and/or limits become inadequate or less than that commonly maintained by prudent tenants with similar uses in similar buildings in the area. All policies obtained by Tenant will be issued by carriers having ratings in Best’s Insurance Guide (“Best”) of A and VIII, without limitation, builder’s risk insurance and such other insurance coverage as would be placed or better (or equivalent rating by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(icomparable rating agency if Best no longer exists) and for business interruption insurance under Section 9.02(a)(ivlicensed in the State. All such policies must be endorsed to be primary and noncontributing with the policies of Landlord being excess, secondary and noncontributing and shall contain an endorsement stating no policy will be canceled, nonrenewed or materially modified without thirty (30) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if days' prior written notice by the insurance had been purchased and separately maintained by carrier to Landlord (the Tenant.
(b) Each policy “Cancellation Endorsement”). If the forms of policies, endorsements, certificates, or evidence of insurance required of the Tenant as aforesaid shall include the by this Article are superseded or discontinued, Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation require other equivalent or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablybetter forms. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all Evidence of the insurance coverage required to be maintained by it under Section 9.02Tenant, represented by certificates of insurance issued by the insurance carrier, must be furnished to Landlord prior to Tenant occupying the Premises and at least thirty (30) days prior to the expiration of current policies. Copies of all endorsements required by this Article must accompany the certificates delivered to Landlord. The certificates will state the amounts of all deductibles and self-insured retentions and the Cancellation Endorsement. If requested in writing by Landlord, Tenant will provide to Landlord a certified copy of any or all insurance policies or endorsements required by this Article.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shallEffective as of the Commencement Date, and continuing throughout and during the entire Term, at its sole Tenant shall maintain the following insurance policies: (A) commercial general liability insurance in amounts of $5,000,000 per occurrence or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and occupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company, Landlord’s asset management company and, if requested in writing by Landlord, Landlord’s Mortgagee, against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment (it being further acknowledged that Tenant’s obligation to carry such liability insurance may be satisfied by coverage under an excess liability policy or policies provided that the coverage afforded Landlord will not be reduced or diminished and the requirements set forth in this Lease are otherwise satisfied by such excess liability policy or policies), (B) insurance covering the replacement cost of the Generator Space and expense, take out all alterations and keep in full force improvements and effect and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee as additional loss payees as their respective interests may appear, the following insurance:
(iC) insurance against covering the replacement cost of all risks upon furniture, trade fixtures and personal property (including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which is located within the Property and Leased Party (including Tenant’s Off-Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicableEquipment), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iiD) property damage, bodily injury and public contractual liability insurance including personal liabilitysufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not already included in Tenant’s commercial general liability insurance policy), contractual liability, non-owned automobile liability and owner(E) worker’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damagecompensation insurance, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivF) business interruption insurance in an amount reasonably acceptable to Landlord. Tenant’s insurance shall provide primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such amount as circumstance Landlord’s policy will reimburse the be excess over Tenant’s policy. Prior to execution of this Lease, Tenant for direct or indirect loss of earnings attributable shall furnish to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result Landlord certificates of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementionedcoverages required hereunder, the and at least 15 days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the notify Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, at least 30 days before cancellation or a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer material change of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form, and issued by companies with insurers acceptable an A.M. Best rating of A-:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02premium costs thereof.
Appears in 1 contract
Samples: Lease Agreement (Earthlink Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expenseexpense during the Term and during such other period of time that the Tenant occupies the Premises, take out and keep maintain in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancefollowing:
(i) all risks" insurance against upon all risks upon merchandise, stock-in-trade, furniture, fixtures, equipment, Leasehold Improvements, and other property of every kind and description and kind located at the Premises, owned by the Tenantby, or for which the Tenant is legally liable made or installed by or on behalf of the Tenant and any sub-tenant or licensee or for which the Tenant is located within the Property and Leased Premises comprising only leasehold improvementsresponsible or legally liable, fixtures and chattels in an amount of not less than one hundred percent (100%) of at least equal to the full insurable value thereof, calculated on a stated amount co-insurance and replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusivebasis;
(ii) property damageautomobile liability insurance to a limit of liability of not less than $3,000,000 in any one accident, covering all licensed motor vehicles owned by the Tenant and used in connection with its and its licensee's or sub-tenant's business carried on from the Premises;
(iii) comprehensive bodily injury and public property damage liability insurance including applying to the operations of the Tenant and its licensee or sub-tenant carried on from the Premises and which shall include, without limitation, personal injury liability, product liability, contractual liability, non-owned automobile liability, and protective liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include occupancy of the business operations conducted Premises by the Tenant Tenant; and any other person on the Leased Premises. Such policies such insurance shall be written on a comprehensive basis with limits for an amount of not less than $5,000,000.00 3,000,000 per occurrence for bodily injury to any one or more personsoccurrence, or property damage, and such higher limits amount as the Landlord or any mortgagee reasonably requires may from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatustime reasonably require;
(iv) tenant's all-risks legal liability insurance in an amount not less than the replacement cost of the Premises;
(v) broad form comprehensive boiler and machinery insurance on all boilers and pressure vessels in the Premises;
(vi) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly required to be insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilsTenant hereunder; and
(vvii) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee may reasonably requires require from time to time including, without limitation, builder’s risk insurance in amounts and such other insurance coverage as would be placed by for perils against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure tenant acting reasonably would protect itself in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantsimilar circumstances.
(b) Each policy All policies of insurance required of the Tenant as aforesaid referred to in this paragraph shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.following provisions:
(ci) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver not be affected or invalidated by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission omission, or negligence of any person which is not within the Landlord knowledge or those for whom it is in law responsible.control of the insured thereunder;
(dii) All policies shall be taken out with insurers acceptable subject to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02subclause 10.1
Appears in 1 contract
Samples: Lease Agreement (Service Systems International LTD)
Tenant’s Insurance. Tenant shall maintain during the Term and any renewal thereof or later occupation of the Premises insurance with respect to its interest in the Premises, the fixtures and Improvements made by or on behalf of Tenant in the Premises, and all operations of Tenant in and from the Premises. Tenant’s insurance shall be in amounts equal to those maintained by prudent tenants of similar premises and shall, without limiting the foregoing, cover the following risks:
(a) The Tenant shall, throughout “all risks” (including flood and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(iearthquake) insurance against all risks upon coverage for property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property Building, including, without limitation, all of Tenant’s furniture and Leased Premises comprising only movable equipment and all leasehold improvementsimprovements and other Improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iib) “all risks” Tenant’s legal liability insurance in an amount not less than the full replacement cost of the Premises, including loss of their use;
(c) comprehensive general liability insurance including, but not limited to property damage, bodily public liability, personal injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and ownercontractor’s and contractors’ protective insurance coverage coverage, all on an occurrence basis with respect to the Leased Premisesuse, coverage occupancy, activities or things on the Premises and with respect to include the business operations conducted by the Tenant use and occupancy of any other person on part of the Leased Premises. Such policies shall be written on a comprehensive basis Building by Tenant or any of its employees, agents, contractors or persons for whom Tenant is in law responsible with limits coverage of not less than Five Million Dollars ($5,000,000.00 per 5,000,000.00) for each occurrence for involving bodily injury to any one or more personsinjury, death or property damage, and damage (or for such higher limits as the Landlord or any mortgagee may reasonably requires require from time to time, and all such policies shall contain a cross-liability and severability of interest clause);
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivd) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or and indirect loss of earnings attributable to all the perils insured against in subparagraph 9.1 (a) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilstenants; and
(ve) any such other form or forms of insurance coverage as the Tenant Landlord or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord Mortgagee may require having regard to the same extent as if the risks which are customarily insured against by prudent tenants of like premises. Such insurance had been purchased and separately maintained by the Tenant.shall include:
(bA) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) any Mortgagee designated by Notice from Landlord together with those for whom they are in law responsible as additional named insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, appear;
(B) a severability of interest/cross interests and cross-liability clause clauses protecting the Landlord and mortgagee against in respect of claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were was separately insured.;
(cC) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by provision prohibiting the insurer from materially altering or canceling the coverage without first giving Landlord at least 30 days prior Notice thereof; and
(D) a waiver of any subrogation rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled Tenant’s insurers may have against the Landlord, its agents, employees or Landlord and against those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate certificates of such insurance and each year on the anniversary date any renewals thereof shall provide the Landlord and, at Landlord’s request, with a further certificate confirming that the Tenant has arranged all certified copy of the its insurance required to be maintained by it under Section 9.02policy(ies).
Appears in 1 contract
Samples: Lease Agreement (Peace Arch Entertainment Group Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names Effective as of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insuranceearlier of:
(i1) the date Tenant enters or occupies the Premises; or
(2) the Commencement Date, and continuing throughout the Term, Tenant shall maintain the following insurance against all risks upon property policies: (A) commercial general liability insurance in amounts of every description and kind owned by $5,000,000 per occurrence, or, following the Tenant, or for which the Tenant is legally liable or installed by or on behalf expiration of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsinitial Term, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute such other amounts as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires may from time to time includingreasonably require (and, without limitation, builder’s risk insurance if the use and such other insurance occupancy of the Premises include any activity or matter that is or may be excluded from coverage as would be placed by under a prudent tenant. Notwithstanding the aforementionedcommercial general liability policy [e.g., the sale, service or consumption of alcoholic beverages], Tenant shall have obtain such endorsements to the right commercial general liability policy or otherwise obtain insurance to self-insure all liability arising from such activity or matter [including liquor liability, if applicable] in respect such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord's property management company and Invesco against all liability for injury to or death of its chattels a person or persons or damage to property arising from the use and trade fixtures under Section 9.02(a)(i) occupancy of the Premises and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the (without implying any consent by Landlord to the same extent as if installation thereof) the installation, operation, maintenance, repair or removal of Tenant's Off-Premises Equipment with an additional insured endorsement; (B) Automobile Liability covering any owned, non-owned, leased, rented or borrowed vehicles of Tenant with limits no less than $5,000,000 combined single limit for property damage and bodily injury; (C) Property insurance had been purchased covering the full value of all Alterations and separately maintained by improvements and betterments in the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Premises, naming Landlord and its mortgagee(sLandlord's Mortgagee (as defined in Section 12(a)) as additional insureds loss payees as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
appear; (c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Office Lease Agreement (Zix Corp)
Tenant’s Insurance. Effective as of the earlier of: (a1) The the date Tenant shallenters or occupies the Premises; or (2) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost Tenant shall maintain the following insurance policies: (A) commercial general liability insurance of not less than $5,000,000 per occurrence, with an annual aggregate limit of not less than $5,000,000, insuring Tenant against liability for injury to or death of a person or persons or damage to property arising from the use and expenseoccupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, take out operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, with an additional insured endorsement naming Landlord, the Property Manager and keep Invesco in form CG 2026 04/13 (or another equivalent form approved in writing by Landlord); (B) Automobile Liability covering any owned, non-owned, leased, rented or borrowed vehicles of Tenant with limits no less than $1,000,000 combined single limit for property damage and bodily injury, naming Landlord, the Property Manager and Invesco as additional insureds; (C) Property insurance, which shall include protection against loss or damage from ISO Special Form perils, covering the full force value of all Tenant’s Alterations and effect improvements and betterments in the names of Premises (excluding coverage for damage to the TenantBuilding which is Landlord’s responsibility to insure), the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee (as defined in Section 12(a)) as additional loss payees as their respective interests may appear; (D) Property insurance, which shall include protection against loss or damage covering the following insurance:
(i) insurance against full value of all risks upon Tenant’s furniture, trade fixtures and personal property of every description and kind owned by in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Complex by or on behalf of the a Tenant and which Party (including Tenant’s Off-Premises Equipment) it being understood that no lack or inadequacy of insurance by Tenant shall in any event make Landlord subject to any claim by virtue of any theft of or loss or damage to any uninsured or inadequately insured property; (E) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels not already included in an amount of Tenant’s commercial general liability insurance policy); (F) worker’s compensation insurance in amounts not less than one hundred percent (100%) of the full replacement cost thereofstatutorily required, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability Employers’ Liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
1,000,000; (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivG) business interruption insurance in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants under Section 11(a)(C) or attributable to the prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant Building or the Landlord Premises; (H) in the event Tenant performs any alterations or repairs in, on, or to the Premises, Builder’s Risk Insurance on a Special Risk basis (including collapse) on a completed value (non-reporting) form if required, or by endorsement including such coverage pursuant to Section 11(a)(C) hereinabove, for full replacement value covering all work incorporated in the Building and all materials and equipment in or about the Premises; and (I) such other insurance or any changes or endorsements to the insurance required herein, including increased limits of coverage, as Landlord, or any mortgagee or lessor of Landlord, may reasonably requires require from time to time includingtime. Tenant’s commercial general liability, without limitationproperty, builderautomobile and umbrella/excess liability insurance required herein shall provide primary coverage to Landlord and shall not require contribution by any insurance maintained by Landlord, when any policy issued to Landlord provides duplicate or similar coverage, and in such circumstance Landlord’s risk insurance policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance, with an additional insured endorsement in form CG 2026 04/13 (or another equivalent form approved in writing by Landlord), and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten (10) days prior to the aforementionedearlier of the Commencement Date or the date Tenant enters or occupies the Premises, the and at least five (5) days prior to each renewal of said insurance, and Tenant shall have the right provide written notice to self-insure in respect Landlord at least thirty (30) days before cancellation or a material change of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption any insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance policies required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of them herein. All such insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out in form, and issued by companies approved to do business in the State of California and with insurers acceptable a Best’s rating of A-:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming premium costs thereof. It is expressly understood and agreed that the foregoing minimum limits of insurance coverage shall not limit the liability of Tenant has arranged all of the insurance required to be maintained by it under Section 9.02for its acts or omissions as provided in this Lease.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out obtain and keep maintain in full force throughout the Term and effect any Extension Term and any period when it is in possession of the Premises, in the names name of the Tenant, Tenant with the Landlord and any mortgageethe Mortgagee (if any) as additional named insureds on all property insurance policies, chargee, or debenture holdersave that the insurance policies referred to in sections 12.2(a)(i) and (ii) below shall name the Landlord as the insured with the Mortgagee (if any), as their respective interests may appear, additional named insured the following insurance:
(i) insurance against all risks upon property of every description on the Building and kind the heating, ventilating and air conditioning, and other building equipment, machinery and systems, and boilers contained therein whether owned by the Tenant, Landlord or for which the Tenant is legally liable against those risks covered by standard “all risks” (including flood and earthquake) property policies in an amount equal to the full replacement value thereof with such reasonable deductibles as would be carried by a prudent owner of a reasonably similar industrial building, having regard to size, age and location;
(ii) broad form boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount of at least the replacement cost of the Premises and of all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus relating to or installed serving the Premises;
(iii) public liability insurance written on a comprehensive basis with coverage against third party claims for bodily injury, including death, in such amounts as are normally carried by prudent tenants of similar premises from time to time, but in no event less than five million dollars ($5,000,000.00) per occurrence;
(iv) standard owners form vehicle insurance providing third-party liability insurance with not less than three million dollars ($3,000,000.00) inclusive limits, and accident benefits insurance, covering all licensed vehicles owned or operated by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusiveTenant;
(iiv) property damagebusiness interruption insurance covering the Annual Base Rent, bodily injury the Additional Rent and public liability all other costs and expenses in connection with the Premises, all for a twelve (12) month period; and
(vi) such other forms of insurance including personal liability, contractual liability, non-owned automobile liability and owner’s increases of the amount of coverage stipulated in the foregoing sections against such risks and contractors’ protective insurance coverage with respect in such amounts as may be customarily obtained by tenants of premises similar to the Leased Premises, coverage to include the business operations conducted by the Tenant Premises and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits forms of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, reasonable and such higher limits customary insurance as the Landlord or any mortgagee and/or a Mortgagee, reasonably requires from time to time, in forms and all such policies shall contain a cross-liability amounts and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured risks against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right tenant would insure with a use similar to self-insure in respect that of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy All insurance policies provided for in this section 12.2 shall:
(i) be taken out with insurers licensed to carry on the business of insurance required in the Province in which the Premises are located;
(ii) be non-contributing with and apply only as primary and not excess to any other insurance available to either or both of the Tenant Landlord and the Mortgagee;
(iii) not be invalidated as aforesaid shall include respects the interests of all and any of the Landlord and the Mortgagee by reason of a breach or violation of warranties, representations declarations or conditions contained in the policies; and
(iv) contain an undertaking by the insurers to notify the Landlord and its mortgagee(sMortgagee in writing not less than thirty (30) as additional insureds as their respective interests days before any material change, cancellation, or termination. The Tenant may appear arising solely out of satisfy the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord foregoing insurance requirements by carrying blanket insurance policies and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredthrough one or more insurance policies.
(c) Each policy The proceeds of the insurance taken out by the Tenant in accordance with this Lease under Sections 12.2(a)(i) and each of such policies 12.2(a)(i)(a)(ii) above shall contain a release be and waiver by the insurer of any rights of subrogation or indemnity or any other claim over are hereby assigned and made payable to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies If the Tenant shall be taken out with insurers fail to take out, renew and keep in force such insurance the Landlord may do so as the agent of the Tenant and the Tenant shall repay to the Landlord any amounts paid by the Landlord as premiums forthwith upon demand.
(e) The Tenant shall furnish to the Landlord certificates or other evidence acceptable to the Landlord, acting reasonably and shall be in a form satisfactory Landlord as to the insurance from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained effected by it the Tenant pursuant to this Lease and its renewal or continuation in force. No review or approval of any insurance certificate or insurance policy by the Landlord derogates from or diminishes the Landlord’s rights under Section 9.02this Lease.
Appears in 1 contract
Samples: Industrial Lease (Bway Corp)
Tenant’s Insurance. (Tenant shall maintain during the Term and any renewal thereof or later occupation of the Premises insurance with respect to its interest in the Premises, the fixtures and Improvements made by or on behalf of Tenant in the Premises, and all operations of Tenant in and from the Premises. Tenant’s insurance shall be in amounts equal to those maintained by prudent tenants of similar premises and shall, without limiting the foregoing, cover the following risks:
a) The Tenant shall, throughout “all risks” (including flood and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(iearthquake) insurance against all risks upon coverage for property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property Building, including, without limitation, all of Tenant’s furniture and Leased Premises comprising only movable equipment and all leasehold improvementsimprovements and other Improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iib) “all risks” Tenant’s legal liability insurance in an amount not less than $2 000 000.00;
c) comprehensive general liability insurance including, but not limited to property damage, bodily public liability, personal injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and ownercontractor’s and contractors’ protective insurance coverage coverage, all on an occurrence basis with respect to the Leased Premisesuse, coverage occupancy, activities or things on the Premises and with respect to include the business operations conducted by the Tenant use and occupancy of any other person on part of the Leased Premises. Such policies shall be written on a comprehensive basis Building by Tenant or any of its employees, agents, contractors or persons for whom Tenant is in law responsible with limits coverage of not less than five million dollars ($5,000,000.00 per 5,000,000.00) for each occurrence for involving bodily injury to any one or more personsinjury, death or property damage, and damage (or for such higher limits as the Landlord or any mortgagee may reasonably requires require from time to time, and all such policies shall contain a cross-liability and severability of interest clause);
(iiid) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) the Tenant shall not be bound to have business interruption insurance in such amount amounts as will reimburse the Tenant for direct or and indirect loss of earnings attributable however the Tenant shall continue to all pay its Rent under the Lease and be responsible for other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilstenants; and
(ve) any such other form or forms of insurance coverage as the Tenant Landlord’s insurer or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord Mortgagee may require having regard to the same extent as if the risks which are customarily insured against by prudent tenants of like premises. Such insurance had been purchased and separately maintained by the Tenant.shall include:
(bi) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) any Mortgagee designated by Notice from Landlord together with those for whom they are in law responsible as additional insureds insured as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, appear;
ii) a severability of interest/cross interests and cross-liability clause clauses protecting the Landlord and mortgagee against in respect of claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were was separately insured.;
(ciii) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by provision prohibiting the insurer from materially altering or cancelling the coverage without first giving Landlord at least 30 days prior Notice thereof; and
iv) a waiver of any subrogation rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled Tenant’s insurers may have against the Landlord, its agents, employees or Landlord and against those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies . As of the Commencement Date and each year during the Term and this, without demand from the Landlord, Tenant shall provide Landlord with a copy of the certificate of insurance and any renewals thereof attesting the existence of such insurance. Should the Tenant fail to obtain insurance or to furnish said copy to the Landlord as required herein, the Landlord may provide Tenant with 10 business days written notice to rectify the default, and if the Tenant shall fail to rectify that default within that time, the Landlord may, but shall not be obligated to, arrange for the required insurance and all premiums paid by the Landlord, together with its expenses in respect thereof, shall be taken out with insurers acceptable reimbursed by the Tenant to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to upon request, as Additional Rent the Landlordwhole, acting reasonably. The Tenant shall provide without any claim against the Landlord prior from the Tenant, including damages caused to the commencement of the Fixturing Period with Tenant following a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that fire or other casualty for which the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02should have been insured.
Appears in 1 contract
Samples: Lease Agreement (Enerkem Inc.)
Tenant’s Insurance. Tenant agrees to maintain in full force from the date upon which Tenant first enters the Premises for any reason, throughout the term of this Lease, and thereafter so long as Tenant is in occupancy of any part of the Premises:
(a) The Tenant shall, throughout a policy of general liability and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, property damage insurance as their respective interests may appear, the following insurancefollows:
(i) insurance against all risks upon property under which Landlord and Landlord’s mortgagee (and such other persons as are in privity of every description estate with Landlord as may be set out in notice from time to time) are named as additional insureds, and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute named as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;insured; and
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage insure with respect to the Leased Premises, coverage to include and the business operations conducted operated by the Tenant and any other person on subtenants, licensees or concessionaires of Tenant in the Leased Premises. Such policies shall be , written on a comprehensive basis an occurrence basis, with limits of public liability and property damage liability of not be less than $5,000,000.00 per occurrence one million dollars ($ 1,000,000.00), for bodily injury (or death) whether to any one or more persons, or property damageand one hundred thousand dollars ($100,000.00) with respect to damage to property, and such higher limits limits, if procurable, as the Landlord or any mortgagee reasonably requires may from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against time be reasonably required by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilsLandlord’s Lender; and
(vb) during the performance of any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitationconstruction by Tenant, builder’s risk insurance written at “replacement cost” and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right with an “agreed amount” sufficient to selfavoid co-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises insurance; and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of fire and extended coverage insurance taken out covering Tenant’s personal property, fixtures, and equipment, and permitted additions and alterations made by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.Tenant; and
(d) All workmen’s compensation insurance as required by applicable laws. The liability policies in which Landlord and/or its mortgagees are named as additional insured shall, to the extent commercially available to Tenant without additional cost, contain a clause that the insurer will not cancel or change the insurance without first giving the Landlord thirty (30) days prior written notice. The insurance shall be taken out with insurers acceptable to an insurance company approved by Landlord in advance, which approval shall not be unreasonably withheld, and a certificate of insurance for each such policies, evidencing the LandlordTenant’s insurance and coverages, acting reasonably and shall be in a form satisfactory from time delivered to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement Tenant entering into possession of the Fixturing Period with a certificate of such insurance Premises, and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02thereafter upon Landlord’s reasonable request.
Appears in 1 contract
Samples: Lease Agreement (Social Capital Suvretta Holdings Corp. I)
Tenant’s Insurance. (a) The Tenant shallshall effect and maintain from the earlier of the Commencement Date and the date the Tenant begins operating in the Premises, throughout and thereafter during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(ia) all risks" insurance against upon all risks upon property of every description and kind owned by the Tenant, Tenant or by others and for which property the Tenant is legally liable or installed by or on behalf of responsible located in the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsProject including equipment, furniture, fixtures and chattels Leasehold Improvements in amounts sufficient to fully cover, on a replacement cost basis without deduction for depreciation, all such items;
(b) if applicable, comprehensive form boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood of all Leasehold Improvements and collapse. In all property in the event that there is a dispute as to Premises not owned by the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusiveLandlord;
(iic) property damage, bodily injury and public commercial general liability insurance including on an occurrence basis, against claims for bodily injury, personal liabilityinjury, economic loss and property damage arising from occurrences in or about the Project or arising from or in any way relating to the Tenant's use or occupancy of the Premises or the Project, contractual liabilityliability (including coverage of the indemnities provided for in this Lease), non-owned automobile liability and owner’s owner and contractors’ contractors protective insurance coverage with respect liability, in amounts which are from time to time acceptable to a prudent tenant in the Leased Premises, coverage to include community in which the business operations conducted Building is located (as determined by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of Landlord), but not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability in respect of interest clauseeach occurrence;
(iiid) broad form blanket and comprehensive form Tenant's legal liability insurance for the full replacement cost of the Premises including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusloss of the use of the Premises;
(ive) business interruption insurance for a minimum period of 24 months in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants in Sections 11.1(a) and 11.1(b) or attributable to prevention of access to the Leased Premises premises or the Building as a result of any such perils, including extra expense insurance if applicable; and
(vf) any other form or forms of insurance as the Tenant or that the Landlord or any mortgagee reasonably requires Mortgagee may require from time to time includingin form, without limitationamounts and for insurance risks acceptable to the Landlord and any Mortgagee. Should the Tenant fail to maintain any of the insurance required pursuant to this Section 11.1 and should such default continue for two Business Days after notice to the Tenant, builder’s risk then in addition to any other rights and remedies, the Landlord may, but shall have no obligation to, elect to obtain the required insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable upon demand pay to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to as Rent, the Landlord’s cost of obtaining such insurance, acting reasonably. The Tenant shall provide the Landlord prior to the commencement together with an administration fee of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.0215%.
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Tenant’s Insurance. (a) The During the Term, the Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) 10.2.1 comprehensive general liability insurance, including, but not limited to, property damage, public liability, personal injury liability, contractual liability, non-owned automobile liability and owners’ and contractors’ protective insurance against coverage, all risks upon property on an occurrence basis, with respect to any use, occupancy, activities or things on the Leased Premises and with respect to the use and occupancy of every description and kind owned any other part of the Property by the TenantTenant or any of its servants, agents, contractors or persons for which whom the Tenant is legally liable in law responsible, with coverage for any one occurrence or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount claim of not less than Five Million Dollars ($5,000,000.) or such other amount as the Landlord or the Hypothecary Creditor may reasonably require upon not less than one hundred percent (100%1) month’s notice at any time;
10.2.2 insurance in respect of such perils as are from time to time covered in an “all risks” policy not less broad than the standard commercial property floater policy with the exclusions relating to earthquake and flood removed therefrom, covering Tenant’s Leasehold Improvements, trade fixtures, furnishings, equipment, stock-in-trade and inventory on or about the Leased Premises for not less than the full replacement cost thereof, thereof and with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that a replacement cost endorsement; if there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee Hypothecary Creditor shall be conclusive;
10.2.3 broad form comprehensive boiler and machinery insurance on the Tenant’s Leasehold Improvements and on all insurable objects located on the Leased Premises which are the property or responsibility of the Tenant (iiwhich shall not include for greater certainty property owned or leased by the Landlord) property damageon a blanket repair or replacement basis with a replacement cost endorsement and with limits for each accident in an amount not less than the full replacement cost of all Tenant’s Leasehold Improvements, bodily injury and public liability insurance including personal liabilitytrade fixtures, contractual liabilityfurnishings, nonequipment, stock-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to in-trade in, on or about the Leased Premises;
10.2.4 business interruption insurance either as an extension to or in the same form as the insurance referred to in Subsections 10.2.2 and 10.2.3 above, providing coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on for a comprehensive basis with limits period of not no less than $5,000,000.00 per occurrence for bodily injury to any one or twelve (12) months, with a deductible of no more persons, or property damage, than seven (7) days and in such higher limits as the Landlord or any mortgagee reasonably requires amount from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount time as will reimburse is necessary to fully compensate the Tenant for direct or indirect loss of sales or earnings resulting from or attributable to any of the perils required to be insured against under the policies referred to in Subsections 10.2.2 and 10.2.3 above and all perils commonly circumstances usually insured against by prudent cautious tenants including losses resulting from interference with or attributable to prevention of access to the Leased Premises or the Property as a result of such perilsperils or for any other reason;
10.2.5 Tenant’s legal liability insurance for the full replacement cost of the Leased Premises and the loss of use thereof; and
(v) any other form or forms of 10.2.6 insurance against such risks and in such amounts as the Tenant or the Landlord or any mortgagee Hypothecary Creditor may, from time to time, reasonably require upon not less than thirty (30) days’ written notice. Concurrently with the execution of this Lease, the Tenant shall provide the Landlord with certificates of insurance acceptable to the Landlord and if required by the Landlord in its form certifying the insurance coverage required to be placed by the Tenant pursuant hereto and thereafter with renewals thereof at least thirty (30) days prior to any expiry thereof. In addition, within a reasonable period from the date of execution hereof, the Tenant shall provide the Landlord with a certified copy of said insurance policies and thereafter with certified copies of renewals or amendments thereto. In addition, if required by a Hypothecary Creditor, the Tenant shall furnish to the Landlord, within fifteen (15) days after demand therefor by the Landlord, additional certificates of insurance of the same. Furthermore, the Tenant specifically acknowledges that if the Landlord requires a certificate or other document from the Tenant from time to time including, without limitation, builder’s risk certifying that the Tenant has complied with the insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementionedrequirements of this Lease, the Tenant shall have will provide such certificate within ten (10) days of being asked therefor. In the right event the Tenant fails to self-insure obtain any insurance referred to in respect this Section 10.2, the Landlord may, without prior written notice or demand to the Tenant and without prejudice to any rights or remedies it may have, place such insurance with insurance companies and through brokers of its chattels choice and trade fixtures the cost thereof together with interest on such payment at a rate equal to the Stipulated Rate of Interest from the date such payments are made by the Landlord until reimbursed by the Tenant shall forthwith be payable by the Tenant to the Landlord. The Tenant hereby agrees and acknowledges that the placing of any of the above-mentioned insurance shall in no way relieve the Tenant from any obligation assumed under this Lease. The insurance policies required to be maintained by the Tenant pursuant to this Section 9.02(a)(i) 10.2 shall name the Landlord and for business interruption insurance any persons, firms or corporations designated in writing by the Landlord as named insureds as their interests may appear with loss payable to the Landlord and such additional named insureds under Section 9.02(a)(iv) the policies referred to in Subsections 10.2.2 and 10.2.3 and, where applicable, referred to in Subsection 10.2.6. In the event the Tenant is obliged to repair the Tenant’s Leasehold Improvements pursuant to the provisions of this Lease after any damage or destruction and provided that the Tenant shall indemnify and save harmless is not otherwise in default under the terms of this Lease, the Landlord covenants, on its behalf but not on the behalf of any additional named insured, to cause any proceeds payable to it pursuant to the same extent as if insurance policies referred to in Subsections 10.2.2 and 10.2.3 to be made available for the insurance had been purchased and separately maintained by the purposes of repairing such Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations ’s Leasehold Improvements or replacing any damaged fixtures, furnishings or other property of the Tenant in the Leased Premises and, as appropriate, a severability respect of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of which such insurance taken out by the Tenant in accordance with this Lease and each of such proceeds are payable. All insurance policies shall contain be in form and substance satisfactory to the Landlord, shall provide for a release and waiver by the insurer of its rights under Article 2494 of the Civil Code of Quebec, shall contain the standard mortgage clause as reasonably required by any rights Hypothecary Creditor and shall be considered as primary insurance and shall not call into contribution any insurance of the Landlord. The insurance required to be maintained by the Tenant shall contain a waiver of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against in favour of the Landlord, its agents, agents and employees or and in favour of those for whom it the Landlord is in law responsible whether and the general liability policy shall in addition contain a provision for cross-liability and severability of interest. All policies shall contain an endorsement requiring the insurers under such policies to notify the Landlord and any Hypothecary Creditor in writing at least thirty (30) days prior to any material change or not caused by the act, omission or negligence cancellation thereof and shall contain a waiver in favour of the Landlord and any Hypothecary Creditor of any breach of warranty clause such that the insurance policies in question shall not be invalidated with respect to their interests by reason of any breach or those for whom it is violation of any warranties, representations, declarations or conditions contained in law responsible.
(d) All the policies; all policies shall be taken out with insurers acceptable to the Landlord, acting reasonably Landlord and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant covenants that nothing will be done or omitted to be done whereby any insurance policy referred to in Section 10.1 or this Section 10.2 will be cancelled and not immediately replaced or whereby the Leased Premises shall provide be rendered uninsurable or whereby the insurance proceeds under any such insurance policy which would be payable to the Landlord prior might be assigned to the commencement or hypothecated in favour of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02others.
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Tenant’s Insurance. Tenant shall maintain during the Term and any renewal thereof or later occupation of the Premises insurance with respect to its interest in the Premises, the fixtures and improvements made by or on behalf of Tenant in the Premises, and all operations of Tenant in and from the Premises. Tenant’s insurance shall be in amounts equal to those maintained by prudent tenants of similar premises and shall, without limiting the foregoing, cover the following risks:
(a) The Tenant shall, throughout “all risks” (including flood and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(iearthquake) insurance against all risks upon coverage for property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property Building, including, without limitation, all of Tenant’s furniture and Leased Premises comprising only movable equipment and all leasehold improvements and other improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iib) “all risks” Tenant’s legal liability in an amount not less than the full replacement cost of the Premises, including loss of their use;
(c) comprehensive, general liability insurance including, but not limited to property damage, bodily public liability, personal injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and ownercontractor’s and contractors’ protective insurance coverage coverage, all on or an occurrence basis with respect to the Leased Premisesuse, coverage occupancy, activities or things on the Premises and with respect to include the business operations conducted by the Tenant use and occupancy of any other person on part of the Leased Premises. Such policies shall be written on a comprehensive basis Building by Tenant or any of its employees, agents, contractors or persons for whom tenant is in law responsible with limits coverage of not less than Five Million Dollars ($5,000,000.00 per 5,000,000.00) for each occurrence for involving bodily injury to any one or more personsinjury, death or property damage, and damage (or for such higher limits as the Landlord or any mortgagee reasonably requires may reasonable require from time to time, and all such policies shall contain a cross-liability and severability of interest clause);
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivd) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or and indirect loss of earnings attributable to all the perils insured against in subparagraph 9.1(a) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perilstenants; and
(ve) any such other form or forms of insurance coverage as Landlord, the Tenant Trustee or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord Mortgagee may require having regard to the same extent as if the risks which are customarily insured against by prudent tenants of like premises. Such insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02include:
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord Landlord, the Landlord's Mortgagees, trustees, holding companies, and any mortgagee, chargee, or debenture holderas otherwise designated from time to time by the Landlord, as their respective interests interest may appear, the following insurance:
(i) insurance against all risks All Risks Form Insurance upon property of every description and kind owned by including, without limitation, the Tenantbuilding, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsstock-in-trade, furniture, alterations, additions, partitions, fixtures and chattels anything in the nature of a leasehold improvement, in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage against, at least all perils normally covered under an all risks broad form policy including fire, lightning, windstorm, hail, by-laws, sprinkler leakages (where applicable)leakage, earthquakeflood, flood earthquake and collapse. The amount of insurance carried shall not be subject to a percentage co-insurance clause. In the event that there is shall be a dispute as to the amount which comprises of full replacement cost, the decision of an arbitrator selected in accordance with the Landlord or any mortgagee provisions of the Arbitration Act (Ontario) shall be conclusive;
(ii) property damagewhere applicable, bodily injury Comprehensive Broad Form Boiler and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written Machinery Insurance on a comprehensive blanket repair and replacement basis with limits of not less than $5,000,000.00 per occurrence for bodily injury each accident for at least the full building replacement costs as well as all leasehold improvements, such insurance to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain include a cross-liability and severability of interest clausejoint loss agreement endorsement;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance Business Interruption Insurance in such an amount as that will reimburse the Tenant Lessee for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to including prevention of access to the Leased Premises as and Rental Loss Insurance for a result minimum twelve (12) month period of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid indemnity which limits shall include the all Rent (Basic Rent and realty taxes) set out in this Lease; Landlord and its mortgagee(s) must be shown as additional insureds as their respective interests may appear arising solely out Loss Payee with respect to loss of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02rentals;
Appears in 1 contract
Samples: Single Tenant Industrial Lease (Barringer Technologies Inc)
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Terma. Tenant, at its sole cost and expense, take out shall obtain and keep in full force and effect during the Term:
i. a policy of commercial general liability insurance on an occurrence basis against claims for personal injury, bodily injury, death and/or property damage occurring in or about the Complex, under which Tenant is named as the insured and in (a) Landlord, (b) any lender whose loan is secured by a lien against the names Complex, (c) the property manager for the Complex, (d) their respective shareholders, members, partners, affiliates and subsidiaries, successors and assigns, and (e) any directors, officers, employees, agents, or contractors of such persons or entities are named as additional insureds (collectively, the “Landlord Parties”). Such insurance shall provide primary coverage without contribution from any other insurance carried by or for the benefit of the TenantLandlord Parties, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf shall obtain blanket broad-form contractual liability coverage to insure its indemnity obligations set forth in Section 28 of the Tenant and which is located within Lease Agreement. The minimum limits of liability applying exclusively to the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels shall be a combined single limit with respect to each occurrence in an amount of not less than one hundred percent (100%) $5,000,000 inclusive of the full replacement cost thereofan excess coverage; provided, with standard extended coverage including sprinkler leakages (where applicable)however, earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have retain the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the require Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of increase such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory coverage from time to time to that amount of insurance which in Landlord’s reasonable judgment is then being customarily required by landlords for similar office space in buildings comparable to the Landlord, acting reasonablyBuilding. The Tenant deductible or self insured retention amount for such policy shall provide the Landlord prior be reasonable with respect to the commencement Tenant’s business and customary practices for tenants having similar net worth to the Tenant;
ii. insurance against loss or damage by fire, and such other risks and hazards as are insurable under then available standard forms of “Special Form Causes of Loss” or “All Risk” property insurance policies with extended coverage, insuring Tenant’s movable fixtures and movable partitions, telephone and other equipment, computer systems, trade fixtures, furniture, furnishings, and other items of personal property which are removable without material damage to the Building (“Tenant’s Property”) and all alterations and improvements to the Leased Premises (including the Leasehold Improvements constructed pursuant to Exhibit G to the Lease Agreement) to the extent such alterations and improvements exceed the cost of the Fixturing Period improvements typically performed in connection with the initial occupancy of tenants in the Building (“Building Standard Installations”), for the full insurable value thereof or replacement cost thereof, having a certificate deductible amount (or self-insured retention amount), that is reasonable with respect to the Tenant’s business and customary practices for tenants having similar net worth to the Tenant;
iii. during the performance of such any alteration, until completion thereof, Builder’s Risk insurance on an “all risk” basis and each year on a completed value form including a Permission to Complete and Occupy endorsement, for full replacement value covering the anniversary date thereof shall provide interest of Landlord and Tenant (and their respective contractors and subcontractors) in all work incorporated in the Landlord with a further certificate confirming that Building and all materials and equipment in or about the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Leased Premises;
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and At all times during the entire Term, Tenant will carry and maintain, at its sole cost and Tenant’s expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appearon an occurrence basis, the following insurance, in the amounts and on the forms specified below or such other amounts and on such other forms as Landlord may from time to time reasonably request, with insurance companies satisfactory to Landlord:
(ia) insurance against all risks upon property Bodily injury to or personal injury to or death of every description and kind owned by the Tenantany person, or more than one (1) person, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels damage to property in an amount of not less than one hundred percent $1 million combined single limit each Occurrence/General Aggregate and including a per location General Aggregate endorsement. All such insurance will be written on the most current occurrence ISO Commercial General Liability Form including without limitation, personal injury and contractual liability coverage for the performance by Tenant of the indemnity agreements set for in this Lease, which insurance shall include a waiver of subrogation rights in favor of Landlord;
(100%b) Insurance covering all of Tenant’s furniture and fixtures, machinery, equipment, and any other personal property owned and used in Tenant’s business and found in, on, or about the Premises, and any leasehold improvements to the Premises in an amount not less than the full replacement cost thereof, with standard extended coverage including sprinkler leakages under Standard Fire and Extended Coverage Policy and all other risks of direct physical loss as insured against under Special Form (where applicable“all risk of direct physical loss” coverage), earthquake, flood and collapse. In All such insurance will be written on the event that there is a dispute as to most current ISO Commercial Property Form. All policy proceeds will be used for the amount which comprises full repair or replacement cost, the decision of the Landlord property damaged or destroyed; except, however, if this Lease ceases under the provisions of Article 15, Tenant will be entitled to any mortgagee shall be conclusiveproceeds resulting from damage to Tenant’s furniture and fixtures, machinery, equipment, and any other personal property;
(iic) property damageWorker’s compensation insurance insuring against and satisfying Tenant’s obligations and liabilities under the worker’s compensation laws of the State/Commonwealth of Nevada, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and ownerEmployer’s and contractors’ protective insurance coverage with respect to Liability Insurance in the Leased Premises, coverage to include the business operations conducted limits required by the Tenant and any other person on laws of the Leased Premises. Such policies shall be written on a comprehensive basis with limits State/Commonwealth of Nevada but in an amount not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause500,000.00 aggregate;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the LandlordSuch other insurance (including without limitation plate glass insurance), acting in such amounts as Landlord or its lender may reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The require of Tenant shall provide the Landlord upon thirty (30) days’ prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02written notice.
Appears in 1 contract
Tenant’s Insurance. At Tenant’s expense, Tenant shall procure, carry and maintain in effect throughout the Lease Term, in a form and with deductibles acceptable to Landlord and with such insurance companies as are acceptable to Landlord (which companies shall have a Best’s rating of A- VIII or better), the following insurance coverages:
(a) The Tenant shallCommercial General Liability insurance (and commercial umbrella insurance, throughout and during the entire Termif necessary to provide required limits), at its sole cost and expense, take out and keep in full force and effect and in least as broad as the names of the Tenant, the Landlord and any mortgagee, chargeeInsurance Services Office (ISO) occurrence policy form CG 00 01 (11/85), or debenture holdera substitute form providing equivalent coverage as reasonably approved by Landlord, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 5,000,000 per occurrence for and annual aggregate, covering bodily injury, property damage and personal and advertising injury to any one or more personsand including, or property damagebut not limited to, coverage for, premises and operations (including the use of owned and non-owned equipment), and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, contractual liability (including tort liability of another party and all such policies shall contain a cross-Tenant’s liability and severability of interest clausein Paragraph 13 above);
(iiib) Property insurance at least as broad as the most commonly available ISO Special Form Causes of Loss (“all risk”) policy form blanket CP 1030 with an agreed amount endorsement, covering Tenant’s equipment, furniture, fixtures and comprehensive form insurance other personal property located in, on or about the Premises, including repair any Rooftop Equipment and the Generator, and including, without limitation, coverage for vandalism, malicious mischief, and sprinkler leakage, in an amount equal to the replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusvalue thereof (without deduction for depreciation);
(ivc) business interruption Workers’ compensation insurance, in accordance with Applicable Laws; and
(d) Loss of Income insurance and extra expense coverage in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants lessees in the business of Tenant, or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Samples: Lease Agreement (Harmonic Inc)
Tenant’s Insurance. Effective as of the earlier of: (a1) The the date Tenant shallenters or occupies the Premises; or (2) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost Tenant shall maintain the following insurance policies: (A) commercial general liability insurance in amounts of $3,000,000 per occurrence, which shall apply on a per location basis, or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and expenseoccupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., take out the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company and keep Invesco against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment with an additional insured endorsement in form CG 20 26 11 85; (B) Automobile Liability covering any owned, non-owned, leased, rented or borrowed vehicles of Tenant with limits no less than $3,000,000 combined single limit for property damage and bodily injury; (C) All Risk Property insurance covering the full force value of all Alterations and effect improvements and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee (as defined in Section 12(a)) as additional loss payees as their respective interests may appear; (D) All Risk Property insurance covering the full value of all furniture, the following insurance:
trade fixtures and personal property (i) insurance against all risks upon including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which Party (including Tenant’s Off-Premises Equipment) it being understood that no lack or inadequacy of insurance by Tenant shall in any event make Landlord subject to any claim by virtue of any theft of or loss or damage to any uninsured or inadequately insured property; (E) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels not already included in an amount of Tenant’s commercial general liability insurance policy); (F) worker’s compensation insurance in amounts not less than one hundred percent (100%) of the full replacement cost thereofstatutorily required, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability Employers’ Liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than Five Million Dollars ($5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
3,000,000); (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivG) business interruption insurance in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants under Section 1l(a)(2)(C) or attributable to the prevention of access to the Leased Premises Building or Premises; (H) in the event Tenant performs any alterations or repairs in, on, or to the Premises, Builder’s Risk Insurance on an All Risk basis (including collapse) on a completed value (non-reporting) form, or by endorsement including such coverage pursuant to Section 1l(a)(2)(C) hereinabove, for full replacement value covering all work incorporated in the Building and all materials and equipment in or about the Premises; and (I) such other insurance or any changes or endorsements to the insurance required herein, including increased limits of coverage, as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord Landlord, or any mortgagee or lessor of Landlord, may reasonably requires require from time to time includingtime. Tenant’s insurance shall provide primary coverage to Landlord and shall not require contribution by any insurance maintained by Landlord, without limitationwhen any policy issued to Landlord provides duplicate or similar coverage, builderand in such circumstance Landlord’s risk insurance policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance, with an additional insured endorsement in form CG 20 26 11 85, and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten (10) days prior to the aforementionedearlier of the Commencement Date or the date Tenant enters or occupies the Premises, the and at least fifteen (15) days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(inotify Landlord at least thirty (30) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, days before cancellation or a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer material change of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form, and issued by companies with insurers acceptable a Best’s rating of A:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming premium costs thereof, plus an administrative fee of fifteen percent (15%) of such cost. It is expressly understood and agreed that the foregoing minimum limits of insurance coverage shall not limit the liability of Tenant has arranged all of the insurance required to be maintained by it under Section 9.02for its acts or omissions as provided in this Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Interpace Biosciences, Inc.)
Tenant’s Insurance. Effective as of the earlier of (a1) The the date Tenant shallenters or occupies the Premises, or (2) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost Tenant shall maintain the following insurance policies: (A) commercial general liability insurance in amounts of $3,000,000 per occurrence or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and expenseoccupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., take out the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company, Landlord’s asset management company and, if requested in writing by Landlord, Landlord’s Mortgagee, against all liability for injury to or death of a person or persons or damage to property arising from the use and keep in occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full force value of all alterations and effect improvements and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee as additional loss payees as their respective interests may appear, the following insurance:
(iC) insurance against covering the full value of all risks upon furniture, trade fixtures and personal property (including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which is located within the Property and Leased Party (including Tenant’s Off-Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicableEquipment), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iiD) property damage, bodily injury and public contractual liability insurance including personal liabilitysufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not already included in Tenant’s commercial general liability insurance policy), contractual liability, non-owned automobile liability and owner(E) worker’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damagecompensation insurance, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivF) business interruption insurance in an amount reasonably acceptable to Landlord. Tenant’s insurance shall provide primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage, and in such amount as circumstance Landlord’s policy will reimburse the be excess over Tenant’s policy. Tenant for direct or indirect loss of earnings attributable shall furnish to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result Landlord certificates of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten days prior to the aforementionedearlier of the Commencement Date or the date Tenant enters or occupies the Premises, the and at least 15 days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the notify Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, at least 30 days before cancellation or a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer material change of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form, and issued by companies with insurers acceptable an A.M. Best rating of A+:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02premium costs thereof.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in pay all premiums for, throughout the names of Term and during such other time as Tenant occupies the Tenant, the Landlord and Leased Premises or any mortgagee, chargee, or debenture holder, as their respective interests may appearpart thereof, the following insurance:
(i) comprehensive general liability insurance against all risks including but not limited to property damage, bodily injury liability, contractual liability, non-owned automobile liability and owners' and contractors' protective insurance coverage with respect to the Leased Premises and Tenant's use of the Building and the Lands, coverage to include the activities conducted by Tenant and any other Person on the Leased Premises, and by Tenant, those for whom Tenant is in law responsible and any other Person performing work on behalf of Tenant in any other part of the Building or the Lands. Such policies shall have inclusive limits of at least Five Million ($5,000,000.00) Dollars for each occurrence involving bodily injury, death or property damage, or such higher limits as Landlord may from time to time reasonably require;
(ii) insurance upon property of every kind and description and kind owned by the Tenant, or for which the Tenant is legally liable liable, or installed by or on behalf of Tenant in the Tenant Building, without limitation, stock-in-trade, if appropriate, furniture, fixtures, interior plate glass and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, which amount shall be conclusively determined by Landlord in the event of any dispute with respect thereto. Such coverage shall insure at least against fire and such other perils as are from time to time included in the standard extended "all-risks" coverage including including, without limitation, sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) if appropriate, broad form comprehensive boiler and machinery insurance on a blanket and comprehensive form insurance including repair and replacement coverage on basis with limits for each accident in an amount not less than the full replacement costs of all leasehold improvements and of all boilers, pressure pressure-vessels, electrical and air-air conditioning equipment and miscellaneous apparatuselectrical apparatus owned or operated by Tenant or by others (other than Landlord) on behalf of Tenant in or relating to or serving the Leased Premises;
(iv) business interruption insurance in such amount amounts as will are from time to time necessary to reimburse the Tenant for direct or indirect loss of earnings attributable to all any of the perils required to be insured against by Tenant pursuant hereto or any other perils commonly insured against by prudent tenants in similar circumstances or attributable to prevention of access to the Leased Premises or the Building as a result of such perils;
(v) tenant's legal liability insurance for the whole replacement cost of the Leased Premises, including loss of use thereof;
(vi) standard owners' form automobile policy providing third party liability insurance with inclusive limits of not less than Two Million ($2,000,000.00) Dollars, and accident benefit insurance, covering all licensed vehicles owned or operated by or on behalf of Tenant; and
(vii) any other form of insurance, in such amounts and against such risks, as Landlord may from time to time reasonably require.
(b) Each of Tenant's insurance policies shall name Landlord and any Persons designated by Landlord as additional named insured as their respective interests may appear and shall contain, as appropriate,
(i) the standard mortgage clause as may be required by any mortgagee of Landlord;
(ii) a waiver of any subrogation rights which Tenant's insurers would have against Landlord or any Person for whom Landlord is in law responsible;
(iii) a severability of interests clause and a cross-liability clause;
(iv) a provision stating that Tenant's insurance policy shall be primary and shall not call into contribution any other insurance available to Landlord; and
(v) any other form or forms a waiver, as respects the interests of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations any mortgagee, of the Tenant any provision in any of Tenant's insurance policies with respect to any breach of any warranties, representations, declarations, or conditions contained in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredsaid policies.
(c) Each policy All policies shall be taken out with such insurers and be in such form as are satisfactory from time to time to Landlord. Tenant shall deliver to Landlord either certificates of insurance taken out in the form designated by Landlord or certified copies of Tenant's insurance policies as soon as practicable after the placement of such insurance, and shall from time to time furnish to Landlord certificates or other evidences acceptable to Landlord as to Tenant's insurance in effect and its renewal or continuation in force, together with such evidence as may be required by the Tenant in accordance with this Lease and each Landlord as to the method of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence determination of the Landlord or those for whom it is in law responsiblefull replacement cost of Tenant's stock-in-trade, furniture, fixtures, interior plate glass and leasehold improvements.
(d) All policies shall contain an undertaking by the insurers that no material change, cancellation or termination of any policy will be taken out made unless Landlord has received not less than thirty (30) days prior written notice thereof, delivered in accordance with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement provisions of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02this Lease.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and At all times during the entire TermTerm of this Lease, Tenant shall carry and maintain, at its Tenant’s sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance, in the amounts specified below or such other amounts as Landlord may from time to time reasonably request, with insurance companies and on forms satisfactory to Landlord:
(ia) insurance against all risks upon Bodily injury and property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereofdamage liability insurance, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits combined single occurrence limit of not less than $5,000,000.00 per 1,000,000. All such insurance will be on an occurrence ISO commercial general liability form including without limitation, personal injury and contractual liability coverage for bodily injury to any one or more personsthe performance by Tenant of the indemnity agreements set forth in Article 14 of this Lease. Such insurance shall include waiver of subrogation rights in favor of Landlord and Landlord’s management company, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clauseif any;
(iiib) broad form blanket Insurance covering all of Tenant’s furniture and comprehensive form insurance including repair fixtures, machinery, equipment, stock and any other personal property owned and used in Tenant’s business and found in, on or about the Project, and any leasehold improvements to the Premises in excess of any initial build-out of the Premises by the Landlord, in an amount not less than the full replacement cost. Property forms will provide coverage on boilersan open perils basis insuring against “all risks of direct physical loss.” All policy proceeds will be used for the repair or replacement of the property damaged or destroyed, pressure vesselshowever, electrical if this Lease ceases under the provisions of Article 7.01 of this Lease, Tenant will be entitled to any proceeds resulting from damage to Tenant’s furniture and air-conditioning equipment fixtures, machinery and miscellaneous apparatusequipment, stock and any other personal property;
(ivc) business interruption Worker’s compensation insurance insuring against and satisfying Tenant’s obligations and liabilities under the worker’s compensation laws of the state in which the Premises are located, including employer’s liability insurance in such amount as the limit of $1,000,000 aggregate. Such insurance shall include waiver of subrogation rights in favor of Landlord and Landlord’s management company, if any;
(d) If Tenant operates owned, hired, or non-owned vehicles on the Project, comprehensive automobile liability will reimburse the Tenant for direct or indirect be carried at a limit of liability not less than $1,000,000 combined bodily injury and property damage;
(e) Intentionally deleted
(f) Business Interruption insurance with a limit of liability representing loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention at least twelve (12) consecutive months of access to the Leased Premises as a result of such perilsTenant’s income; and
(vg) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of All insurance required of the Tenant as aforesaid under this Article 7.03.03 shall include the Landlord be issued by such good and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant reputable insurance companies qualified to do and doing business in the Leased state in which the Premises and, are located and having a rating not less than A: VIII as appropriate, a severability rated in the most current copy of interest/cross liability clause protecting Best’s Insurance Report in the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredform customary to this locality.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
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Tenant’s Insurance. (a) The Tenant shallagrees to maintain a policy of property insurance on its fixtures, throughout equipment, merchandise, Removable Trade Fixtures, alterations and other property placed at the Leased Premises. Such policy must be in effect as of the Tender Date and must be maintained at all times during Tenant's occupancy of the Leased Premises and during the entire Term. Such policy shall satisfy any co-insurance requirements and must contain a replacement cost endorsement. TENANT AGREES TO USE AND OCCUPY THE LEASED PREMISES AND PLACE ITS FIXTURES, at its sole cost and expenseEQUIPMENT, MERCHANDISE, AND OTHER PROPERTY AT ITS OWN RISK AND HEREBY WAIVES AND RELEASES ALL RIGHTS OF RECOVERY AGAINST LANDLORD AND THE INDEMNITEES (HEREAFTER DEFINED) FOR DAMAGE TO THE PROPERTY OF TENANT OR PERSONAL INJURY OR DEATH TO THE FULLEST EXTENT PERMITTED BY LAW, WHETHER THE SAME IS CAUSED BY FIRE OR OTHER CASUALTY OR THE CONDITION OF THE LEASED PREMISES, REGARDLESS OF THE CAUSE OF THE LOSS, EXCEPT FOR THOSE LOSSES RESULTING FROM OR ARISING OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LANDLORD OR ANY INDEMNITEE. THIS WAIVER AND RELEASE APPLIES EVEN IF THE LOSS IS CAUSED BY THE ACTS OR OMISSIONS OF LANDLORD OR THE INDEMNITEES, WHETHER OR NOT NEGLIGENT, EXCEPT FOR THE GROSS NEGLIGENCE OR WILFUL MISCONDUCT OF LANDLORD AND THE INDEMNITEES, AND SHALL BAR RECOVERY AGAINST LANDLORD OR THE INDEMNITEES BY ANY THIRD PARTY (INCLUDING, WITHOUT LIMITATION, ANY INSURER) BY WAY OF SUBROGATION OR ASSIGNMENT. TENANT'S WAIVER AND RELEASE OF LANDLORD AND THE INDEMNITEES SHALL BIND TENANT'S PERMITTED ASSIGNEES AND SUBTENANTS. Tenant shall take out and keep in full force maintain commercial general liability insurance coverage (and effect and in the names of the Tenant, the such other coverage as requested by Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(ifrom time to time) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount determined by Landlord from time to time, which shall initially be in a minimum amount of not less than one hundred percent (100%) of the full replacement cost thereof$1,000,000 per occurrence, with standard extended $2,000,000 policy aggregate, including coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, for bodily injury and public death, property damage and products liability insurance including personal liability, coverage; contractual liability, non-owned automobile liability coverage insuring the obligations of Tenant under the Lease; and owner’s fire and contractors’ protective insurance legal liability coverage with respect to the Leased Premises, coverage to include Premises and the business operations conducted by the Tenant and any other person on the Leased PremisesBuilding in an amount of at least $50,000. The policy shall designate Landlord as an additional insured. Such policies shall policy must be written on a comprehensive basis with limits in effect as of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, the Tender Date and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and must be maintained at all such policies shall contain a cross-liability and severability times during Tenant's occupancy of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form and during the Term. A duplicate original or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such all insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance policies required to be maintained by it under Section 9.02Tenant shall be deposited with Landlord within five (5) business days following the Tender Date and current certificates (or duplicate Policy originals) shall be deposited with Landlord at all times during Tenant's occupancy of the Leased Premises and during the Term. Tenant shall defend, indemnify and hold harmless Landlord and the Indemnities from all losses, claims, suits, actions, damages and liability, including defense costs, investigative costs and fees of experts (collectively, "Claims") that arise or allegedly arise from any of the following circumstances: (i) any act or omission of Tenant or Tenant's agents, employees, contractors, subcontractors, customers or invitees (or any of their employees); (ii) any failure of Tenant or Tenant's agents, employees, contractors or subcontractors to comply with laws, ordinances or regulations of any governmental authority pertaining to the use, construction, renovation, repair or occupancy of the Leased Premises or pertaining to Tenant's business or pertaining to health or the environment; and (iii)any injury, death or property damage suffered by any person that occurs in the Leased Premises which is caused by Tenant or Tenant's agents, employees, contractors, subcontractors, customers or invitees.
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Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termwill, at its sole cost and expensecost, during any period that the Tenant occupies the Premises, take out and keep maintain in full force and effect and in the names of the Tenanteffect, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancefollowing:
(i) “all risks” insurance against (or its equivalent), including earthquake, fire, flood and sewer backup perils, upon all risks upon merchandise, stock-in-trade, furniture, fixtures, equipment, leasehold improvements and other property of every kind and description and kind located at the Premises, owned by the Tenant, Tenant or for which the Tenant is responsible or legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsliable, fixtures and chattels in an amount of not less than one hundred percent (100%) of at least equal to the full insurable value thereof, calculated on a full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusivebasis;
(ii) property damage“comprehensive form” boiler and machinery insurance (or its equivalent) upon any boilers, pressure vessels or mechanical equipment located at the Premises in such amount as the Landlord may reasonably require from time to time;
(iii) commercial bodily injury and public property damage liability insurance including (or its equivalent) applying to the operations of the Tenant carried on, in and from the Premises and which will include, without limitation, personal injury liability, product liability, contractual liability, non-owned automobile liability, protective liability and ownerTenant’s and contractors’ protective insurance coverage legal liability with respect to the Leased Premises, coverage to include the business operations conducted occupancy by the Tenant of the Premises; and any other person on the Leased Premises. Such policies shall such insurance will be written on a comprehensive basis with limits for an amount of not less than $5,000,000.00 per occurrence for bodily injury 2,000,000.00.
(b) All policies of liability insurance referred to any one or more persons, or property damage, and such higher limits as in this Section 7.1 will name the Landlord or any mortgagee reasonably requires from time to time, as additional insured and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or provide that the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance will be insured in the same manner and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance separate policies had been purchased and separately maintained by issued to the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredLandlord.
(c) Each policy All policies of insurance taken out referred to in this Section 7.1 will be underwritten by insurers reasonably acceptable to the Tenant in accordance with this Lease Landlord and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over on policy forms satisfactory to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused reasonably acting. The Tenant will deliver to the Landlord certificates of insurance upon request of the Landlord. Whenever required by the actLandlord, omission or negligence of the Tenant will provide the Landlord or those with evidence that all premiums for whom it is in law responsibleall insurance policies have been paid.
(d) All policies shall The Tenant will not do or permit anything to be taken out with insurers acceptable done upon the Premises which might cause any policy of insurance against loss or damage to the LandlordPremises or against legal liability for damage to persons or property caused by the ownership, acting reasonably and shall maintenance, use or occupancy of the Premises, or by reason of the conduct of any business carried on thereon, to be invalidated, and, for such purpose, upon receipt of notice in writing from any insurer of the Premises requiring the execution of works or a form satisfactory from time discontinuance of any operations in order to time correct such situation, the Tenant will immediately comply with the notice.
(e) The Tenant will not do or permit anything to be done or exist upon the Premises that would cause an increase in the cost of the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of ’s insurance or subject any such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02cancellation.
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Tenant’s Insurance. (a) The Tenant shall, throughout shall procure and during the entire Termmaintain policies of insurance, at its sole cost and expense, take out during the entire Term hereof with terms and keep in full force coverages and effect and in the names of the Tenant, the companies reasonably satisfactory to Landlord and any mortgageewith such increases in limits as Landlord may from time to time request, chargee, or debenture holder, as their respective interests may appear, but initially Tenant shall maintain the following insurancecoverages:
(ia) insurance against all risks upon property Comprehensive or Commercial General Liability insurance, with limits for bodily injury or personal injury to or death of every description and kind owned by the Tenantany person, or more than one (1) person, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels damage to property in an amount of not less than one hundred percent $1,000,000.00 per occurrence/$2,000,000.00 general aggregate with a $9,000,000.00 umbrella policy per each occurrence /general aggregate . The Commercial General Liability policy shall include Landlord, Landlord’s management agent, any ground lessor (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where if applicable), any primary lessor (if applicable), and any Mortgagee designated by Landlord from time to time as additional insureds (collectively “Additional Insureds”) on a primary and non-contributory basis to any insurance carried by the Additional Insureds.
(b) Insurance against “all risks” of physical loss for the full insurable replacement value of the initial condition of the Premises (including, without limitation, the Improvements) and all Alterations, and of all furniture, trade fixtures, equipment, merchandise, installations, supplies, and all other items of Tenant’s property on the Premises, including any property of Landlord. Such insurance shall without limitation, include coverage for sprinkler leakage, earthquake, flood leakage from any window or sill, and collapseall other types of water damage, including bursting, leakage or stoppage of any pipes. In During the event that there is a dispute as to the amount which comprises full replacement costTerm, the decision of the Landlord or proceeds from any mortgagee such insurance shall be conclusive;used for the repair or replacement of Tenant’s property. No lack or inadequacy of insurance by Tenant shall in any event make Landlord subject to any claim by virtue of any theft of or loss or damage to any uninsured or inadequately insured property; Landlord will not carry insurance on Tenant’s property.
(iic) property damageWorker’s Compensation insurance in amounts required by the State of Florida, including Voluntary Compensation, and Employer’s Liability insurance in an amount not less than $1,000,000.00 each accident / each employee / policy limit, with the insurance policies required under this clause (c) to be endorsed to waive the insurance carriers’ right of subrogation. If workers’ compensation insurance is not required by law, Tenant shall maintain supplemental accident, medical and income replacement programs or coverages for all employees as may be required to “opt out” of workers’ compensation insurance requirements.
(d) Automobile Liability insurance with limits for bodily injury and public liability insurance including or personal liabilityinjury to or death of any person, contractual liabilityor more than one (1) person, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect or for damage to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits property in an amount of not less than $5,000,000.00 1,000,000.00 combined single limit, including Employer’s Owned, Non-Owned and Hired Car coverage.
(e) Business interruption insurance (which will insure payment of Tenant’s Rent obligations hereunder for at least twelve (12) months).
(f) Liquor Liability in an amount not less than $1,000,000.00 per occurrence and $1,000,000.00 in the annual aggregate if Tenant is in the business of serving and/or distributing alcohol for bodily injury sale. The Additional Insureds will be added as additional insureds under the policy on a primary and non-contributory basis.
(g) Umbrella/Excess liability in an amount not less than $3,000,000 per occurrence and $3,000,000.00 in the aggregate. Coverage will follow form to any one or more personsunderlying Commercial General Liability, or property damageEmployer’s Liability, Automobile Liability and (if applicable) Liquor Liability. In addition, such policy must be endorsed to provide that this insurance is primary to, and such higher limits as the Landlord or non-contributory with, any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption other insurance in such amount as will reimburse which the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingAdditional Insureds are an insured, without limitation, builder’s risk insurance and whether such other insurance is primary, excess, self-insurance, or insurance on any other basis. The policy must cause the umbrella/excess coverage as would to be placed vertically exhausted, whereby such coverage is not subject to any “Other Insurance” provision under Tenant’s umbrella/excess liability policy. The limits of liability may be satisfied by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect combination of its chattels primary and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantexcess liability insurance.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termterm hereof and any other period of occupancy, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) Standard form property insurance insuring against the perils of fire, extended coverage, vandalism, malicious mischief, special extended coverage ("All-Risk") and sprinkler leakage. This insurance policy shall be upon all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or that was installed by or on behalf of the Tenant at Tenant's expense, and which is located within in the Property and Leased Premises comprising only leasehold improvementsProject including, without limitation, furniture, fittings, installations, fixtures (other than Tenant improvements installed by Landlord), and chattels any other personal property in an amount of not less than one hundred ninety percent (100%) of the full replacement cost thereof. Such policy shall name Landlord and any mortgagees of Landlord as additional insured parties, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;their respective interests may appear.
(ii) property damageCommercial General Liability Insurance insuring Tenant against any liability arising out of the lease, bodily injury use, occupancy or maintenance of the Premises and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premisesall areas appurtenant thereto. Such policies insurance shall be written on a comprehensive basis with limits in the amount of not less than $5,000,000.00 per occurrence 3,000,000 Combined Single Limit for bodily injury to any to, or death of one or more persons, or property damagepersons in an occurrence, and such higher limits for damage to tangible property (including loss of use) in an occurrence. The policy shall insure the hazards of premises and operation, contractual liability (covering the Indemnity contained in Paragraph 18 hereof) and shall (1) name Landlord as an additional insured, and (2) contain a cross liability provision, and (3) contain a provision that "the insurance provided the Landlord or hereunder shall be primary and non-contributing with any mortgagee reasonably requires from time other insurance available to time, and all such policies shall contain a cross-liability and severability of interest clause;the Landlord."
(iii) broad form blanket Workers' Compensation and comprehensive form Employer's Liability insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;(as required by state law).
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any Any other form or forms of insurance as the Tenant or the Landlord or any mortgagee mortgagees of Landlord may reasonably requires require from time to time includingin form, without limitation, builder’s risk in amounts and for insurance and risks against which a prudent tenant would protect itself; provided that such other insurance coverage as would be placed by is warranted due to a prudent tenant. Notwithstanding substantial change in the aforementioned, nature of Tenant's operations at the Tenant shall have Premises and the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord increased risks associated therewith or due to the same extent as if total amount of any claims paid on Tenant's insurance policies in the prior twelve (12) month period, or such insurance had been purchased and separately maintained is customarily required for similar uses by the Tenantowners of comparable buildings in Pleasanton, California.
(b) Each policy of insurance required of the Tenant as aforesaid All policies shall include the be written in a form satisfactory to Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable insurance companies holding a General Policyholders Rating of "A" and a Financial Rating of "X" or better, as set forth in the most current issue of Bests Insurance Guide. Within ten days after the execution of this Lease, Tenant shall deliver to Landlord certificates evidencing the existence of the amounts and forms of coverage satisfactory to Landlord, acting reasonably and . No such policy shall be cancelable or reducible in a form satisfactory from time coverage except after thirty days prior written notice to time to the Landlord. Tenant shall, acting reasonably. The Tenant shall provide the Landlord within ten days prior to the commencement expiration of the Fixturing Period such policies, furnish Landlord with a new certificate of insurance evidencing the renewal thereof, or within ten (10) days after written notice Landlord may order such insurance and each year on charge the anniversary date cost thereof to Tenant as additional rent. If Landlord obtains any insurance that is the responsibility of Tenant under this section, Landlord shall provide deliver to Tenant a written statement setting forth the Landlord with a further certificate confirming that cost of any such insurance and showing in reasonable detail the Tenant manner in which it has arranged all of the insurance required to be maintained by it under Section 9.02been computed.
Appears in 1 contract
Tenant’s Insurance. (ai) The Tenant shall, throughout and during the entire TermTerm of the Lease, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any the Landlord’s mortgagee, chargee, or debenture holder, as and to the extent their respective interests may appear, the following insurance:
(i1) insurance against all risks upon property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsBuilding, including, without limitation, stock-in-trade, furniture, fittings, installations, alterations, additions, partitions, fixtures and chattels anything in the nature of a leasehold improvement in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with coverage against, at least the perils of fire and standard extended coverage coverage, including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that If there is a dispute as to the amount which comprises the full replacement cost, the decision of the Landlord or any the Landlord’s mortgagee shall be conclusive;
(ii2) property damage, bodily injury broad form boiler and public liability machinery insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive blanket repair and replacement basis with limits of for each accident in an amount not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, the replacement cost of all leasehold improvements and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and of all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatuselectrical apparatus owned or operated by the Tenant or by others (other than the Landlord) on behalf of the Tenant in the Leased Premises or relating to or serving the Leased Premises;
(iv3) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in subparagraphs (1) and (2) of this Paragraph 10(b), and any other perils commonly insured against by a prudent tenants tenant or attributable to prevention of access to the Leased Premises or the Building as a result of such perilsperil;
(4) public liability and property damage insurance including personal injury liability, contractual liability, non-owned automobile liability and owners’ and contractors’ protective insurance coverage with respect to the Leased Premises and the Tenant’s use of the Common Areas and Facilities coverage to include the activities and operations conducted by the Tenant and any other parties on the Leased Premises and by the Tenant and any other parties performing work on behalf of the Tenant and those for whom the Tenant is in law responsible in any other part of the Building. Such policies shall be written on a comprehensive basis with inclusive limits of not less than Five Million Dollars ($5,000,000) for bodily injury to any one or more persons or property damage, and such higher limits as the Landlord or the Landlord’s mortgagee reasonably requires from time to time, and shall not be invalidated as respects the interests of the Landlord and the Landlord’s mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies. All such policies must contain a severability of interests clause, a cross liability clause and shall be primary and shall not call into contribution any other insurance available to the Landlord or to the Landlord’s mortgagee;
(5) Tenants’ legal liability insurance for the full replacement cost of the Leased Premises; and
(v6) any other form or forms of insurance as the Tenant or the Landlord or any the Landlord’s mortgagee reasonably requires from time to time includingtime, without limitationin form, builder’s risk in amounts and for insurance and such other insurance coverage as would be placed by risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(bii) Each policy of insurance All policies required to be written on behalf of the Tenant as aforesaid pursuant to subparagraphs (1), (2) and (3) of this Paragraph 10(b) shall include contain the standard mortgage clause of the Landlord’s mortgagee and shall contain a waiver of any subrogation rights which the Tenant’s insurers have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is in law responsible responsible, whether or not such damage is caused by the act, omission or negligence of the Landlord or those for whom it the Landlord is in law responsible.
(diii) All insurance policies of the Tenant shall be taken out with insurers acceptable to the Landlord, acting reasonably Landlord and shall be in a form satisfactory from time to time to the Landlord. The Tenant agrees that certificates of insurance or, acting reasonablyif required by the Landlord or the Landlord’s mortgagee, certified copies of each such insurance policy, will be delivered to the Landlord as soon as practicable after the placing of the required insurance. All such policies shall contain an undertaking by the insurers to notify the Landlord and the Landlord’s mortgagee in writing not less than thirty (30) days prior to any material change, cancellation, failure to renew, or termination thereof.
(iv) The Tenant agrees that if the Tenant fails to take out or to keep in force any such insurance referred to in Paragraph 10(b)(i), or should any such insurance not be approved by either the Landlord or the Landlord’s mortgagee, and should the Tenant not rectify the situation within forty-eight (48) hours after written notice by the Landlord to the Tenant (stating if the Landlord or the Landlord’s mortgagee does not approve of such insurance, the reasons therefor), the Landlord has the right without assuming any obligation in connection therewith, to affect such insurance at the sole cost and expense of the Tenant and all outlays by the Landlord shall be immediately paid by the Tenant to the Landlord as additional rent on the first day of the next month following such payment by the Landlord, without prejudice to any other rights and remedies of the Landlord under this Lease.
(v) If the occupancy of the Leased Premises, the conduct of business in the Leased Premises, or any acts or omissions of the Tenant in the Building or any part thereof, causes or results in any increase in premiums for the insurance carried from time to time by the Landlord with respect to the Building, the Tenant shall pay any such increase in premiums, as additional rent, forthwith after invoices for such additional premiums are rendered by the Landlord. In determining whether increased premiums are caused by or result from the use and occupancy of the Leased Premises, a schedule issued by the organization computing the insurance rate on the Building showing the various components of such rate shall be conclusive evidence of the several items and charges which make up such rate. The Tenant shall comply promptly with all requirements of the Insurer’s Advisory Organization (or any successor thereof) or of any insurer now or hereafter in effect, pertaining to or affecting the Leased Premises.
(vi) If any insurance policy upon the Building or any part thereof shall be cancelled or shall be threatened by the insurer to be cancelled, or the coverage thereunder reduced in any way by the insurer by reason of the use and occupation of the Leased Premises or any part thereof by the Tenant or by any assignee or subtenant of the Tenant, or by anyone permitted by the Tenant to be upon the Leased Premises, and if the Tenant fails to remedy the conditions giving rise to the cancellation, threatened cancellation or reduction of coverage within forty-eight (48) hours after notice thereof by the Landlord, the Landlord may, at its option, either (a) re-enter and take possession of the Leased Premises forthwith by leaving upon the Leased Premises a notice in writing of its intention so to do and thereupon the Landlord shall have the same rights and remedies as contained in Paragraph 14 hereof or (b) enter upon the Leased Premises and remedy the conditions giving rise to such cancellation, threatened cancellation or reduction, and the Tenant shall forthwith pay the cost thereof to the Landlord, which cost may be collected by the Landlord as additional rent and the Landlord shall not be liable for any damage or injury caused to any property of the Tenant or of others located on the Leased Premises as a result of such entry. The Tenant agrees that any such entry by the Landlord is not a re-entry or a breach of any covenant for quiet enjoyment contained in this Lease.
(vii) The Tenant shall, at its sole cost and expense, replace any plate glass or other glass that has been damaged, broken or removed during the Term and shall at all times keep the plate glass on the Leased Premises fully insured, pay the premiums therefor and provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02plate glass insurance.
Appears in 1 contract
Samples: Lease Agreement (Eloqua, Inc.)
Tenant’s Insurance. (a) The Tenant shallwill, throughout the Term (and at any other time during which the entire TermTenant is in possession of the Leased Premises), at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, affect the following insurance:
(i) insurance against all risks upon (including flood & earthquake) property insurance, in an amount equal to the full replacement cost (new) of every description all improvements, equipment and kind owned by chattels in or serving the Tenant, Leased Premises. or for which the Tenant is legally liable or installed by or on behalf liable;
(ii) extra expense insurance for a period of indemnity of not less than twelve (12) months in such amount as will reimburse the Tenant for loss attributable to all perils insured against in Sections 10.01(a)(i) and which is located within (a)(iii) including prevention of access to the Property and Leased Premises comprising only leasehold improvements, fixtures or the Building &/or the Project as a result of such perils: (iii) if applicable broad-form boiler and chattels machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount of not less than one hundred percent the replacement cost (100%new) of all leasehold improvements and of all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus owned or operated by the full replacement cost thereof, with standard extended coverage including sprinkler leakages Tenant or by others (where applicable), earthquake, flood and collapse. In other than the event that there is a dispute as to the amount which comprises full replacement cost, the decision Landlord) on behalf of the Landlord Tenant in the Leased Premises or any mortgagee shall be conclusive;
relating to or serving the Leased Premises; (iiiv) Public liability and property damagedamage insurance, bodily injury and public liability insurance including personal injury liability, blanket contractual liability, non-owned automobile liability employers’ liability, occurrence property damage and owner’s owners' and contractors’ ' protective insurance coverage coverage, with respect to the Leased Premises, coverage to include the business activities and operations conducted by of the Tenant and any other person on the Leased PremisesPremises or performing work for the Tenant all others for whom the Tenant is in law responsible in any other part of the Building &/or the Project. Such The policies shall will, (1) be written on a comprehensive basis basis, with inclusive limits of not less than two million dollars ($5,000,000.00 per occurrence 2,000,000) for bodily injury to any one or more personsPersons, or property damage, and such higher limits as the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to timetime and (2) name the Landlord, and all such policies shall the Mortgagee as insureds and contain a severability of interest and cross-liability and severability of interest clause;
clauses; (iiiv) broad form blanket and comprehensive form Tenant's legal liability insurance for the actual cash value of the Leased Premises, including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to use thereof; (vi) two million dollars ($2,000,000) inclusive limits automobile liability insurance on a nonowned form including contractual liability, and on an owner's form, covering all perils commonly insured against licensed vehicles operated by prudent tenants or attributable to prevention on behalf of access to the Leased Premises as a result of such perilsTenant; and
and (vvii) any other form or forms of insurance as the Tenant or the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time includingin form, without limitation, builder’s risk in amounts and for insurance and such other insurance coverage as would be placed by risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(b) Each policy The Tenant's policies will:
(i) with respect to leasehold improvements,. contain the Mortgagee's standard mortgage clause;
(ii) with respect to property, boiler, and machinery insurance and extra expense insurance, name the Landlord as an insured and contain a waiver of insurance required of any subrogation rights which the Tenant as aforesaid shall include Tenant's insurers may have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is in law responsible responsible, whether or not the damage is caused by the act, omission or negligence of the Landlord or those for whom it the Landlord is in law responsible; (iii) be taken out with insurers reasonably acceptable to the Landlord and in a form reasonably satisfactory to the Landlord; (iv) be noncontributing with and apply only as primary and not as excess to any other insurance available to the Landlord or the Mortgagee; (v) not be invalidated as respects the interest of the Landlord and the Mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies; & (vi) contain an undertaking by the insurers to notify the Landlord and the Mortgagee in writing by registered mail not less than thirty (30) days prior to any cancellation or material change that reduces or restricts the insurance.
(c) The Tenant agrees, that, certificates of insurance on the Landlord’s standard form or, if required by the Mortgagee, evidence in the form of notarized, certified copies of the policies signed by the insurers, will be delivered to the Landlord as soon as practicable after the placing of the required insurance.
(d) All policies If there is damage or destruction to the leasehold improvements in the Leased Premises, the Tenant will use the insurance proceeds for the sole purpose of repairing or restoring the leasehold improvements. In the event of damage to or destruction of the Building and/or Project entitling the Landlord to terminate this Lease under Section 12.02, then., if the Leased Premises have also been damaged or destroyed, the Tenant will forthwith pay the Landlord all of its insurance proceeds relating to the leasehold improvements, and if the Leased Premises have not been damaged or destroyed, the Tenant shall be taken out with insurers acceptable upon demand deliver to the Landlord, acting reasonably in accordance with this Lease, the leasehold improvements and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Leased Premises
Appears in 1 contract
Samples: Lease Agreement (Chalk Media Corp)
Tenant’s Insurance. (a) The During the Term, Tenant shall, throughout and during the entire Term, at its Tenant’s sole cost and expense, take out obtain and keep in full force and effect and in the names all of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insuranceinsurance coverages:
(ia) Property insurance against covering all risks upon Tenant’s contents, trade fixtures, machinery, equipment, furniture and furnishings in the Premises (or elsewhere in or about the Building), including contents which are the property of every description and kind owned by third parties but which are in the care, custody or control of Tenant, or all Premises Improvements and all Alterations, for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an agreed amount of not less than one hundred percent (100%) % of the full their replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicablewithout regard to the value of any use interest of Tenant therein), earthquake, flood and collapse. In with coverage no less broad than that provided under the event that there is a dispute as to the amount which comprises full replacement cost, the decision ISO Broad Causes of the Landlord or any mortgagee shall be conclusiveLoss Form (CP 10 20);
(iib) property damageLoss of income, bodily injury extra expense and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly required to be insured against under subparagraph (d) above for a period not less than twelve (12) months;
(c) Commercial general liability insurance, written on an occurrence basis, with coverage no less broad than that provided under ISO 1996 form CG 00 01 (without any endorsement which would have the effect of reducing or eliminating the contractual liability, cross-liability, insured employee, or any other coverage provided under such form), in an amount not less than Five Million Dollars ($5,000,000.00) combined single limit per occurrence/aggregate. Umbrella liability insurance may be used to achieve the above minimum liability limits, provided that the policy coverages are absolutely concurrent;
(d) Automobile liability insurance with coverage at least as broad as that provided on ISO form CA 00 01, and including owned, non-owned and hired vehicle coverages, with minimum limits of One Million Dollars ($1,000,000.00) combined single limit;
(e) If any goods not owned by prudent tenants Tenant are stored in or attributable shipped from the Premises, warehousemen’s or carriers’ legal liability insurance with limits no less than the aggregate value of all such goods. All receipts, bills of lading, consignment agreements or other agreements with persons depositing any such goods with Tenant for storage or shipment shall require such persons to prevention of access (a) insure such goods substantially in the same manner and to the Leased same extent that Tenant is required hereunder to insure its own personal property in the Premises, and (b) waive and release all Claims and rights of recovery against Landlord (including any rights in the nature of subrogation) arising out of any damage or loss to, or destruction of, such goods irrespective of the cause;
(f) Prior to the sale, storage, consumption or service (whether free or for charge) of any alcoholic beverages on or from the Premises by Tenant or any other person (which activity is absolutely prohibited unless Landlord expressly consents thereto in writing, which consent may be withheld in Landlord’s sole discretion), Tenant shall obtain liquor liability insurance covering Tenant and all Landlord Protected Parties against any and all risks associated with the sale, storage, consumption or service of alcoholic beverages on or from the Premises. Such policy or policies of insurance shall have a minimum combined single limit of One Million Dollars ($1,000,000.00) per occurrence, covering bodily injury, loss of life, injury to means of support, and property damage;
(g) Worker’s compensation insurance as a result required by law, and employers’ liability insurance with minimum limits of such perilsat least One Million Dollars ($1,000,000.00); and
(vh) During the course of construction of any other form or forms of insurance as the Alterations, Tenant or the Landlord or any mortgagee reasonably requires from time to time includingshall maintain, without limitationat its sole cost and expense, builder’s builders’ risk insurance for the amount of the completed value of the Alterations on an “all-risk” non-reporting form covering all Alterations under construction, including building materials, and such other insurance coverage in amounts and against such risks as would be placed by a prudent tenantLandlord shall reasonably require in connection with the Alterations. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect cause each of its chattels contractors and trade fixtures under Section 9.02(a)(isubcontractors to maintain (a) and for business interruption workers’ compensation insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained required by the Tenant.
law; (b) Each policy employers’ liability insurance with minimum limits of insurance required of the Tenant as aforesaid shall include the Landlord at least One Million Dollars ($1,000,000.00); and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each commercial general liability insurance with minimum coverage limits of at least Two Million Dollars ($2,000,000.00) combined single limit per occurrence/aggregate, and otherwise meeting the same policy of requirements (as set forth below) as are applicable to Tenant’s insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsiblepolicies.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall obtain and keep in full force the following insurance:
(a) Commercial general liability insurance coverage on an "occurrence basis" against claims for personal injury, including, without limitation, bodily injury, death, and effect broad form property damage, in combined single limits of not less than $1,000,000 per occurrence and a $2,000,000 aggregate with coverage to include a per location endorsement, contractual liability, fire legal liability in the names amount of $500,000, and other broad form endorsements that would be carried by a prudent individual conducting a business similar to Tenant's business. All such insurance policies shall name Tenant as the Tenant, the named insured thereunder and shall name Landlord and any mortgageeLandlord's mortgagees as additional insureds thereunder, chargee, or debenture holder, all as their respective interests may appear, the following insurance:;
(ib) insurance Worker's Compensation and Employer's Liability insurance, with a waiver of subrogation endorsement waiving rights of subrogation against all risks upon property of every description Landlord, in form and kind owned amount satisfactory to Landlord and at minimum is equal to that required by the law of Virginia;
(c) Special Causes of Loss Insurance insuring the Leasehold Improvements and Tenant's interest in the Premises and all property located in the Premises, or for which the Tenant is legally liable or installed by or on behalf of the Tenant including furniture, equipment fittings, installations, fixtures, supplies and which is located within the Property any other personal property, Leasehold Improvements and Leased Premises comprising only leasehold improvementsalterations (`Tenant's Property"), fixtures and chattels in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereof----------------- value, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the it being understood that no lack or inadequacy of insurance by Tenant shall in any event that there is a dispute as make Landlord subject to the amount which comprises full replacement cost, the decision any claim by virtue of the Landlord any theft or loss or damage to any mortgagee shall be conclusiveuninsured or inadequately insured property;
(iid) property damageDuring the course of construction of any work performed by Tenant or on Tenant's behalf pursuant to Exhibit "B" or any alterations by Tenant until completion thereof, bodily injury Builder's Risk Insurance on a "special causes of loss" basis (including collapse) on a completed value (non-reporting) form for full replacement value covering all work incorporated in the Building and public all materials and equipment in or about the Premises;
(e) Auto liability insurance including personal liabilitycoverage for owned, contractual liability, hired and non-owned automobile liability and owner’s and contractors’ protective insurance coverage vehicles with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils1,000,000 combined single limit; and
(vf) any other Excess liability coverage in the amount of $10,000,000 which will follow form or forms and respond to and increase the limits of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time includingcoverages described in Sections 12.01(a), without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and), as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) above. ----------------------------------- All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably issued by companies having a Best's rating of at least A-XI and shall be in a amounts, and in form satisfactory from time to time to Landlord and Landlord's lender. All policies shall contain in endorsement or agreement by the Landlordinsurer that any loss shall be payable in accordance with the terms of such policy notwithstanding any act or negligence of Tenant which might otherwise result in a forfeiture of said insurance, acting reasonablyand the further agreement of the insurer waiving all rights of setoff, counterclaim or deduction against Tenant. The Tenant shall provide will deliver certificates of insurance evidencing each policy to Landlord as soon as practicable after the Landlord placing of the required insurance, but not later than ten (10) days prior to the commencement date Tenant takes possession of all or any part of the Fixturing Period with a certificate of such insurance Premises, and on each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the Commencement Date. All policies shall contain an undertaking by their insurers to notify Landlord and Landlord's lender in writing, by registered or certified U.S. Mail, return receipt requested, not less than thirty (30) days before any material change, reduction in the scope or limits of coverage, cancellation, or other termination thereof. All policies shall name Landlord and Landlord's manager as additional insureds and shall be evidenced as such on a Certificate of Insurance issued to Landlord. Landlord reserves the right to periodically review the insurance coverages required by this Section 12.01 and to revise such requirements to ------------- reflect insurance industry practices or require other forms or amounts of insurance as may be reasonably required to be maintained by it under Section 9.02reflect changes in insurance industry practices.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout During the whole of the Term and during such other time as the entire TermTenant occupies the Premises, at its sole cost and expense, the Tenant shall take out and keep in full force and effect and maintain in the names of the Tenant, Tenant and the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insuranceinsurance coverage, at the Tenant’s sole expense:
(i) comprehensive general liability insurance against claims for third party bodily injury, including death, and property damage or loss arising out of the use or occupation of the Premises or the Tenant’s business on or about the Premises; such insurance to be in the joint names of the Tenant and the Landlord so as to indemnify and protect both the Tenant and the Landlord and to contain a “cross liability” or “severability of interest” clause so that the Landlord and the Tenant may be insured in the same manner and to the same extent as if individual policies had been issued to each, and shall be for the amount of not less than Two Million Dollars ($2,000,000.00) combined single limit or such other amount as may be reasonably required by the Landlord from time to time which commercial general liability insurance shall include, for the Tenant’s benefit only, Tenant’s all risk legal liability insurance in an amount equal to the replacement cost of the Premises including loss of use thereof;
(ii) all risks of physical loss insurance upon its merchandise, stock-in trade, furniture, trade fixtures, plate glass and all other property of every description and kind in the Premises owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and or for which the Tenant is located within the Property and Leased Premises comprising only leasehold improvementslegally liable, fixtures and chattels all in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In which amount in the event that there is of a dispute as to the amount which comprises full replacement cost, shall be determined by the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clauseLandlord;
(iii) broad form blanket comprehensive boiler and comprehensive form machinery insurance including repair on such boilers and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;as may be installed by, or under the exclusive control of, the Tenant in the Premises; and
(iv) business interruption insurance in such amount coverage which shall provide for the payment of Minimum Rent and all additional costs collectible as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access Rent to the Leased Premises as Landlord for a result period of such perils; and
eighteen (v18) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantmonths.
(b) Each policy The Tenant’s policies of insurance required hereinbefore referred to shall contain the following:
(i) provisions that the Landlord is protected notwithstanding any act, neglect or misrepresentation of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant which might otherwise result in the Leased Premises and, as appropriate, a severability avoidance of interest/cross liability clause protecting the Landlord claim under such policies and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver not be affected or invalidated by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Tenant or any third party which is not within the control of the Landlord;
(ii) provisions that such policies and coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by the Landlord;
(iii) provisions that such policies of insurance shall provide for deductibles of not more than three (3%) percent of the replacement cost of the property insured and One Thousand Dollars ($1,000.00) in all other instances;
(iv) all broad form comprehensive boiler and property insurance referred to above shall provide for waiver of the insurer’s rights of subrogation as against the Landlord; and
(v) provisions that such policies of insurance shall not be restricted, materially changed or cancelled without the insurer providing the Landlord with thirty (30) days written notice stating when such restriction, change or those for whom it is in law responsiblecancellation shall be effective.
(dc) All policies The Tenant shall be taken out with insurers acceptable to maintain such other insurance in such amounts and in such sums as the Landlord, acting Landlord or any mortgagee of the Building may reasonably and shall be in a form satisfactory determine from time to time time. Evidence satisfactory to the Landlord, acting reasonably. The Tenant Landlord of all such policies of insurance shall provide be provided to the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02upon request.
Appears in 1 contract
Samples: Lease Agreement
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Termwill, at its sole cost and expense, take out and keep maintain in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holderthe Mortgagee, as their respective interests may appear, the following insurance:
(i) fire and standard extended perils insurance against all risks upon property coverage, including sprinkler leakages, vehicle impact and collapse, insofar as any collapse occurs as a result of every description and kind owned by the negligence of the Tenant or any officers, employees, servants, agents, customers, invitees or licensees of the Tenant, in an amount equal to the full replacement cost of all improvements, equipment and chattels in or serving the Leased Premises or for which the Tenant is legally liable liable, together with, if applicable, standard broad form boiler and machinery insurance covering, as a minimum, all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus in or installed by or on behalf of serving the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusivePremises;
(ii) property damageComprehensive general liability insurance, bodily injury and public liability insurance including personal injury liability, contractual liability, employers' liability, non-owned automobile liability and owner’s owners' and contractors’ ' protective insurance coverage coverage, with respect to the Leased Premises, such coverage to include the business activities and operations conducted by of the Tenant and any other person on in or at the Leased PremisesPremises or performing work for the Tenant and all others for whom the Tenant is in law responsible in any other part of the Building and the Lands. Such The aforesaid policies shall will:
(A) be written on a comprehensive basis with inclusive limits of not less than two million dollars ($5,000,000.00 per occurrence 2,000,000.00) for bodily injury to any one or more persons, persons or property damage, and damage or such higher limits or covering such other risks as the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time, ; and
(B) contain severability of interests and all such policies shall contain a cross-liability and severability of interest clauseclauses;
(iii) broad form blanket and comprehensive form tenant's legal liability insurance for the actual cash value of the Leased Premises, including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusloss of use thereof;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in clause 7.01(a)(i) above, when applicable, and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises or to the Building as a result of such perils; and;
(v) any other form or forms of insurance as the Tenant or the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttime.
(b) Each policy The Tenant's policies will:
(i) contain the Mortgagee's standard mortgage clause and contain a waiver of insurance required of any subrogation rights which the Tenant as aforesaid shall include Tenant's insurers may have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is in law responsible responsible, whether or not the damage is caused by the act, omission or negligence of the Landlord or those for whom it the Landlord is in law responsible;
(ii) be taken out with insurers reasonably acceptable to the Landlord and the Mortgagee and in a form reasonably satisfactory to the Landlord;
(iii) be non-contributing with and apply only as primary and not as excess to any other insurance available to the Landlord;
(iv) not be invalidated as respects the interests of the Landlord and the Mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies; and
(v) contain an undertaking by the insurer or insurers to notify the Landlord and the Mortgagee in writing not less than thirty (30) days prior to any material change, cancellation or termination. The Tenant agrees that either certified copies of the aforesaid insurance policies or certificates of insurance, as may be acceptable to the Landlord, will be delivered to the Landlord as soon as practicable after the placing of the required insurance.
(c) If there is damage or destruction to the leasehold improvements in the Leased Premises, the Tenant will use the insurance proceeds for the sole purpose of repairing or restoring the leasehold improvements. If there is damage to or destruction of the Building entitling the Landlord to terminate this Lease under Section 9.02, then, if the Leased Premises have also been damaged or destroyed, the Tenant will pay the Landlord all of its insurance proceeds relating to the leasehold improvements and if the Leased Premises have not been damaged or destroyed, the Tenant shall, upon demand, deliver to the Landlord, in accordance with this Lease, the leasehold improvements and the Leased Premises.
(d) All policies The Tenant agrees that if the Tenant fails to take out or to maintain in force any such insurance referred to in this Section 7.01 or should any such insurance not be approved by either the Landlord or the Mortgagee and should the Tenant not commence to diligently rectify (and thereafter proceed diligently to rectify) the situation within forty-eight (48) hours after written notice by the Landlord to the Tenant (stating if the Landlord or the Mortgagee does not approve of such insurance, the reasons therefor), the Landlord has the right, without assuming any obligation in connection therewith, to effect such insurance at the sole cost of the Tenant and all outlays by the Landlord shall be taken out with insurers acceptable immediately paid by the Tenant to the Landlord as Additional Rent on the first day of the next month following said payment by the Landlord, acting reasonably without prejudice to any other rights and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide remedies of the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02this Lease or otherwise.
Appears in 1 contract
Samples: Lease (Ironside Technologies Inc)
Tenant’s Insurance. (a) The Tenant shallwill, throughout the Term (and at any other time during which the entire TermTenant is in possession of the Leased Premises), at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
(i) insurance against all risks upon (including flood and earthquake) property insurance, in an amount equal to the full replacement cost (new) of every description all improvements, equipment and kind owned by chattels in or serving the Tenant, Leased Premises or for which the Tenant is legally liable or installed by or on behalf of liable;
(ii) extra expense insurance in such amount as will reimburse the Tenant and which is located within for loss attributable to all perils insured against in Section 7.01(a)(i) inclining prevention of access to the Property and Leased Premises comprising only leasehold improvementsor the Building as a result of such perils;
(iii) if applicable, fixtures broad form boiler and chattels machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount of not less than one hundred percent the replacement cost (100%new) of all leasehold improvements and of all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus owned or operated by the full replacement cost thereof, with standard extended coverage including sprinkler leakages Tenant or by others (where applicable), earthquake, flood and collapse. In other than the event that there is a dispute as to the amount which comprises full replacement cost, the decision Landlord) on behalf of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to Tenant in the Leased Premises, or relating to or serving the Leased Premises;
(iv) public liability and property damage insurance, including personal injury liability, blanket contractual liability, employers' liability, occurrence property damage and owners' and contractors' protected insurance coverage, with the coverage to include the business activities and operations conducted by of the Tenant and any other person on the Leased PremisesPremises or performing work for the Tenant and all others for whom the Tenant is in law responsible in any other part of the Building and the Lands. Such The policies shall will,
(1) be written on a comprehensive basis with inclusive limits of not less than two million dollars ($5,000,000.00 per occurrence 2,000,000) for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(2) name the Landlord, the Owners and the Mortgagee as insureds and contain severability of interest and cross-liability clauses;
(v) broad form Tenant's legal liability insurance for the actual cash value of the Leased Premises, including loss of use thereof;
(vi) two million dollars ($2,000,000) inclusive limits automobile liability insurance on a non-owned form including contractual liability, and on an owner's form, covering all licensed vehicles operated by or on behalf of the Tenant; and
(vii) any other form or forms of insurance as the Tenant or the Landlord Landlord, acting reasonably, or any mortgagee reasonably the Mortgagee requires from time to time includingin form, without limitation, builder’s risk in amounts and for insurance and such other insurance coverage as would be placed by risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(b) Each policy The Tenant's policies will:
(i) with respect to leasehold improvements, contain the Mortgagee's standard mortgage clause;
(ii) with respect to property and extra expense insurance, name the Landlord as an insured and contain a waiver of insurance required of any subrogation rights which the Tenant as aforesaid shall include Tenant's insurers may have against the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it the Landlord is in law responsible responsible, whether or not the damage is caused by the act, omission or negligence of the Landlord or those for whom it whoa the Landlord is in law responsible.;
(diii) All policies shall be taken out with insurers reasonably acceptable to the Landlord and in a form reasonably satisfactory to the Landlord;
(iv) be non-contributing with and apply only as primary and not as excess to any other insurance available to the Landlord, acting reasonably the Owners or the Mortgagee;
(v) not be invalidated as respects the interests of the Landlord, the Owners, and the Mortgagee by reason of any breach or violation of any warranties, representations, declarations or conditions contained in the policies; and
(vi) contain an undertaking by the insurers to notify the Landlord, the owners, and the mortgagee in writing by registered mail not less than thirty (30) days prior to any cancellation or material change that reduces or restricts the insurance. The Tenant agrees that certificates of insurance on the Landlord's standard form or, if required by the Mortgagee, evidence in the form of notarized, certified copies of the policies signed by the insurers, will be delivered to the Landlord as soon as practicable after the placing of the required insurance.
(c) If there is damage or destruction to the leasehold improvements in the Leased Premises, the Tenant will use the insurance proceeds for the sole purpose of repairing or restoring the leasehold improvements. In the event of damage to or destruction of the Building entitling the Landlord to terminate this Lease under Section 9.02, then, if the Leased Premises have also been damaged or destroyed, the Tenant will forthwith pay the Landlord all of its insurance proceeds relating to the leasehold improvements, and if the Leased Premises have not been damaged or destroyed, the Tenant shall be upon demand deliver to the Landlord, in a form satisfactory from time accordance with this Lease, the leasehold improvements and the Leased Premises. In the event that the Tenant's insurance proceeds exceed Seven Hundred and Fifty Thousand Dollars ($750,000.00) and the Tenant is obligated in accordance with the terms of this Lease to time repair and restore the Premises, and the cost of such repairs and restoration, subject to the approval of the Landlord, acting reasonably. The , is an amount greater than Seven Hundred and Fifty Thousand Dollars ($750,000.00) but less than the Tenant's proceeds, the Tenant shall provide retain the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02balance.
Appears in 1 contract
Tenant’s Insurance. During the Term, the Tenant shall take out and maintain at its own expense:
(a) The Tenant shallpublic liability and property damage insurance including personal injury, throughout contractual and during non-owned automobile liabilities and owners’ and contractors’ protective insurance coverage with respect to the entire Term, at its sole cost Premises and expense, take out and keep in full force and effect and in the names Tenant’s use of the TenantCommon Areas and facilities, coverage to include the activities and operations conducted by the Tenant and any other person on the Premises, and by the Tenant and any other person performing work on behalf of the Tenant and those for whom the Tenant is in law responsible in any other part of the Office Component. Such policies shall be written on a comprehensive basis with inclusive limits of not less than $5,000,000.00 for any one occurrence or such higher limits as the Landlord shall reasonably require. All such policies must contain a severability of interest clause and a cross liability clause, and shall be primary and shall not call into contribution any mortgagee, chargee, other insurance available to the Landlord or debenture holder, as their respective interests may appear, any mortgagee of the following insurance:Lands;
(ib) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable with in the Premises, or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvementsOffice Component, including, but not limited to furniture, fittings, alterations, partitions, floor coverings, fixtures and chattels anything in an the nature of a leasehold improvement, in the amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage against all risks including sprinkler leakages (where applicable)water damage from any cause whatsoever, earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(iic) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to for replacement of all glass in the Leased Premises, coverage to include the business operations conducted by the Tenant and Premises for any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clausedamage howsoever caused;
(iiid) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatusfor all damages sustained due to burglary of the Premises;
(ive) business interruption insurance in such amount amounts as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to including, but not limited to, prevention of access to the Leased Premises as a result of such perilsperils insured against under this Lease and the disruption in the supply of Utilities and other essential services to the Premises or the Office Component; and
(vf) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agentsacting reasonably, employees or those requires in amounts and for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those insurance risk against which a prudent tenant would insure. Policies for whom it is in law responsible.
(d) All policies fire and liability insurance shall be taken out in a form and with insurers an insurer acceptable to the Landlord, acting reasonably reasonably, shall require at least thirty (30) days’ written notice to the Landlord of termination or material alteration of the policy during the Term and shall waive any right of subrogation against the Landlord, its agent and mortgagee, and cause the Landlord, its agent and mortgagee to be named as an additional insured in a form satisfactory such policies of insurance. If requested by the Landlord, the Tenant shall from time to time promptly deliver to the Landlord, acting reasonably. The Tenant shall provide certified copies or other evidence of such policies, and evidence satisfactory to the Landlord prior to that all premiums thereon have been paid and the commencement of the Fixturing Period with a certificate of such insurance policies are in full force and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02effect.
Appears in 1 contract
Samples: Office Lease (Lululemon Corp.)
Tenant’s Insurance. (a) The Tenant shall, throughout during the Term hereof (and during any period that Tenant may enter, occupy and/or use the entire TermPremises prior to the Commencement Date and any holdover period), at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
22.1.1. Property insurance insuring against any perils included within the classification “All Risk,” including, without limitation, fire, windstorm, cyclone, tornado, hail, earthquake, explosion, riot, riot attending a strike, civil commotion, aircraft, vehicle, smoke damage, vandalism, malicious mischief and sprinkler leakage (i) and earthquake sprinkler leakage). Such insurance against shall insure all risks upon property of every description and kind owned by the TenantTenant or any other Tenant Party, or for which the Tenant or any other Tenant Party is legally liable or that was installed by at the expense of Tenant or on behalf of the any other Tenant Party, and which is located within in the Property and Leased Premises comprising only leasehold improvementsBuilding, including, without limitation, furniture, furnishings, installations, fixtures and chattels equipment, any other personal property, and in addition, all improvements and betterments to the Premises, including all Leasehold Improvements, in an amount of not less than one hundred percent (100%) of the full replacement cost thereof. For the purposes of this Section 22.1.1, with standard extended coverage including sprinkler leakages the Premises shall consist of the floor area shown in the Outline of Premises, consisting of the cubic space spanning from the floor slab to the bottom surface of the floor slab of the floor immediately above the Premises (where applicable“Upper Slab”), earthquake, flood without any offsets or deductions that are included for the Permitted Use of Tenant. Such cubic space shall include the plenum space which is bounded by the lower surface of the Upper Slab and collapsethe suspended ceiling of the Premises. In the event that there is shall be a dispute as to the amount which that comprises full replacement cost, the decision of the Landlord or any mortgagee mortgagees of Landlord shall be conclusive;. Such policy shall name Landlord, any mortgagees of Landlord and any other additional parties designated by Landlord as loss payees, as their respective interests may appear.
22.1.2. Commercial General Liability Insurance insuring Tenant on the current ISO CG 00 01 occurrence form or any equivalent reasonably acceptable to Landlord against any liability arising out of the lease, use, occupancy or maintenance of the Premises, the Building or the Project, or any portion of the foregoing. Such insurance shall be in the following minimum limits: $2,000,000 per occurrence and $2,000,000 in the aggregate and shall be endorsed to have the aggregate apply on a per location/per project basis and shall cover injury (including mental anguish) to or death of one or more persons and damage to tangible property (including loss of use) including blanket contractual liability, broad form property damage (including coverage for explosion, collapse and underground hazards), $1,000,000 personal & advertising injury, and $2,000,000 Products Completed Operations. The policy shall not include any exclusions or limitations other than those incorporated in the standard form. The policy shall insure the hazards of the Premises and Tenant’s operations thereon, Tenant’s independent contractors and Tenant’s contractual liability (including, without limitation, the indemnity contained in Article 20 hereof) and shall: (i) name Landlord (6262 Xxxx Investors LLC); B/L Xxxx LLC; the Property Manager; any additional entity Landlord may designate from time to time; and their respective partners, parents, affiliates, divisions and subsidiaries, and each of their respective directors, officers, principals, partners, shareholders, members, managing members, agents, employees, successors and assigns (together with Landlord, collectively, “Landlord Indemnified Parties”) as additional insureds; and (ii) property damageinclude coverage for cross liability claims between Named Insureds (i.e., bodily injury “Named Insured vs. Named Insured” Cross Liability Coverage Endorsement if required for coverage and public no exclusion for cross liability claims between Named Insureds). Such insurance shall indicate that defense costs shall be outside of the policy limits, and shall not contain any exclusions or restrictions applicable to operations of the type contemplated by this Lease. In addition to any insurance required of Tenant, Tenant shall secure, pay for and maintain or cause Tenant’s contractors and sub-contractors to secure, pay for and maintain insurance during any construction or work to the Premises performed by or on behalf of Tenant at a minimum equal to the limits of liability required by Tenant. Tenant’s products and completed operations insurance shall be maintained for a minimum period equal to the greater of (i) the period under which a claim can be asserted under any applicable statutes of limitations and/or repose or (ii) three (3) years after Substantial Completion of the Tenant Improvements. Tenant’s contractual liability insurance including personal liabilityshall include coverage sufficient to meet the indemnity obligations included herein.
22.1.3. Worker’s Compensation Insurance in compliance with statutory requirements of the state(s) in which the employee resides, contractual liabilityis hired and in which this Lease takes place, non-owned automobile liability which insurance shall apply to all persons employed by Tenant, and ownerEmployer’s and contractors’ protective Liability insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of in amounts not less than $5,000,000.00 1,000,000 per occurrence for bodily injury to any one or more personsaccident, or property damage$1,000,000 per disease, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, $1,000,000 disease-policy limit.
22.1.4. Business interruption insurance and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement extra expense coverage on boilersISO coverage form CP 00 30 or equivalent reasonably acceptable to Landlord, pressure vessels, electrical which shall cover Tenant’s monetary obligations under this Lease and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for any direct or indirect loss of earnings attributable to all perils commonly insured against in Section 22.1.1 above for a period of at least twelve (12) months. If Tenant fails to obtain business interruption insurance, it is understood and agreed upon that Tenant is fully responsible for its own business interruption exposure whether insured or not.
22.1.5. Comprehensive Automobile Liability Insurance including coverage for all owned, leased, hired and non-owned vehicles with a minimum combined single limit of $1,000,000 per occurrence for bodily injury and property damage liability.
22.1.6. Umbrella/Excess Liability Insurance policy with a per occurrence and annual aggregate limit of $5,000,000 per location/project. The limits of liability required in Section 22.1.2 above for Commercial General Liability can be provided in a combination of a Commercial General Liability policy and an Umbrella Liability policy. Coverage shall be in excess of Commercial General Liability, Auto Liability and Employers’ Liability insurance with such coverage being on a follow form basis, concurrent to and not more restrictive than underlying insurance. Tenant shall, by prudent tenants specific endorsement to its Umbrella/Excess Liability policy, cause the coverage afforded to the Landlord Indemnified Parties thereunder to be first tier umbrella/excess coverage above the primary coverage afforded to the Landlord Indemnified Parties as set forth in this Lease and not concurrent with or attributable excess to prevention any other valid and collectible insurance available to the Landlord Indemnified Parties whether provided on a primary or excess basis. It is the specific intent of the parties that Tenant procure the excess carriers’ agreement to waive and/or forego any viable “horizontal exhaustion” rights it might have in regard to any insurance any Landlord Indemnified Party might carry for its own benefit or on behalf of any other Landlord Indemnified Party.
22.1.7. If Tenant sells or dispenses alcoholic beverages, Liquor Liability Insurance with limits of not less than $5,000,000 per occurrence.
22.1.8. Medical malpractice insurance at limits of not less than $1,000,000 each claim during such periods, if any, that Tenant engages in the practice of medicine at the Premises.
22.1.9. Pollution Legal Liability insurance if Tenant stores, handles, generates or treats Hazardous Materials, as determined solely by Landlord, on or about the Premises. Such coverage shall include bodily injury, sickness, disease, death or mental anguish or shock sustained by any person; property damage including physical injury to or destruction of tangible property including the resulting loss of use thereof, clean-up costs, and the loss of use of tangible property that has not been physically injured or destroyed; and defense costs, charges and expenses incurred in the investigation, adjustment or defense of claims for such compensatory damages. Coverage shall apply to both sudden and non-sudden pollution conditions including the discharge, dispersal, release or escape of smoke, vapors, soot, fumes, acids, alkalis, toxic chemicals, liquids or gases, waste materials or other irritants, contaminants or pollutants into or upon land, the atmosphere or any watercourse or body of water. Claims-made coverage is permitted, provided the policy retroactive date is continuously maintained prior to the Commencement Date (or such earlier date that Tenant has access to the Leased Premises as Premises), and coverage is continuously maintained during all periods in which Tenant occupies the Premises. Coverage shall be maintained with limits of not less than $1,000,000 per incident with a result of such perils; and$2,000,000 policy aggregate.
(v) any 22.1.10. Any other form or forms of insurance as the Tenant or the Landlord or any mortgagee mortgagees of Landlord may reasonably requires require from time to time includingin form, without limitation, builder’s risk in amounts and for insurance risks against which a prudent tenant would protect itself.
22.1.11. Tenant may place all or any of the foregoing insurance coverages under blanket insurance policies carried by Tenant provided that no other loss which may also be insured by such blanket insurance shall affect the insurance coverages required hereby and so long as such other insurance policy complies with the amount of coverage required hereunder and otherwise provides the same protection as would be placed by a prudent tenantseparate policy insuring only Tenant’s insurance obligations in compliance with the provisions of Section 22.1 hereof. Notwithstanding the aforementionedIn addition, Tenant shall deliver to Landlord a certificate specifically stating that such coverages apply to Landlord, the Premises, the Building and the Project.
22.1.12. If Tenant shall hire or bring a vendor or contractor onto the Premises to perform any alterations, work or improvements, Tenant agrees to have a written agreement with such vendor or contractor whereby such vendor or contractor will be required to carry the right to self-insure in respect same insurance coverages for Commercial General Liability, Auto and Worker’s Compensation, Employer’s Liability and Pollution Legal Liability insurance as required of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant herein. Tenant shall indemnify and save harmless also require that such vendor’s or contractor’s insurance meet the same additional terms as required of Tenant herein with regards to adding the Landlord to the same extent Indemnified Parties and all mortgagees as if the insurance had been purchased additional insureds, maintaining primary and separately maintained by the Tenant.
(b) Each policy non-contributory coverage, waiving all rights of recovery and subrogation, and making certificates of insurance required available as evidence of all policies during the Tenant as aforesaid shall include the Landlord term of their work and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out in advance of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablyall applicable renewals. The Tenant shall provide the Landlord not allow any vendors or contractors to begin work prior to the commencement of the Fixturing Period with a certificate of such obtaining certificates evidencing all insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02requirements contained herein.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire TermTenant, at its sole cost and expense, take out shall, at all times, commencing with the date upon which the Leased Premises shall be made available for Tenant’s Work, procure, pay for and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurance:
effect: (i) a commercial general liability policy (ISO form or equivalent which shall have no exclusions or limitations that differ from ISO), including insurance against all risks upon property of every description and kind owned by the Tenant, assumed or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public contractual liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage under this Lease with respect to the Leased Premises, coverage to include Premises and the business operations conducted by the of Tenant and any other person subtenants of Tenant in, on or about the Leased Premises in which the limits with respect to bodily injury, personal liability, advertising injury and property damage shall be not less than Two Million and 00/100ths Dollars ($2,000,000.00) per occurrence (an excess liability policy may be used to increase the general liability limit); (ii) special form (“all risk”) property insurance, including business interruption and theft and, if applicable, boiler and machinery coverage (or equipment breakdown), written at replacement cost value in an adequate amount to avoid coinsurance and a replacement cost endorsement insuring Tenant’s merchandise, trade fixtures, furnishings, equipment and all items of personal property of Tenant and including property of Tenant’s customers located on or in the Leased Premises. Such policies shall be written on a comprehensive basis ; (iii) workers’ compensation coverage in accordance with State statutory limits and employers liability insurance of not less than One Million and 00/100ths Dollars ($5,000,000.00 1,000,000.00) per accident; (iv) with respect to alterations, improvements and the like required or permitted to be made by Tenant hereunder, contingent liability and builder’s risk insurance, in amounts satisfactory to Landlord; (v) product liability coverage, including, without limitation, 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 ($2,000,000.00) per occurrence for bodily personal injury to any one or more persons, or and death and property damage; (vi) the insurance required under Exhibit B; and (vii) such insurance as may from time to time be required by city, and county, state or federal laws, codes, regulations or authorities, together with such higher other insurance as is reasonably necessary or appropriate under the circumstances. The minimum limits of coverage as the Landlord or any mortgagee reasonably requires set forth in this paragraph may from time to time, and all at Landlord’s option, be increased by not more than ten percent (10%) per annum, on a cumulative basis, with such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse increase to occur not more often than once during each Lease Year during the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result term hereof. The deductibles under any of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time policies to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed carried by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels not exceed Fifty Thousand and trade fixtures under Section 9.02(a)(i) and for business interruption 00/100ths Dollars ($50,000.00). Tenant may not use a self insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantor a self insured retention without Xxxxxxxx’s written approval.
(b) Each policy All policies of insurance required to be carried by Tenant pursuant to this Section 11.01 shall be written by responsible insurance companies authorized to do business in the State and acceptable to Landlord. Any such insurance required of Tenant hereunder may be furnished by Tenant under any blanket policy carried by it or under a separate policy therefor; provided, however, that: (1) any such blanket policy carried with respect to the Tenant as aforesaid insurance required under subparagraphs (i), (iv), (v), (vi) and (vii) of Section 11.01(a) shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in contain a “per location” endorsement assuring that any aggregate limit under such blanket policy shall apply separately to the Leased Premises and that Tenant shall provide written notice to Landlord if the available portion of such aggregate is reduced to less than the minimum amounts required under Section 11.01(a) by either payment of claims or the establishment of reserves for claims (whereupon Tenant shall be obligated to take immediate steps to increase the amount of its insurance coverage in order to satisfy the minimum requirements set forth above), and (2) any such blanket policy carried with respect to the property insurance required under subparagraph (ii) of Section 11.01(a) shall contain an “agreed value” endorsement with respect to all of the items of property identified in such subparagraph. A copy of each paid-up policy evidencing such insurance (appropriately authenticated by the insurer) 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, shall be delivered to Landlord prior to the commencement of the term of this Lease and, as appropriateupon renewals, a severability not less than thirty (30) days prior to the expiration of interest/cross liability clause protecting the such coverage. Landlord may, at any time, and mortgagee against claims from time to time, inspect and/or copy any and all insurance policies required to be procured by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredhereunder.
(c) Each policy of evidencing insurance taken out required to be carried by the Tenant in accordance with pursuant to this Lease Section 11.01 shall provide coverage on an occurrence basis (and each of such policies not on a “claims-made” basis) and shall contain the following provisions and/or clauses: (i) a release provision that such policy and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by Landlord, and that any coverage carried by Landlord shall be excess insurance; (ii) a provision including Landlord, the beneficial ownership entity of the Shopping Center (if any), the managing agent of the Shopping Center and any other parties in interest designated by Landlord or such beneficial ownership entity (if any), as additional insureds (except with respect to workers’ compensation insurance); (iii) a waiver by the insurer of any rights right of subrogation against Landlord, the underlying lessor, if any, and their respective agents, employees and representatives which arises or indemnity might arise by reason of any payment under such policy or by reason of any other claim over to which such insurer might otherwise be entitled against the act or omission of Landlord, its agents, employees or those for whom it is in law responsible whether representatives; (iv) a separation of insureds clause; (v) a provision that the insurer will not cancel, materially change or not caused fail to renew the coverage provided by such policy without first giving Landlord and the actunderlying lessor, if any, thirty (30) days’ prior written notice; and (vi) a provision (to the extent available) that no act or omission of Landlord shall affect or negligence limit the obligation of the Landlord or those for whom it is in law responsibleinsurer to pay the amount of any loss sustained.
(d) All policies shall be taken out with insurers acceptable In the event that Tenant fails to procure, maintain and/or pay for, at the Landlordtimes and for the durations specified in this Section 11.01, acting reasonably and shall be in a form satisfactory any insurance required by this Section, or fails to carry insurance required by law or governmental regulation, Landlord may (but without obligation to do so) at any time or from time to time to the Landlordtime, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of and without notice, procure such insurance and each year pay the premiums therefor, in which event Tenant shall repay to Landlord all sums so paid by Landlord together with interest thereon as provided elsewhere herein and any costs or expenses incurred by Landlord in connection therewith, within ten (10) days following Landlord’s written demand to Tenant for such payment. S15 COMMON AREA CHARGE
(e) Tenant shall not carry any stock of goods or do anything in or about the Leased Premises which will in any way tend to increase the insurance rates on the anniversary date thereof Shopping Center, the regional retail development, the Leased Premises and/or the building of which they are a part and/or the contents thereof. If Tenant installs any electrical equipment that overloads the lines in the Leased Premises, Tenant shall provide at its own expense make whatever changes are necessary to comply with the Landlord with a further certificate confirming that the Tenant has arranged all requirements of the Landlord’s insurance required to be maintained by it under Section 9.02underwriters and governmental authorities having jurisdiction.
Appears in 1 contract
Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Tenant’s Insurance. Effective as of the earlier of (a1) The the date Tenant shallenters or occupies the Premises, or (2) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost Tenant shall maintain the following insurance policies: (A) commercial general liability insurance (which when combined with any umbrella policy maintained by Tenant) provides for coverage in amounts of $3,000,000 per occurrence or, following the expiration of the initial Term, such other amounts as Landlord from time to time reasonably requires (and, if the use and expenseoccupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., take out the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s property management company, Landlord’s asset management company and, if requested in writing by Landlord, Landlord’s Mortgagee against all liability for injury to or death of a person or persons or damage to property arising from the use and keep in occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment, (B) insurance covering the full force value of all alterations and effect improvements and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee as additional loss payees as their respective interests may appear, the following insurance:
(iC) insurance against covering the full value of all risks upon furniture, trade fixtures and personal property (including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which is located within the Property and Leased Party (including Tenant’s Off-Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicableEquipment), earthquake(D) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is not already included in Tenant’s commercial general liability insurance policy), flood and collapse. In the event that there is a dispute as (E) worker’s compensation insurance, to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted extent required by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damageapplicable Law, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivF) business interruption insurance in such an amount as will reimburse the Tenant for direct or indirect loss of earnings attributable sufficient to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, buildercover one year’s risk insurance Basic Rent and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures Additional Rent under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablyLease. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such commercial general liability insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02Tenant may have a deductible of no more than $5,000 per occurrence; the property insurance to be maintained by Tenant may have a deductible of no more than $10,000 per occurrence; and, all other insurance to be maintained by Tenant shall have no deductible. Tenant’s insurance shall provide primary coverage to Landlord when any policy issued to Landlord provides duplicate or similar coverage. Landlord’s policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance at least ten (10) days prior to the earlier of the Commencement Date or the date Tenant enters or occupies the Premises, and at least fifteen (15) days prior to each renewal of said insurance, and Tenant shall notify Landlord at least thirty (30) days before cancellation of any such insurance policies. All such insurance policies shall be in form reasonably satisfactory to Landlord and issued by companies with a Best’s rating of A+:VII or better. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, and such failure continues for more than two (2) business days after written notice from Landlord, Landlord, in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be obligated to, obtain such insurance and Tenant shall pay to Landlord within thirty (30) days after written notice from Landlord, the premium costs thereof, plus an administrative fee of 15% of such cost.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, shall take out and keep in full force and effect and in during the names of Term and, such other time which the Tenant, Tenant occupies the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appear, the following insurancePremises:
(i) insurance comprehensive general liability Insurance against all risks upon claims for personal injury, bodily injury, including death, and property damage or loss arising out of every description and kind owned by the use and/or occupation of the Premises or the Tenant, 's business on or for which about the Tenant is legally liable or installed by or on behalf Premises; such insurance shall be in the joint name of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute Landlord so as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury indemnify and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by protect both the Tenant and any other person on Landlord and shall contain a "cross liability" and "severability of interests" clause so that the Leased Premises. Such Landlord and the Tenant may be Insured in the same manner and to the same extent as if individual policies had been issued to each, and shall be written on a comprehensive basis with limits for the amount of not less than $5,000,000.00 per occurrence combined single limit or such other amount as may be reasonably required by the Landlord from time to time; such comprehensive general liability insurance shall, for bodily injury the Tenant's benefit only, include Tenant's legal liability and contractual liability insurance in a form and of a nature broad enough to insure the obligations imposed upon the Tenant under the terms of this Lease;
(ii) all risks replacement cost insurance upon its merchandise, stock-in-trade, furniture, fixtures and improvements and upon all other property in the Premises, such insurance to include business interruption insurance to cover any one loss of income which may be sustained by the Tenant and insurance on all leasehold or more personstenant improvements to the Premises whether paid for or installed by the Landlord;
(iii) insurance upon all glass and plate glass in the Premises, including the storefront, against breakage and damage from any cause, all In an amount equal to the full replacement value thereof, which amount in the event of a dispute shall be determined by the decision of the Landlord;
(iv) boiler and machinery insurance to include all. such boilers and pressure vessels and mechanical or electrical machinery as may be installed by, or property damageunder the exclusive control of, the Tenant in the Premises, such insurance to include business interruption insurance to cover any loss of income which may be sustained by the Tenant;
(v) owned automobile insurance with respect to all motor vehicles owned by the Tenant and such higher limits as operated in its business; and
(vi) any other form of insurance that the Landlord or any mortgagee or other encumbrance holder of the Landlord's interest in the Building and Land may reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires require from time to time includingin forms, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) amounts and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless risks acceptable to the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenantany such mortgagee or other encumbrance holder.
(b) Each policy The policies of insurance required referred to above shall be in the form, on terms and with insurers acceptable to the Landlord and shall contain the following:
(i) provisions such that the Landlord is protected notwithstanding any act, neglect, or misrepresentation of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant which might otherwise result in the Leased Premises and, as appropriate, avoidance of a severability of interest/cross liability clause protecting the Landlord claim under such policies and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such that such policies shall contain a release and waiver not be affected or invalidated by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of any third party which is not within the knowledge or control of the insured(s);
(ii) provisions that such policies and the coverage evidenced thereby shall be primary and non-contributing with respect to any policies carried by the Landlord and that any coverage carried by the Landlord shall be excess coverage;
(iii) all insurance referred to above shall provide for waiver of the insurer's rights of subrogation as against the Landlord;
(iv) provisions that such policies of insurance shall not be cancelled or those for whom it is materially changed without the insurer providing the Landlord thirty (30) days' written notice in law responsibleadvance of such cancellation or material change.
(c) The Tenant shall provide to the Landlord evidence of all such policies of insurance in force from time to time and their renewal or continuance in force either by means of a certified copy of each policy with all amendments and endorsements or a certificate from the Tenant's Insurer, In the form required by the Landlord, which, in the case of comprehensive general liability insurance, shall provide the information set out on Schedule "D".
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02the Tenant hereunder shall be on terms and with insurers to which the Landlord has no reasonable objection and shall provide that such insurers shall provide to the Landlord thirty (30) days' prior written notice of cancellation or material alteration of such terms. The Tenant shall furnish to the Landlord certificates or other evidence acceptable to the Landlord as to the Insurance from time to time required to be effected by the Tenant and its renewal or continuation in force, either by means of a certified copy of the policy or policies of insurance with all amendments and endorsements or a certificate from the Tenant's insurer which, in the case of comprehensive general liability insurance, shall provide such information as the Landlord reasonably requires. If the Tenant shall fail to take out, renew and keep in force such insurance the Landlord may do so as the agent of the Tenant and the Tenant shall repay to the Landlord any amounts paid by the Landlord as premiums forthwith upon demand.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out and keep shall obtain in full force and effect during the Term with respect to the Premises insurance against such occurrences and in the names of the Tenantsuch amounts and on such terms and conditions and with such deductible(s) as Landlord may determine from time to time. Unless and until otherwise determined by Landlord, the Landlord and any mortgageesuch insurance shall include, chargee, or debenture holder, as their respective interests may appear, the following insurancewithout limitation:
(i) insurance on the building and improvements and equipment contained therein owned or leased by Landlord or which Landlord desires to insure, for full replacement cost, against damage by fire, lightning, explosion, sprinkler leakage and other risks contained in fire insurance policies with endorsements generally known as extended coverage and riot vandalism and malicious acts, endorsements or, at Landlord's option, all risks insurance;
(ii) boiler and machinery insurance on such insurable objects as Landlord may elect to insure;
(iii) rental income insurance covering such occurrences, in such form, and with such period of indemnity as Landlord may determine; and
(iv) public liability insurance.
(b) Tenant shall maintain during the Term
(i) all risks insurance upon property of every description and kind owned by the Tenant, Tenant or for which it is liable (including glass) and which is located on the Tenant is legally liable Premises including, without limitation, furniture, fittings, installations, alterations, additions, partitions and fixtures or anything in the nature of a leasehold improvement made or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of equal to the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damagecomprehensive general liability insurance against claims for death, bodily personal injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect property damage in or about the Premises in amounts satisfactory from time to time to the Leased Premises, coverage to include the business operations conducted by the Tenant and Landlord acting reasonably but in any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of event in an amount not less than $5,000,000.00 per occurrence for bodily personal injury to any one or more persons, or and property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form tenant's legal liability insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form limits satisfactory from time to time to the Landlord, Landlord acting reasonably;
(iv) Business interruption insurance;
(v) such other insurance as the Landlord may from time to time reasonably require; and The insurance described in parts (a), E)(i) and (b)(ii) shall name the Landlord and anyone designated in writing by the Landlord as Mortgagee as additional insureds as their interests may appear. All property damage and public liability insurance shall contain a provision for cross-liability or severability of interest as between the Landlord and the Tenant, The Tenant hereby releases the Landlord from any liability for loss to the extent of all insurance proceeds paid under policies of insurance carried by the Tenant or which would have been paid if the Tenant had maintained the insurance it is required to maintain under this Lease Such policies shall contain an endorsement requiring the insurers under such policies to notify the Landlord in writing at least thirty (30) days prior to any material change or cancellation thereof. The Tenant shall provide furnish to the Landlord certificates of insurance as aforesaid and shall provide written evidence of the continuation of such policies not less than ten days prior to their respective expiry dates. The cost or premium for each and every such policy shall be paid by the commencement of Tenant. If the Fixturing Period with a certificate of Tenant fails to maintain such insurance and each year on the anniversary date thereof shall provide insurance, the Landlord with a further certificate confirming that shall have the right, but not the obligation or any liability to do so, to pay the cost or premium therefor, and in such event the Tenant has arranged all of shall repay to the Landlord, as Additional Rent, forthwith on demand the amount so paid.
(c) such other insurance required to be maintained by it under Section 9.02in such amounts and on such terms as Landlord, in its discretion, may determine.
Appears in 1 contract
Samples: Lease Agreement (Pillowtex Corp)
Tenant’s Insurance. (a) The Tenant shall, shall throughout the period that the Tenant is given possession of the Premises and during the entire Term, at its sole cost and expense, take out and keep in full force and effect and in the names of the Tenant, the Landlord and any mortgagee, chargee, or debenture holder, as their respective interests may appeareffect, the following insurance:
(i) all-risk insurance against all risks (including but not limited to sprinkler leakage, flood, earthquake and collapse coverage) in an amount equal to the full replacement cost thereof upon property of every description and kind owned by the Tenant, Tenant or for which the Tenant is legally liable liable, or installed by or on behalf of the Tenant and which is located within the Property Building including, without limitation, Leasehold Improvements, tenant's fixtures, the Tenant's stock-in-trade, furniture, equipment and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event all other personal property provided that if there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils insured against in subclause (i) and other perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises or the Building as a result of such perils; and;
(iii) comprehensive general liability insurance, including property damage and bodily injury and personal injury liability, tenant's legal liability, contractual liability (including contractual liability with respect to this Lease) and owners' and contractors' protective insurance coverage with respect to the Premises and the Tenant's use of the Common Facilities, coverage to include the activities and operations conducted by the Tenant and any other person for whom the Tenant is in law responsible. Such policies shall be written on a comprehensive basis with inclusive limits of not less than Two Million Dollars ($2,000,000) for bodily injury to any one or more persons or property damage, and such higher limits as the Landlord, acting reasonably, requires from time to time, and shall contain a severability of interests clause and a cross-liability clause;
(iv) broad form comprehensive boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount not less than the full replacement cost of all Leasehold Improvements and of all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus owned or operated by the Tenant or by others (other than the Landlord) on behalf of the Tenant in or serving the Premises;
(v) motor vehicle insurance having third party liability limits not less than Two Million Dollars ($2,000,000) covering all vehicles owned or operated by the Tenant which are at any time used in connection with the Tenant's business at the Premises or which are at any time brought upon the Lands;
(vi) any other form or forms of insurance as which the Tenant or the Landlord or any mortgagee reasonably Landlord, acting reasonably, requires from time to time includingin form, without limitation, builder’s risk insurance in amounts and such other insurance coverage as would be placed by for risks against which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenanttenant would insure.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies shall shall: (i) be taken out with insurers acceptable to the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained by it under Section 9.02;
Appears in 1 contract
Samples: Office Lease (Ace Hardware Corp)
Tenant’s Insurance. (a) The Throughout the term of this Lease, the Tenant shall, throughout and during the entire Term, at its sole cost and expense, shall take out and keep in full force force:
a) comprehensive general liability Insurance with respect to the business carried on in or from the Leased Premises and effect the use and occupancy thereof for bodily injury and death and damage to property of others in at least the amount described in Paragraph #12(a) of the Basic Terms for each occurrence or such greater amount as the Landlord may from time to time reasonably require;
b) all risks (broad form) insurance, including flood and sewer back-up, earthquake (for those tenants leasing space in British Columbia), collapse and flood in respect to furniture, equipment, inventory and stock-in-trade, fixtures and leasehold improvements located within the Leased Premises, and such other property located in or forming part of the Leased Premises, including all mechanical or electrical systems (or portions thereof) installed by, or on behalf of the Tenant in the names Leased Premises, the whole for the full replacement cost (without depreciation) in each such instance;
c) if any boiler or pressure vessel is operated in the Leased Premises, boiler and pressure vessel insurance with respect thereto;
d) business interruption insurance covering loss of earnings from all perils covered in policies obtained under paragraphs b) and c) above for an indemnity period of at least twelve (12) months;
e) broad form tenant’s legal liability insurance for the replacement cost of the TenantLeased Premises, including loss of their use for a minimum period of twelve (12) months, with limits of at least One Million Dollars ($1,000,000.00) per occurrence;
f) environmental liability insurance, as the Landlord may from time to time reasonably require, of at least the amount described in Paragraph #12(c) of the Basic Terms;
g) any other form of insurance, in such amounts and against such risks, as the Landlord, acting reasonably, or the Mortgagee may from time to time require. Each policy of insurance will name, as insured, the Landlord Tenant and any mortgageethe Released Persons, chargee, or debenture holder, each as their respective interests may appear, the following insurance:
(i) insurance against all risks upon property of every description and kind owned by the Tenant, or for which the Tenant is legally liable or installed by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that If there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
its Mortgagee will determine it. The policies specified under subparagraphs b) and c) will contain the Mortgagee’s standard mortgage clause and may have reasonable deductibles. The policies (iiother than the Tenant’s liability policy) property damage, bodily injury and public liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall will contain a cross-liability and severability waiver of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by subrogation rights which the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests ’s insurers may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled have against the Landlord, its agents, employees or Released Persons and those for whom it any of them is in law responsible responsible, whether or not any loss or damage is caused or contributed to by the act, omission or negligence of any of them. All policies will (i) be non-contributing and apply only as primary and not excess to any other insurance available to any of the Released Persons; (ii) not be invalidated (in relation to the interests of any of the Released Persons) by reason of any breach of warranties, representations, declarations or conditions in the policies; and (iii) contain an undertaking by the insurers to notify the Landlord and each Mortgagee in writing not less than thirty (30) days before any material change, cancellation or termination. Prior to taking possession of the Leased Premises and on every renewal date of the insurance policy, the Tenant will deliver certificates of insurance executed by the Tenant’s insurers. No review or approval of any insurance policy or certificate by the Landlord will in any way alter the Landlord rights under this Lease. In the event of loss or damage, the Tenant will provide the Landlord or those for whom it is in law responsible.
(d) All policies shall be taken out the Mortgagee with insurers acceptable to copies of the Landlord, acting reasonably and shall be in a form satisfactory from time to time to the Landlord, acting reasonablyTenant’s insurance policies. The Tenant shall provide will not allow anything to occur that results in (i) an increase in premiums for any insurance carried by the Landlord prior to or (ii) the commencement cancellation or threatened cancellation or a reduction of coverage under any of the Fixturing Period with a certificate Landlord’s insurance policies in respect of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all any part of the insurance required to be maintained by it under Section 9.02Building.
Appears in 1 contract
Samples: Lease Agreement (Dirtt Environmental Solutions LTD)
Tenant’s Insurance. Effective as of the earlier of: (a1) The the date Tenant shallenters or occupies the Premises; or (2) the Commencement Date, and continuing throughout and during the entire Term, at its sole cost Tenant shall maintain the following insurance policies: (A) commercial general liability insurance of not less than $2,000,000 per occurrence, with an annual aggregate limit of not less than $4,000,000, or, following the expiration of the initial Term, such other amounts as Landlord may from time to time reasonably require (and, if the use and expenseoccupancy of the Premises include any activity or matter that is or may be excluded from coverage under a commercial general liability policy [e.g., take out the sale, service or consumption of alcoholic beverages], Tenant shall obtain such endorsements to the commercial general liability policy or otherwise obtain insurance to insure all liability arising from such activity or matter [including liquor liability, if applicable] in such amounts as Landlord may reasonably require), insuring Tenant, Landlord, Landlord’s Property Manager and keep Invesco against all liability for injury to or death of a person or persons or damage to property arising from the use and occupancy of the Premises and (without implying any consent by Landlord to the installation thereof) the installation, operation, maintenance, repair or removal of Tenant’s Off-Premises Equipment with an additional insured endorsement in form CG 20 26 11 85 (or another equivalent form approved in writing by Landlord); (B) Automobile Liability covering any owned, non-owned, leased, rented or borrowed vehicles of Tenant with limits no less than $1,000,000 combined single limit for property damage and bodily injury; (C) All Risk Property insurance covering the full force value of all Alterations and effect improvements and betterments in the names of the TenantPremises, the naming Landlord and any mortgagee, chargee, or debenture holder, Landlord’s Mortgagee (as defined in Section 12(a)) as additional loss payees as their respective interests may appear; (D) All Risk Property insurance covering the full value of all furniture, the following insurance:
trade fixtures and personal property (i) insurance against all risks upon including property of every description and kind owned by Tenant or others) in the Tenant, Premises or for which otherwise placed in the Tenant is legally liable or installed Project by or on behalf of the a Tenant and which Party (including Tenant’s Off-Premises Equipment) it being understood that no lack or inadequacy of insurance by Tenant shall in any event make Landlord subject to any claim by virtue of any theft of or loss or damage to any uninsured or inadequately insured property; (E) contractual liability insurance sufficient to cover Tenant’s indemnity obligations hereunder (but only if such contractual liability insurance is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels not already included in an amount of Tenant’s commercial general liability insurance policy); (F) worker’s compensation insurance in amounts not less than one hundred percent (100%) of the full replacement cost thereofstatutorily required, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusive;
(ii) property damage, bodily injury and public liability Employers’ Liability insurance including personal liability, contractual liability, non-owned automobile liability and owner’s and contractors’ protective insurance coverage with respect to the Leased Premises, coverage to include the business operations conducted by the Tenant and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, and such higher limits as the Landlord or any mortgagee reasonably requires from time to time, and all such policies shall contain a cross-liability and severability of interest clause;
1,000,000; (iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(ivG) business interruption insurance in such an amount as that will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured against by prudent tenants under Section 11(a)(C) or attributable to the prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant Building or the Landlord Premises; (H) in the event Tenant performs any alterations or repairs in, on, or to the Premises, Builder’s Risk Insurance on an All Risk basis (including collapse) on a completed value (non-reporting) form, or by endorsement including such coverage pursuant to Section 11(a)(C) hereinabove, for full replacement value covering all work incorporated in the Building and all materials and equipment in or about the Premises; (I) an umbrella liability policy or excess liability policy having a limit of not less than Five Million Dollars ($5,000,000), which policy shall be in “following form” and shall provide that if the underlying aggregate is exhausted, the excess coverage will drop down as primary insurance; and (J) such other insurance or any changes or endorsements to the insurance required herein, including increased limits of coverage, as Landlord, or any mortgagee or lessor of Landlord, may reasonably requires require from time to time includingtime. Tenant’s insurance shall provide primary coverage to Landlord and shall not require contribution by any insurance maintained by Landlord, without limitationwhen any policy issued to Landlord provides duplicate or similar coverage, builderand in such circumstance Landlord’s risk insurance policy will be excess over Tenant’s policy. Tenant shall furnish to Landlord certificates of such insurance, with an additional insured endorsement in form CG 20 26 11 85 (or another equivalent form approved in writing by Landlord), and such other evidence satisfactory to Landlord of the maintenance of all insurance coverage as would be placed by a prudent tenant. Notwithstanding coverages required hereunder at least ten (10) days prior to the aforementionedearlier of the Commencement Date or the date Tenant enters or occupies the Premises, the and at least fifteen (15) days prior to each renewal of said insurance, and Tenant shall have obtain a written obligation on the right part of each insurance company to self-insure in respect of its chattels and trade fixtures under Section 9.02(a)(inotify Landlord at least thirty (30) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy of insurance required of the Tenant as aforesaid shall include the Landlord and its mortgagee(s) as additional insureds as their respective interests may appear arising solely out of the operations of the Tenant in the Leased Premises and, as appropriate, days before cancellation or a severability of interest/cross liability clause protecting the Landlord and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insured.
(c) Each policy of insurance taken out by the Tenant in accordance with this Lease and each of such policies shall contain a release and waiver by the insurer material change of any rights of subrogation or indemnity or any other claim over to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) insurance policies. All such insurance policies shall be taken out in form, and issued by companies licensed to do business in the State of California and with insurers acceptable a Best’s rating of A:VII or better, reasonably satisfactory to Landlord. If Tenant fails to comply with the foregoing insurance requirements or to deliver to Landlord the certificates or evidence of coverage required herein, Landlord, acting reasonably and in addition to any other remedy available pursuant to this Lease or otherwise, may, but shall not be in a form satisfactory from time to time to the Landlordobligated to, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of obtain such insurance and each year Tenant shall pay to Landlord on demand the anniversary date thereof shall provide the Landlord with a further certificate confirming premium costs thereof, plus an administrative fee of fifteen percent (15%) of such cost. It is expressly understood and agreed that the foregoing minimum limits of insurance coverage shall not limit the liability of Tenant has arranged all of the insurance required to be maintained by it under Section 9.02for its acts or omissions as provided in this Lease.
Appears in 1 contract
Tenant’s Insurance. (a) The Tenant shall, throughout and during the entire Term, at its sole cost and expense, take out obtain and keep maintain in full force throughout the Term and effect any Extension Term and any period when it is in possession of the Premises, in the names name of the Tenant, Tenant with the Landlord and any mortgageethe Mortgagee (if any) as additional named insureds on all property insurance policies, chargee, or debenture holdersave that the insurance policies referred to in sections 12.2(a)(i) and (ii) below shall name the Landlord as the insured with the Mortgagee (if any), as their respective interests may appear, additional named insured the following insurance:
(i) insurance against all risks upon property of every description on the Building and kind the heating, ventilating and air conditioning, and other building equipment, machinery and systems, and boilers contained therein whether owned by the Tenant, Landlord or for which the Tenant is legally liable against those risks covered by standard “all risks” (including flood and earthquake) property policies in an amount equal to the full replacement value thereof with such reasonable deductibles as would be carried by a prudent owner of a reasonably similar industrial building, having regard to size, age and location;
(ii) broad form boiler and machinery insurance on a blanket repair and replacement basis with limits for each accident in an amount of at least the replacement cost of the Premises and of all boilers, pressure vessels, air-conditioning equipment and miscellaneous electrical apparatus relating to or installed serving the Premises;
(iii) public liability insurance written on a comprehensive basis with coverage against third party claims for bodily injury, including death, in such amounts as are normally carried by prudent tenants of similar premises from time to time, but in no event less than five million dollars ($5,000,000.00) per occurrence;
(iv) standard owners form vehicle insurance providing third-party liability insurance with not less than three million dollars ($3,000,000.00) inclusive limits, and accident benefits insurance, covering all licensed vehicles owned or operated by or on behalf of the Tenant and which is located within the Property and Leased Premises comprising only leasehold improvements, fixtures and chattels in an amount of not less than one hundred percent (100%) of the full replacement cost thereof, with standard extended coverage including sprinkler leakages (where applicable), earthquake, flood and collapse. In the event that there is a dispute as to the amount which comprises full replacement cost, the decision of the Landlord or any mortgagee shall be conclusiveTenant;
(iiv) property damagebusiness interruption insurance covering the Annual Base Rent, bodily injury the Additional Rent and public liability all other costs and expenses in connection with the Premises, all for a twelve (12) month period; and
(vi) such other forms of insurance including personal liability, contractual liability, non-owned automobile liability and owner’s increases of the amount of coverage stipulated in the foregoing sections against such risks and contractors’ protective insurance coverage with respect in such amounts as may be customarily obtained by tenants of premises similar to the Leased Premises, coverage to include the business operations conducted by the Tenant Premises and any other person on the Leased Premises. Such policies shall be written on a comprehensive basis with limits forms of not less than $5,000,000.00 per occurrence for bodily injury to any one or more persons, or property damage, reasonable and such higher limits customary insurance as the Landlord or any mortgagee and/or a Mortgagee, reasonably requires from time to time, in forms and all such policies shall contain a cross-liability amounts and severability of interest clause;
(iii) broad form blanket and comprehensive form insurance including repair and replacement coverage on boilers, pressure vessels, electrical and air-conditioning equipment and miscellaneous apparatus;
(iv) business interruption insurance in such amount as will reimburse the Tenant for direct or indirect loss of earnings attributable to all perils commonly insured risks against by prudent tenants or attributable to prevention of access to the Leased Premises as a result of such perils; and
(v) any other form or forms of insurance as the Tenant or the Landlord or any mortgagee reasonably requires from time to time including, without limitation, builder’s risk insurance and such other insurance coverage as would be placed by which a prudent tenant. Notwithstanding the aforementioned, the Tenant shall have the right tenant would insure with a use similar to self-insure in respect that of its chattels and trade fixtures under Section 9.02(a)(i) and for business interruption insurance under Section 9.02(a)(iv) provided that the Tenant shall indemnify and save harmless the Landlord to the same extent as if the insurance had been purchased and separately maintained by the Tenant.
(b) Each policy All insurance policies provided for in this section 12.2 shall:
(i) be taken out with insurers licensed to carry on the business of insurance required in the Province in which the Premises are located;
(ii) be non-contributing with and apply only as primary and not excess to any other insurance available to either or both of the Tenant Landlord and the Mortgagee;
(iii) not be invalidated as aforesaid shall include respects the interests of all and any of the Landlord and the Mortgagee by reason of a breach or violation of warranties, representations declarations or conditions contained in the policies; and
(iv) contain an undertaking by the insurers to notify the Landlord and its mortgagee(sMortgagee in writing not less than thirty (30) as additional insureds as their respective interests days before any material change, cancellation, or termination. The Tenant may appear arising solely out of satisfy the operations of the Tenant in the Leased Premises and, as appropriate, a severability of interest/cross liability clause protecting the Landlord foregoing insurance requirements by carrying blanket insurance policies and mortgagee against claims by the Tenant as if the Landlord were separately insured and protecting the Tenant against claims by the Landlord as if the Tenant were separately insuredthrough one or more insurance policies.
(c) Each policy The proceeds of the insurance taken out by the Tenant in accordance with this Lease under Sections 12.2(a)(i) and each of such policies 12.2(a)(ii) above shall contain a release be and waiver by the insurer of any rights of subrogation or indemnity or any other claim over are hereby assigned and made payable to which such insurer might otherwise be entitled against the Landlord, its agents, employees or those for whom it is in law responsible whether or not caused by the act, omission or negligence of the Landlord or those for whom it is in law responsible.
(d) All policies If the Tenant shall be taken out with insurers fail to take out, renew and keep in force such insurance the Landlord may do so as the agent of the Tenant and the Tenant shall repay to the Landlord any amounts paid by the Landlord as premiums forthwith upon demand.
(e) The Tenant shall furnish to the Landlord certificates or other evidence acceptable to the Landlord, acting reasonably and shall be in a form satisfactory Landlord as to the insurance from time to time to the Landlord, acting reasonably. The Tenant shall provide the Landlord prior to the commencement of the Fixturing Period with a certificate of such insurance and each year on the anniversary date thereof shall provide the Landlord with a further certificate confirming that the Tenant has arranged all of the insurance required to be maintained effected by it the Tenant pursuant to this Lease and its renewal or continuation in force. No review or approval of any insurance certificate or insurance policy by the Landlord derogates from or diminishes the Landlord’s rights under Section 9.02this Lease.
Appears in 1 contract
Samples: Industrial Lease (Bway Corp)
